house repossession order. Advice please

mothman_2

Hi all
I've got myself into a bit of a mess and need some good advice please. I've foolishly got into arrears mainly due to a mess up changing banking arrangements, and a suspended possession order has been granted. The Mortgage is £39,000, house value approx £170,000. The arrears were £1500 (6 months) when the court order was granted; however I had reduced this to £1000 by the time the case went ahead and I'd sent 3 post dated cheques to repay the rest over the next 6 weeks together with a new Direct Debit mandate for future payments. I sent this shortly before the court case and wrongly assumed that the building society would cancel court action as all arrears would be paid soon--wrong! They went ahead but did not reply to the letter I sent with the payments which I know they recieved as one cheque has cleared and the DD has been actioned. I now have a letter from court saying I should vacate if arrears are not repaid by 19th Oct. By then I will still owe £660. Any idea what I should do now?

Griptool

uuuh pay the arrears pronto!

penguin83

Speak to your mortgage company and see if you can come to an agreement with them. A warrant of possession will only be issued on your mortgage company say so - the court wont evict you of their own accord. If your mortgage company are happy with the arrangement nothing more will happen.

nixinix

If your mortgage company has a local branch go straight there on Monday morning and speak to the manager and explain your situation, if no branch phone and speak to someone as high as pos.

If someone can lend you the £660 you will be in a stronger position.

I had to do this with a family member, but it had gone even further and the house had been repossessed, locks changed and keys handed to an estate agent. We spoke to the manager, and asked for her help, and she did everything she could when we explained the circumstances and how they had got out of hand. By the end of the day we had the keys back. Since then we have sold the house and cleared the mortgage, which was like yours for a very small amount really, and brought a house without a mortgage. So it can be sorted even at a later stage. My advice is to talk to someone with the authority to help and be as honest and truthful as possible and ask for their help as you don't want to loose your house for £660. If they can't help try and speak to someone who can, most do not want to see anyone loose there home.

Good Luck.

petermb_2

But dont you think it is a national disgrace that people can lose their homes for £600? I know that if people miss payments it is often their own fault but there is a real bad deal here. Something should be done about it. I see it every day. The lenders have got away with murder for years. In the vast number of cases courts dont even read thre documentation yet many repossessions take place where the agreements are just not enforceable.

Sorry to rant but this issue is one of the reasons I do what I do.

I agree with the previous posters. Dont leave things to chance. Get the arrears paid, somehow, anyhow.

Good luck.

Dan_Collins_2

petermb wrote: »

But dont you think it is a national disgrace that people can lose their homes for £600? I know that if people miss payments it is often their own fault but there is a real bad deal here. Something should be done about it. I see it every day. The lenders have got away with murder for years. In the vast number of cases courts dont even read thre documentation yet many repossessions take place where the agreements are just not enforceable.

Sorry to rant but this issue is one of the reasons I do what I do.

I agree with the previous posters. Dont leave things to chance. Get the arrears paid, somehow, anyhow.

Good luck.

I have to agree to a point. 660 is a silly amount to lose your house and is a digrace. However I dont doubt that if they come up with it they will make an agreement.

The problem we have now is that lenders are exposed and they dont know how much. Lenders have been buying books from other lenders like GMAC etc, the books they buy are full of sub prime clients, however they are fine at the mo as they are in a good low rate, however when they come out of the fixed rate or discount period they will be up the creek etc etc! What I am saying is that lenders are looking to cut risk ASAP, so if they can repo or get rid of a borrower then they will be trying a little harder. I have a friend working in a large bank managing risk and setting new product rates based on covering the risk within mortgage books, they are simply kacking them selves!

What made you become a compliance officer by the way? You mentle!?

nixinix

mothman wrote: »

Hi all
I've got myself into a bit of a mess and need some good advice please. I've foolishly got into arrears mainly due to a mess up changing banking arrangements, and a suspended possession order has been granted. The Mortgage is £39,000, house value approx £170,000. The arrears were £1500 (6 months) when the court order was granted; however I had reduced this to £1000 by the time the case went ahead and I'd sent 3 post dated cheques to repay the rest over the next 6 weeks together with a new Direct Debit mandate for future payments. I sent this shortly before the court case and wrongly assumed that the building society would cancel court action as all arrears would be paid soon--wrong! They went ahead but did not reply to the letter I sent with the payments which I know they recieved as one cheque has cleared and the DD has been actioned. I now have a letter from court saying I should vacate if arrears are not repaid by 19th Oct. By then I will still owe £660. Any idea what I should do now?

Ho whave you got on Mothman?