Receiver's Letter

SpandauGirl

Hi

Can someone please help as I am really scared - though admit its my fault! I have a house and a flat (which I currently rent). Had a few probs with mortgage on flat (and some other bills), as over stretched myslef on my house i.e. trying to pay mortgage back earlier. Anyway, got into arrears on flat mortgage a few times and had some threathening letters, but yesterday got one from receivers saying they need all the info on flat to get the best price when they sell!! Am really panickig now, but of course being Sat could not speak to anyone at the receivers or mortgage company. Realise I am lucky as thankfully am in a position to pay arrears(just), but am terrified now that receivers are involved. Does anyone know how this works? Their is a family currently in the flat and the rent money from that currently pays other bills! So scared and not brave enough to tell anyone here about this.

bargainbetty

If the receivers have been called in, then you need to move fast. Call the mortgage company first thing Monday a.m. and make the payment. Once you are up to date, I don't think they can proceed with a seizure and sale unless you go back into the red, but I'd call the CAB and ask for advice.

I think you also have to consider whether or not you can continue meeting all your commitments (post a SOA on here for help) and then think about if you might need to sell the flat, or at least go back to standard mortgage payments.

Hope this helps, I know the wait will be tough but you can't do much until Monday, so try to get some sleep.

BBx

SpandauGirl

Thanks Bargin Betty. Will definately do that on Monday.

Thankfully am in a position to maintain payments on everything - just over stretched on house mortagage - while stupidly missining a few other payments. Things will be a little tight, but am more than willing to work at it to get things sorted!!

CLAPTON

SpandauGirl wrote: »

Thanks Bargin Betty. Will definately do that on Monday.

Thankfully am in a position to maintain payments on everything - just over stretched on house mortagage - while stupidly missining a few other payments. Things will be a little tight, but am more than willing to work at it to get things sorted!!

I'm not sure what you mean that you can 'maintain payments on everything - just over stretched on the mortgage'.
The mortgage is your number priority bill... no mortgage payment then no property.

SpandauGirl

Sorry, didn't explain that very well - as rather tired at the time.

I tried to be a bit too clever and pay the mortgage on my house over a shorter time period. I have now stopped this and am saving a lot by this (in teh short term anyway). I have also just got a pay rise - so will be able to honour all commitments - even though it will be tight for a while.