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Could really use some help... :(
Miss_Merlot
Posts: 100 Forumite
This is long one but please bear with me - help urgently required...
So situation is this:
2 weeks after buying a flat and taking out a mortgage my husband and co-owner proceeds to have a suspected (not confirmed) TIA, (in retrospect possibly combined with stress / virus), 999 is called, fear and terror, husband signed off work for 2 weeks, after which he goes back to work, only to be promptly fired on this second day back (employers, presumably, having checked he wasn't about to drop dead on the first).
How much of this was due to illness and how much due to prior performance is debatable - they clearly got spooked by his illness and built a case against him in his absence, as for the whole last year everyone (apart from perhaps the big boss) all liked him and thought he was doing well (as did I...). Point being that it was a shock and there was not prior warning at any time.
Not looking to sue for wrongful dismissal - too much hassle and stress, and would probably end up losing...
Not good news, but we are each insured for the whole value of the mortgage, so can claim on that, I think.
However, I since found out that my husband told me a bit of a fib (trying to keep my feelings about this out and just focus on the facts...).
He let me believe he had passed his probation at 6 months in the job, when in fact it was extended an additional six to enable him to meet sales targets. While he was ill (I later found out) he was sent a letter extending it a further year in the absence of an end of an end-of-probation review (who knows whether he would have passed this or not, had he not been ill...), so was officially fired while still in his probation period.
When taking out our mortgage and our insurance, no questions were asked about probation periods - only that we had been in our jobs more than 6 months (which we had) and that we didn't know of any reason for pending unemployment or redundancy (which we didn't - or at least I certainly didn't...).
On the employer section of the insurance claim form, husband's employer has put "did not extend probation" as the cause of unemployment and stated the day husband was fired as the first day of being given notice his job was at risk (which, from our point of view, and in all honesty I think always theirs, it really was!).
Just a bit paranoid that the insurance will not only reject the claim due to the probation thing (not in itself a disaster as my salary can cover the mortgage in the short-term anyway / we have a lodger to cover half the mortgage anyway / my dad is quite well-off, so there is zero danger of defaulting), but will also pass on to the mortgage provider (Nationwide) about the probation period and they will use that as an excuse to invalidate the mortgage, although the question was never specifically asked during the application process or on the appliation form...
Have not yet told mortgage provider about loss of husband's employment as yet, as like I said am in a position to pay the bills at the moment - but obviously could still really use the money provided by the claim.
Can they revoke a mortgage after the event (bar in cases of criminality maybe), or am I just stressing needlessly...???
Obviously, if I had known any of the above earlier, I would not have bought a flat, so please be gentle - anything you say about my husband's massively poor judgement is nothing I haven't already thought or felt myself...
So situation is this:
2 weeks after buying a flat and taking out a mortgage my husband and co-owner proceeds to have a suspected (not confirmed) TIA, (in retrospect possibly combined with stress / virus), 999 is called, fear and terror, husband signed off work for 2 weeks, after which he goes back to work, only to be promptly fired on this second day back (employers, presumably, having checked he wasn't about to drop dead on the first).
How much of this was due to illness and how much due to prior performance is debatable - they clearly got spooked by his illness and built a case against him in his absence, as for the whole last year everyone (apart from perhaps the big boss) all liked him and thought he was doing well (as did I...). Point being that it was a shock and there was not prior warning at any time.
Not looking to sue for wrongful dismissal - too much hassle and stress, and would probably end up losing...
Not good news, but we are each insured for the whole value of the mortgage, so can claim on that, I think.
However, I since found out that my husband told me a bit of a fib (trying to keep my feelings about this out and just focus on the facts...).
He let me believe he had passed his probation at 6 months in the job, when in fact it was extended an additional six to enable him to meet sales targets. While he was ill (I later found out) he was sent a letter extending it a further year in the absence of an end of an end-of-probation review (who knows whether he would have passed this or not, had he not been ill...), so was officially fired while still in his probation period.
When taking out our mortgage and our insurance, no questions were asked about probation periods - only that we had been in our jobs more than 6 months (which we had) and that we didn't know of any reason for pending unemployment or redundancy (which we didn't - or at least I certainly didn't...).
On the employer section of the insurance claim form, husband's employer has put "did not extend probation" as the cause of unemployment and stated the day husband was fired as the first day of being given notice his job was at risk (which, from our point of view, and in all honesty I think always theirs, it really was!).
Just a bit paranoid that the insurance will not only reject the claim due to the probation thing (not in itself a disaster as my salary can cover the mortgage in the short-term anyway / we have a lodger to cover half the mortgage anyway / my dad is quite well-off, so there is zero danger of defaulting), but will also pass on to the mortgage provider (Nationwide) about the probation period and they will use that as an excuse to invalidate the mortgage, although the question was never specifically asked during the application process or on the appliation form...
Have not yet told mortgage provider about loss of husband's employment as yet, as like I said am in a position to pay the bills at the moment - but obviously could still really use the money provided by the claim.
Can they revoke a mortgage after the event (bar in cases of criminality maybe), or am I just stressing needlessly...???
Obviously, if I had known any of the above earlier, I would not have bought a flat, so please be gentle - anything you say about my husband's massively poor judgement is nothing I haven't already thought or felt myself...
0
Comments
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If he was employed by his company after 6 Apr 2012, he wouldn't have any claim for unfair dismissal in any case.
Unless it is demonstrated to your lender that you are clearly unable to make the monthly mortgage repayment, it is unlikely they would foreclose.
Had to look up TIA, hope he fully recovers.If you are querying your Council Tax band would you please state whether you are in England, Scotland or Wales0 -
Try to keep the two things separate:
The bank have already lent you the money for the mortgage so to 'invalidate' it they'd need to repossess to get their money back. Providing you keep up the repayments it seems unlikely that they'd want to go through repossession when you're not in arrears.
