Repossession order, advice needed please.

KITTENPOP9

Hi, my hubby and I received the Order for Possession from the court today and we are hoping someone on here will be able to clarify something for us. The Order says: IT IS ORDERED THAT 1. The defendant give the claimant
possession of **** on or before ****. 2. Money claim adjourned generally. Can someone please explain what number 2 means? We went BR in 2010 and told the court that we would not be liable for any shortfall when we informed them that we would not be contesting the repossession. Any help would be much appreciated, many thanks in advance.

National_Debtline

I think you may need to post some more details so that people can help you further. If I have understood your post correctly - you went bankrupt in 2010 and have remained in that same mortgage property until now because you did not challenge any repossession action taken by the mortgage lender. That must have meant the property was in negative equity when you went bankrupt and was of no interest to the Official Receiver.


The property is only now being repossessed and this will create a mortgage shortfall that the lender is saying 'they will try and chase later'. This is probably a standard court form and therefore, won't take into consideration the fact that you went bankrupt in 2010, because any shortfall from the repossession/ sale of the property will be included in the bankruptcy. That is assuming that you have not signed a Deed of Acknowledgement with the mortgage company since going bankrupt. A Deed of Acknowledgement means you accept liability for the shortfall irrespective of the bankruptcy. I hope that helps.


Laura
@natdebtline

KITTENPOP9

Thanks so much for reply. Yes , went BR in 2010, property was in negative equity so we continued to live in it as the OR had no interest in it after the three years or so. We have not signed a deed of acknowledgement with mortgage company since going BR and have had no contact with them since we stopped paying the mortgage. We were just confused what the term "Money claim adjourned generally" meant. Many thanks again.

silvercar

For information for others in a similar situation can you let us know when you stopped paying the mortgage, how soon the lender took action, who the lender is etc.

It would just give an idea to others in a similar situation how long they have to save a rental deposit etc.

KITTENPOP9

We already had arrears on the mortgage, but we actually stopped paying the mortgage in August this year.... The lender was NRAM, I think we had a solicitors letter the middle of October and then the court forms by the end of November. Hope this has helped.

Cobalt77

KITTENPOP9 wrote: »

We already had arrears on the mortgage, but we actually stopped paying the mortgage in August this year.... The lender was NRAM, I think we had a solicitors letter the middle of October and then the court forms by the end of November. Hope this has helped.

General observation: Ferkuing NRAM seem to be a common thread in most people going BR on this forum - in fact, I can't remember seeing another mortgage lender anywhere near as prolific.

Worse still (and not only based on my own personal experiences!) NRAM seem to be the most incompetent , amateur and generally useless mortgage lender out there too.

Or am I being too unfair?

silvercar

General observation: Ferkuing NRAM seem to be a common thread in most people going BR on this forum - in fact, I can't remember seeing another mortgage lender anywhere near as prolific.

There was a time when Northern Rock (as it was then) was over generous in dishing out money. Their Together mortgage ( secured loan + unsecured loan) totaling up to 125% of the purchase price is the most well known example. Hardly surprising that they now feature highly in the repossession league tables.

Their failure and them having to be bought out by the state is testament to their policies.

As for their incompetence now, they are attempting to reduce their mortgage book. Couple that with the high level of arrears due to their previous lending policy and I can see they have an administrative headache.

As for OPs experience: Solicitor letter after 3 months of non-payment, add in mortgage arrears and then being taken to court after 4 months, court hearing after 5 months, repossession after 6. Seems a balanced response to me.

fermi

KITTENPOP9 wrote: »

Can someone please explain what number 2 means?

Means that the court has halted any money claim NRAM added for you to pay costs etc on top of the repossession, presumably due to the BR.

KITTENPOP9

Thank you all for the advice, so helpful. Yes we had a 125% mortgage with Northern Rock/ NRAM... worst thing we ever did! An incredibly unhelpful and incompetent lender!