Mortgage company steals my money

yorkshire_terrier_owner

GINNAK2 wrote: »

Valhaller , I'm not sure where you go negative equity from, neither house is in negative equity!

The main point is, that I have sold the property to get myself out of problems without claiming benefits from the state, which is something I have never ever done. When they take the money, I won't be able to pay the mortgage, my bills etc etc, and they'll reposes the house I live in, leaving me homeless and a burden to the state and they'll sell the property in an auction for enough money to cover the mortgage owed and I'll end up with nothing. Where is the correct in that? Why on earth did I even both to try and better mine and my families future? CHL are no longer trading as they messed up along with all the other lenders and banks, and as usual, the little man is the one that's suffering. Mind you, all of the immigrants that have moved into the town I live in are take care of, housed etc., I've paid in all my life, since leaving school in 1983, and I'm entitled to nothing, unless I'm made homeless, then I might be lucky enough to get a bedsit as apposed to the houses and flats being given to immigrants! Sorry to add emotion to this, but I suffer with severe clinical depression and this is getting a little too much to handle, seeing my future as a nothing and 30 years of work and saving whipped away by the blind inconsiderate decision, which has quite frankly ruined my life and will have a lasting effect on my children. It's quite simply wrong and immoral.

Calm down!

As I understand it from what you have written, one house has equity, the other is in negative equity. Yes, the equity in the one house is yours, but so is the debt on the other one. You need to get your head round this and sort it out instead of getting into a tiz about how unfair it is.

I too have paid in all my life and suffer from depression and have been through some horrendous financial problems - but guess what? I came out the other side, having learnt some very real lessons along the way. Get some help and learn some valuable financial lessons.

As for your children being effected for a long time - no they won't. Children are resilient and will probably have very little idea of your problems. With regard to their futures, plenty of children (including me) have survived without their parents passing on properties to them to pay for it.

Immigrants - irrelevant.

Wrong and immoral - maybe, maybe not. At the end of the day the bank can and they will - because YOU and no-one else got yourself into this by agreeing to their terms and conditions. Getting in a state about it won't help. Just sort it out.

Sorry if I seem harsh but getting upset about just delays the inevitable and doesn't change anything.

WTFH

A simple question (which may have been asked already)...
The house that you are selling - was it being rented out or was it vacant?

If it was being rented out, did the rental income cover the mortgage on it?

BJV

Can I ask sorry, I know that this must be a really bad time for you but are you in arrears with the house that you are living in?

Just trying to understand why and how this could happen?

If you where in arrears with the second house ( the one you live in ) and there was a form of cross over then I understand why as if I was your mortgage company and you where in arrears then i would want my money back to.

WTFH

Follow up question

GINNAK2 wrote: »

However, as soon as the mortgage company found out the property was up for sale, I received a letter from them telling me they are taking all proceeds from the sale, under their rules of cross consolidation, minus sales fees.

So, they have rules regarding multiple mortgages.


Have you gone into arrears on the mortgage for the house you're now living in?

geoffken

YES

Post 1
As I understand it you are out of work because of depression etc so currently probably not paying mortgage as you have no benefits either.

You now want the mortgage company to give you £68,000 so that you can continue to sit in a negative equity house, pay no mortgage and pay off your other debts.
IS not going to happen!!!
Better blacken up and get round to council office if it is as easy as you say it is.

silvercar

A possible solution, if you have not actually sold your 2nd home yet.

Remortgage your second home to a different lender. Take a new BTL mortgage on it with no redemption penalties. Should not be difficult to do because there is a lot of equity in that property.

Then sell this remortgaged property, your solicitor will clear the mortgage on it and give you the proceeds.

Whether this can be done at this late stage I don't know, but it is something worth investigating.

jamie11

All banks, I believe, have a condition in their t&c's that they can dip into any other accounts you have with them or their subsidaries if you owe them money in another account unless it's authorised.

yorkshire_terrier_owner

Just been re-reading this thread. I understand you are suffering from depression but having thought about it, you really need to start taking control of your life.

Sell BOTH properties. You have indicated that across the 2 there is equity there, so sell them both and skip off into the sunset with the £30k odd, which you should be able to live off for a good while. Rent somewhere cheap and get yourself back on your feet.

Take responsibility for your mental health issues. These can be sorted so that you can get back to work - I know because I've been there. Get help.

ValHaller

GINNAK2 wrote: »

Valhaller , I'm not sure where you go negative equity from, neither house is in negative equity!

It comes from your figures

Total - value 270, mortgages 236 => total equity 34

House 1 - value 170, mortgage 102 => equity 68 from sale

House 2 - value 100, mortgage 134 => equity -34

Figures in red are from you.

MaxTheCat

YES

GINNAK2 wrote: »

Artfullodger; this wasn't a stockmarket gamble, this was a sensible investment in property.

You didn't understand the asset class you invested in. Almost all BTL mortgages are margin loans what you have had is a margin call the difference between a classic margin call on the stock market and what you have had happen to you is that houses are an illiquid asset I.e they don't sell or purchase quickly. Don't feel bad that you didn't understand most BTL landlords don't understand either so you are not on your own.

Your lender are actually not taking any money from you they are paying off your debt. My advice suck it up and get on wih life without the car/holiday or whatever you thought you were going to have.