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

stator

If it were possible to get £33k out of thin air we'd all be doing it.

If you have no-one to lend you money and no assets to sell apart from the house, you have to sell the house.

Apples2

TEDNO1 wrote: »

we still have two younger children who are dependent on us. We will probably sell in 2-3 years

Seems a bit extreme! :eek::eek:

The answer is staring you in the face and has been repeated many times. The direction you are walking has nothing other than a financial, marital and domestic cliff.

ampersand

Oh dear, again - 'there is no fall out ahead I hope.'
You weren't thinking this would happen when you borrowed and borrowed and lived on credit card debt.
No, I don't want an answer, but have you ever asked yourselves about job security, or any one of the unexpected curveballs that EVERY Lifetime knows and had never dreamt would come their way?
#
TEDNO1 -
£Hope must be realistic and that word is not founded on floundering finances and scrabbling for a last-gasp solution.

You have no idea what things will be like in 2-3 years' time. Must I add, cruelly - you may think - that you clearly didn't anticipate this current situ. when you started on the 'property abroad' adventure.

I should be out the door, but can't leave this hanging.

Don't be put off by their full name:
CHRISTIANS AGAINST POVERTY U.K. are brilliant at what they do - as Martin says.

To reassure you, they have been consistent winners of reputable best Small Business Awards/and as Employers[The Times etc.] right up the Martin Award last year[there are probably others]

http://en.wikipedia.org/wiki/Christians_Against_Poverty

Now don't waste more time: ring them NOW! There are lots of people in every level of ess-aitch-one-tee who are calling them every day. It is all relative. You may have to wait for a full all-cards-on-table appointment, BUT THEY WILL NOT ABANDON YOU.

You have this glorious opportunity to be completely honest, hold nothing back, assemble every bit of financial cack and p/w and truly say you want to turn your situation around. It can't disappear within 28 days, but CAP expertise will count for a great deal with your creditors, every darned one of them.

Now, get going:-))))))))))))))...as must I.
Will look in later tonight.

lynz68

Realistically the chances of you being able to borrow that amount of money are slim to none. Have you checked your credit report recently I'm guessing it's not good seeing as your in a DMP.


I think it's time to get your head out of the sand where you have had it buried for quite some time by the look of things.

You really need to take control of any sale yourself at least you may come away with some money out of it to start again if you leave it until to late and get repossessed you will most likely walk away with nothing and a big fat debt as well. They don't have to sell it at market value.

I really don't mean to be harsh but you don't want to end up homeless with kids it's time to stop chasing the money.

pvt

Foxy-Stoat wrote: »

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.

^^^^^^^ Exactly!

And if you are currently servicing a £320k mortgage, then the saving in monthly outlay would make quite a big contribution towards house rental.

Agree with others that offering/agreeing a £33k settlement you couldn't meet was a really bad move. They will now almost certainly push for repossession and want their full £50k for their trouble.

[Deleted User]

This is a wind up... right?


If not it's crunch time...


Borrowing more will not help.

tberry6686

Realistically if the bank repossess and sell the house it will probably fetch £350k (low) - £450k (high). Once all the fees etc are added on your £100k equity will be next to nothing. The only real option is to sell it yourself for as much as you can get for a quick sale (probably~£430k-£450k).
At least this would give you something out of it all to juggle with. If the bank repossess then you will be left with no money from the sale, still with high debt levels and trying to find a rental property with poor credit ratings and little/no deposit - not going to be easy.

ampersand

I note that TEDNO1 has not come back since >16h yesterday.

op - when people give advice, most come with good heart, professional knowledge, personal or close experience and concern, or an admixture of degrees of these.

You asked big questions to which there are no instant get-out answers.

I do believe that in your heart-of-hearts you knew and know this.

We don't even know when those 28 days to find £33k began....at most, deadline is 25 Feb....somewhat sooner, I suspect.

op - don't flee mse. I hope absence means you've been following the sensible advice repeatedly given.

An answer re:your DMP provider would also be welcome, if only to know you're not paying for this. People here will help you change if so.

If your DMP were already with stepchange or similar, you would surely have said so. If so, I cannot accept that they are in the loop with your new chaos.

Just come back and do a hands down with us, on everything.

Herzlos

Derwent wrote: »

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.

This. If you sell the house yourself you'll walk away with most of the equity (~£90k) which you can pay the bulk of the debt off with. If you let it get repossessed and sold you'll get almost no equity out of it, some of the loan will reduced and they'll keep pursuing you for the rest.

The only sane option is to sell on your terms and start over with a clean slate.

ampersand

Agreed, with all posters saying same thing.

However, I do not believe op+ her oh yet understand remotely how to manage their finances and really will need help in keeping any clean slate in that state.