Going to lose my house!! Repossession House Order Yikes!!

TEDNO1

Gaz83 wrote: »

This is a world of mess.

Sounds very much like living beyond your means for what must have been some time is coming back to bite you.

Your best bet will probably be selling up, settling your debts, and attempting to start again.

bad Luck im afraid, invested in property abroad and recession hit!

tomtontom

TEDNO1 wrote: »

dependent kids, not in a position to buy another house, rental too high in our area, will be in a better position financially in 2 years time.

How will you be in better position in two years time and have you explained this to your creditors - is it a definite or a hopeful?

swingaloo

Time is tight now if they have already started the repossession process. Best thing is to get the house up for sale as soon as possible and hope they will agree to stall for the balance when they have proof the house is up for sale.


With no prospect of borrowing you are going to have to rent anyway. better to be pro-active and start looking at selling and finding somewhere rather than ending up with a repossession order telling you when you need to be out. If the house is repossessed you may not be looking at as much equity as you think. Better to get the ball rolling yourselves at a sensible selling price and hope for a very quick sale.

Foxy-Stoat_3

TEDNO1 wrote: »

dependent kids, not in a position to buy another house, rental too high in our area, will be in a better position financially in 2 years time.

If your home gets repossessed then it will take you a lot longer to be in a better financially position, ie credit worthy.

Do whatever you can to clear the debt and avoid losing your house by force, this will have to involve selling it and starting again, a risk that anyone who takes out a secured loan faces.

kelpie35

You have no way of paying what you agreed, so the only alternative is sell up and live within your means.

DCFC79

I agree with everyone else, sell up, clear the debts and start over is the best option.

ampersand

TEDNO1 - please read my signature and call CAPUK straight away.
https://capuk.org/

Telephone
[URL="tel:01274760720"]01274 760720[/URL]

You have had several wake-up calls, failed to recognise them - and still don't.

This is not harsh, but accurate.

Lurching from one financial cliff-edge to another, teetering on all of them, is lunacy. Do you truly think your children are unaware of it?

Is it 'my house' or 'our house'?

#8 from ViolaLass - this is basic knowledge.

Again, please get a grip on this, or be helped by those who can: hence my signature and recommendation.

Are you really ready to listen and follow advice?

TEDNO1

ampersand - my children are aware but not completely. Its our house although my name isnt on the mortgage just my spouse.

I agree re ViolaLass's comment its basic knowledge.

glentoran99

how did you get a secured loan on your house if you arent named on the deeds?

TEDNO1

glentoran99 wrote: »

how did you get a secured loan on your house if you arent named on the deeds?

I had to sign my rights to the house over although my name isnt on the deeds