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

Foxy-Stoat_3

So guessing some figures:

£300,000 house
£100,000 equity
£100,000 mortgage
£100,000 secured loan (which you have paid off) with £50,000 interest left to pay, you have offered £33,000 to settle.
You also have £75,000 of unsecured debts.

So if you sell the house you will clear the secured loan and go most of the way in clearing the unsecured debt and you can start rebuilding your credit history. If you have defaults these will fall off in 6 years time, it will make it harder to get a good mortgage in the future but not impossible.

If you lose your house then you will probably have to pay the full £50,000 of your secured loan and have to pay legal/court/bailiff costs so you will probably be left with very little of the equity for you to clear your unsecured debts. You will find it a lot harder to get any sort of mortgage if you have had your property repossessed.

TEDNO1

foxy
house worth £470.000
Equity £100.000
Mortgage £320.000
Secured Loan left to pay £50.000 if settle in full £33.000
Credit card debts £75.000

ampersand

All of this is just more dancing - ineptly - on hot bricks.

I hope you are using a FREE Debt management Company. If not, do so.

Please do something sensible.

Joining mse and posting here is one sensible thing :acting on good advice received is another.

You asked for ideas and have been given them.

If they're not what you like, so be it. You are not in a Magic Wand situation.

Ring some Estate Agents for sensible valuations. Prepare this house for the market and quickly: jittery times pre- and post-election don't give you much leeway.

Using what you learn, you could market the property online yourselves, but I am doubtful of your capacity/ability/available time[both in full-time jobs] to do this.

Phone CAPUK, as recommended by Martin, or any of the other FREE debt charities he speaks well of.

With regard to children's awareness of your dire situ., 'facts' are not the point, but effects on them and you are. It seems you have spent years in this debt-bog, barely managing to stave off bankruptcy[not a bad idea on the info. presented]and regard it as the only normalcy you wish to retain, WARPED though this is.

That is no longer possible: ACT NOW. please.

glentoran99

TEDNO1 wrote: »

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

what rights do you have to the house if your not on the deeds?

They cant repossess the house if the person borrowing against it isnt owner of it

Foxy-Stoat_3

Arrrr, a bit better then:

Sell for £470,000, less mortgage, secured loan, EA and legal fees = £93,000ish

Pay your £75,000 unsecured debts off which will leave you with £18,000 cash for a deposit on a rented place and buy a load of Premium Bonds and keep your fingers crossed.

Keep saving for the next 6 years and you will be able to secure a reasonable mortgage again.

ampersand

glentoran99 - I think this is just part of the general muddle in the way op writes and a misunderstanding of financial responsibility, apparently lightweight.

Again op - this is not written judgmentally, but in an endeavour to make you realise what a Light Bulb Moment actually involves.
####
Are you still lumbered with property abroad?

If so, is there fall-out ahead which may worsen things?

Have you sold at a loss, or disentangled yourself from some promise to buy?

TEDNO1

ampersand is the the telephone number you gave the best company to ring for advise 01274-760720

TEDNO1

ampersand wrote: »

glentoran99 - I think this is just part of the general muddle in the way op writes and a misunderstanding of financial responsibility, apparently lightweight.

Again op - this is not written judgmentally, but in an endeavour to make you realise what a Light Bulb Moment actually involves.
####
Are you still lumbered with property abroad?

If so, is there fall-out ahead which may worsen things?

Have you sold at a loss, or disentangled yourself from some promise to buy?

No we dont anything abroad now, there is no fall out ahead I hope.

The reason we are in debt was because we invested money we inherited into a property and then bought another one when the market was going well and borrowed some of the money to renovate the property. Then the recession came and rentals were really poor therefore we had no option but to sell all the properties and now we are left with the debt

Derwent

The OP needs to realise that if repossession does happen then most of their equity will disappear into thin air as the mortgage company will sell it for whatever they can get for a quick sale either at auction or via a time restricted sale period. There is a real possibility they could lose the house and still owe much of the outstanding debts with no means to clear it. Sell the house and sell it now, that's the only realistic option.

Foxy-Stoat_3

TEDNO1 wrote: »

No we dont anything abroad now, there is no fall out ahead I hope.

The reason we are in debt was because we invested money we inherited into a property and then bought another one when the market was going well and borrowed some of the money to renovate the property. Then the recession came and rentals were really poor therefore we had no option but to sell all the properties and now we are left with the debt

Yes yes yes....now shut down your computer and follow the advice given by ampersand NOW !!!

Good lucks