could we really re-mortgage in siz months time?

friendgeorge

Hi all

i have been posting on the mortgage free wanabe, but after ebing to court today pending a reposession i thought i would ask on here here it goes:

1) went to court for a reposession order due to us being in arrears around £2600 about 4-5 months plus loads of charges, jusge was great and and said as long as we could start paying mortgage plus £50 which will be hard but we should be able to do it then he will suspend the order

2) mortgage 2year fixed term ends in Dec 2007 so we would/will be looking to charge as it shoots up after Dec

One thing we currently have our home on the market as we did not know what to do bit after 3 weeks of looking we have realised that we are mad to be buying again, we have around £30,000 equity on this house at the moment, and also the sheds that are around and the price they wnat for them is a JOKE......

3) today i was told by the judge and Shelter (who came with me) that IF we keep up payments for 6 months that after this time we can go with a hight street lender in Dec for a new mortage? i can't see this, we both have CCJ's mine are 1 high and 2 low ones and hubby has 2 quite high ones,

my dilema at the moment i lost my job last year but hoping to get back into employment within 3 months tops, so the difference will be around £10,000 extra a year to live on, the CCj's i have are old and i'm not paying due to the companys not accepting what i offered, also i have 3 NI forms waiting to go to court for bank charges and also loan and mortage charges but to take these companys to court is gonna cost me around £280 which i don't have but if i do take them to court and win i could be looking at around £5000 back,
another dilema is i have signed a contract with estate agents for 13 weeks so if i take the house of the market, they can and will charge me around £750 for ads

oh god what shall i do, would you sell or stay..... and would we be able to get an ok deal on a new mortgage in Dec? please help my head is in bits.....

mightymouse

hi friendgeorge

I am a newbie here so a few comments!

1) The order you have received is suspended provided you comply but if it looks as if you might not then GO back to court - a Judge has the authority to reduce your repayments further.

2) The point here is that you have Equity and can use it as a bargaining tool.

3) You do not say whether arrears are made up of Capital and Interest or Interest only but see 1 and 2

4) re Estate Agent it does depend on content of agreement you signed with Estate Agent but it is resolvable

Good luck and whether you stay or go make it your CHOICE and use all the resources at your disposal.

JoeK_3

I would sell and start again.

A fresh start will take all the pressures off.

JoeK

friendgeorge

Hi both and thanks for the comments, bt we have decided not to sell, we are on interest only mortgage at the moment at a rate of 6.65% until Dec 07 when it then jumps to 7.35% i think, so we will be changing in Dec when the deal ends. As soon as i get a job which will hopefully be within 2-3 months time things will charge for the better i am sure.

JoeK - i can see you point of view and to be honest that's how i have been thinking, but, after weighing everything up we must be crazy to buy now again, we have a fab hose apart from there being only 2 beds and we wantt 3 but when we remortgage in dec we will hopefully borrow more to enable us to convert the loft and hey presto we have 3 beds, thanks anyway for you advice

toonfish

why on earth are you considering borrowing more when you are struggling to repay what you already owe?

There is no way you are going to get a "normal" mortgage in December with all the arrears and other adverse - anyone suggesting you are is leading you up the garden path in my opinion.

poppy10_2

friendgeorge wrote: »

us being in arrears around £2600 about 4-5 months plus loads of charges...

we both have CCJ's mine are 1 high and 2 low ones and hubby has 2 quite high ones...

i lost my job last year...

friendgeorge wrote:

we will hopefully borrow more to enable us to convert the loft

Do you see the problem here???