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Repossion order - Help please
gtt184
Posts: 23 Forumite
Posted in another forum as wasn't sure where is best - sorry
To cut a long story short, my sister split with her ex-husband 5 years ago. He remained in the family home, she left with the children and rented privately.
The house is in quite alot of negative equity and is an interest only mortgage (with no savings to pay it back at the end).
He lost his job, didn't pay the mortgage and is now in huge arrears.
They were both called to court and a repossession ordered in 28 days. Despite it being quite a dire situation, she was pleased as it'd mean finally being financially free from each other with the hope that one day in the future, she may be able to become a home owner again.
The negative equity/arrears would be paid off on an IVA but that'S another post
Anyway, since the repossession order was granted, he has suddenly found himself a permanent job and is going to appeal the decision so he can stay in the house.
So, lots of questions.
She is panic stricken, because it'd mean she'd be financially tied to him for many more years! It'd mean any of his financial problems would fall on her still (he will probably lose his job again as he has a habit of it) and fall behind on the mortgage. It means she'll never have the chance of financial freedom from him in her working life time, and surely means that in 18 years time, she'd be jointly liable for the repayment of this huge mortgage!
Surely the judge wouldn't allow this to happen? Surely granting him the chance to pay back the arrears over 18 years and continue with the mortgage whilst her name is on the mortgage for so many years won't be allowed? Surely that is against her rights as an individual? If he got the mortgage in his own name, then fair enough, but this wouldn't happen til the arrears are gone and he also has a terrible credit history.
She won't be living there, but could be liable for this house for another 18 years!!
Some advice would be much appreciated as to what is likely to happen here, as we have no idea.
She has written a letter to the court explaining all of this, which I guess is sort of a counter appeal to the judge.
p.s. The mortgage left to pay over 18 years is £225k the arrears is £10k and the job he has got pays £25k a year
Thanks
To cut a long story short, my sister split with her ex-husband 5 years ago. He remained in the family home, she left with the children and rented privately.
The house is in quite alot of negative equity and is an interest only mortgage (with no savings to pay it back at the end).
He lost his job, didn't pay the mortgage and is now in huge arrears.
They were both called to court and a repossession ordered in 28 days. Despite it being quite a dire situation, she was pleased as it'd mean finally being financially free from each other with the hope that one day in the future, she may be able to become a home owner again.
The negative equity/arrears would be paid off on an IVA but that'S another post
Anyway, since the repossession order was granted, he has suddenly found himself a permanent job and is going to appeal the decision so he can stay in the house.
So, lots of questions.
She is panic stricken, because it'd mean she'd be financially tied to him for many more years! It'd mean any of his financial problems would fall on her still (he will probably lose his job again as he has a habit of it) and fall behind on the mortgage. It means she'll never have the chance of financial freedom from him in her working life time, and surely means that in 18 years time, she'd be jointly liable for the repayment of this huge mortgage!
Surely the judge wouldn't allow this to happen? Surely granting him the chance to pay back the arrears over 18 years and continue with the mortgage whilst her name is on the mortgage for so many years won't be allowed? Surely that is against her rights as an individual? If he got the mortgage in his own name, then fair enough, but this wouldn't happen til the arrears are gone and he also has a terrible credit history.
She won't be living there, but could be liable for this house for another 18 years!!
Some advice would be much appreciated as to what is likely to happen here, as we have no idea.
She has written a letter to the court explaining all of this, which I guess is sort of a counter appeal to the judge.
p.s. The mortgage left to pay over 18 years is £225k the arrears is £10k and the job he has got pays £25k a year
Thanks
0
Comments
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This is one for a solicitor0
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Yes, you definatly need specialist advice.I am a Forum Ambassador and I support the Forum Team on Mortgage Free Wannabe & Local Money Saving Scotland & Disability Money Matters. If you need any help on those boards, do let me know.Please note that Ambassadors are not moderators. Any post you spot in breach of the Forum Rules should be reported via the report button , or by emailing forumteam@moneysavingexpert.com. All views are my own & not the official line of Money Saving Expert.
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One debt remaining. Home improvement loan.0 -
At this stage it would be varied to a suspended possession order, the order being to pay the contractual monthly instalment plus an amount towards the arrears. Yes, this could be spread over the remaining term (C&G v Norgan) but more usually spread over 4 or 5 years. Provided the evidence of affordability is there (and on your figures that looks difficult) it would probably be granted.
If the instalments are ever defaulted on, then the possession order kicks back in.
There is one more stage before they lose the home, which is the warrant of eviction. This too could be suspended on the same basis.0
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