The insurance is a different story and whether they pay out will depend on the small print, what they think you should have declared in advance, whether they see not passing probation first time as being a potential "reason for pending unemployment or redundancy" etc etc.0 -
Thanks lfc, that's putting it very clearly!
Am not so worried about insurance not paying out as Nationwide getting to here about it and having a freak out (not necessary at the moment as no risk of defaulting).Try to keep the two things separate:
The bank have already lent you the money for the mortgage so to 'invalidate' it they'd need to repossess to get their money back. Providing you keep up the repayments it seems unlikely that they'd want to go through repossession when you're not in arrears.
The insurance is a different story and whether they pay out will depend on the small print, what they think you should have declared in advance, whether they see not passing probation first time as being a potential "reason for pending unemployment or redundancy" etc etc.0 -
lincroft1710 wrote: »If he was employed by his company after 6 Apr 2012, he wouldn't have any claim for unfair dismissal in any case.
Unless it is demonstrated to your lender that you are clearly unable to make the monthly mortgage repayment, it is unlikely they would foreclose.
Had to look up TIA, hope he fully recovers.
Why is that ?0 -
1 your husband was working in sales always a risky job!
2 You were also moving home ( MORE STRESS)
3 Hope he is now feeling better
4 Move on in life as long as you can cover the mortgage and other bills
5 Time to look for another Less Stressful job if possible
6 Nationwide will only take action if you do not pay the mortgage and get into arrers
7 Not sure what INSURANCE you have but you need to read ALL of it very carefully to see if they will pay out and for how long
Good Luck0 -
Miss Merlot, this must have been such a worrying time for you, I'm not surprised you are stressed! I know that the imagination tends to run riot, especially in those sleepless hours at the dead of night, but try not to let it get out of control.
Look at the cold facts - your mortgage is still being paid on time, no sensible lender would foreclose under these circumstances.
You have enough money to cope even if the insurance does not pay up. Prepare yourself for the worst and if they do pay it will be an added bonus for you.
Don't forget to look after yourself as well as Mr Merlot, don't want you becoming ill too!0 -
Thank you both for your kind messages!
It has been something of a nightmare to be honest. Combined in the last month with several meltdowns from my MIL (who has Alzheimers, and we help care for - also knows none of this); ongoing breast lump examination (plus BRACA family history, lump also only discovered after mortgage - actually on the same day as TIA happened...); car crash (write off); own flu in combination with scary visit from my Big Boss in the States last week etc etc...
I am only just about holding it together somehow - but you are so right about imagination going into overload as a result... Am a worrier and a pessimist by nature, and feel I have enough fodder to justify preparing myself for worst case scenario right now....
Thank you again
1 your husband was working in sales always a risky job!
2 You were also moving home ( MORE STRESS)
3 Hope he is now feeling better
4 Move on in life as long as you can cover the mortgage and other bills
5 Time to look for another Less Stressful job if possible
6 Nationwide will only take action if you do not pay the mortgage and get into arrers
7 Not sure what INSURANCE you have but you need to read ALL of it very carefully to see if they will pay out and for how long
Good LuckMiss Merlot, this must have been such a worrying time for you, I'm not surprised you are stressed! I know that the imagination tends to run riot, especially in those sleepless hours at the dead of night, but try not to let it get out of control.
Look at the cold facts - your mortgage is still being paid on time, no sensible lender would foreclose under these circumstances.
You have enough money to cope even if the insurance does not pay up. Prepare yourself for the worst and if they do pay it will be an added bonus for you.
Don't forget to look after yourself as well as Mr Merlot, don't want you becoming ill too!0 -
I believe mortgage companies used to be able to call in loans whenever they wanted. My mortgage t & cs say they can only do so in accordance with some law or other governing England and Wales to do with mortgage fraud, so I suppose thats changed.
I think the chances of Nationwide trying to foreclose in the circumstances you have given would be minute.0 -
Try to keep the two things separate:
The bank have already lent you the money for the mortgage so to 'invalidate' it they'd need to repossess to get their money back. Providing you keep up the repayments it seems unlikely that they'd want to go through repossession when you're not in arrears.
This.
The bank will have absolutely no interest whatsoever in repossession so long as the payments are being made.
Stuff happens in life.
People lose jobs, find new ones, get sick, get well again, get pregnant, have reduced income, get married, get divorced, etc etc etc.
Over the 25 years of a mortgage, perhaps several times.
Their mortgage lender cares not one jot about any of it so long as the payments on the mortgage are made.
And in reality, even in those rare cases when payments cannot be made for a brief time, or are occasionally late, they'll usually work with borrowers to help them through temporary life problems as it's in their own commercial self-interests to do so.
Repossession is expensive for a bank, and they want to avoid it wherever they possibly can, not to mention they have an obligation to treat customers fairly.
So the OP should do what the tens of thousands of other people that find themselves in her situation every year should do.....
Review their finances, prioritise the mortgage first, cut out absolutely all unnecessary bills or costs, and then focus on resolving whatever personal issues are causing the loss of income. Getting well in the case of illness, or finding a new job in the case of unemployment, etc.
And within a few weeks or months, for the vast majority of people, everything will work out just fine again.The insurance is a different story and whether they pay out will depend on the small print,.
Indeed.
I wouldn't hold out too much hope on that front, but always worth a try.“The great enemy of the truth is very often not the lie – deliberate, contrived, and dishonest – but the myth, persistent, persuasive, and unrealistic.
Belief in myths allows the comfort of opinion without the discomfort of thought.”
-- President John F. Kennedy”0
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