URGENT HELP!! Missed Mortgage Payment....Where do I stand?

Why-oh-Why_3

Hello everyone,

I currently have a mortgage with Mortgages Plc, I have been with them since April 06 and ported my mortgage June 07, to date I have not missed any payments.

Since September my Boyf lost his job and due to numerous reasons I was signed off work and only getting SSP, Immediatly called my mortgage company to explain what is happening and asked for a payment Holiday, of which was refused, I asked for what help they can provide me, they informed me there is nothing they can do, they state that due to me moving my mortgage with them in June I now show as only holding the mortgage with them since June ..... Like the last year prior to that has now been Ignored

I then looked at remortgaging, Advances Loans just t get me out of this mess, I have been in debt for many years but have maintained payments for the last 2 years and coped, Until now

I have maintained contact with Mortgages Plc and they have recently informed me they have cancelled my direct debit as no point taking it if no funds.... I then questioned porting my mortage again but this time to downsize, they have now told me that this MAY be an option but need to go directly to a Financial advisor as they are unable to inform me of what I can and cant do with my mortgage, However my mortgage advisor is now on holiday for 2 wees !!

The latest on the matter is I have my house on the Market, to sell andintend o downsize but meantime.......... Does anyone have any advice ??

what will happen if I miss a payment?

What period of time do I get before repossesion?

Can you Downsize on a Mortgage?

Any info will be much appreciated....

Thanks for reading and thanks for posting

silvercar

what will happen if I miss a payment? You will be in arrears, which will need to be paid back from the sale price of your property. It will also affect your credit rating and hence the sort of mortgage you could get when you move.

What period of time do I get before repossesion? A few months minimum, could be as long as 1-2 years.

Can you Downsize on a Mortgage? Yes, you sell your house, buy a smaller one with a smaller mortgage. You move you current mortgage to the new place but pay off some of it at the time of the move. So if you have a 150k mortgage on a house valued at £200k, then buy a house for £150k you would use the 50k equity from the sale and have a £100k mortgage. You could be charged ERCs on the amount you reduce your mortgage.

It really is better to keep up with your payments on your mortgage if at all possible. Better to fall behind with unsecured loans. Getting into mortgage arrears will quickly damage your credit rating and your ability to get a decent rae mortgage in the future.

Why-oh-Why_3

It isnt possible to maintain my full payment at the moment and looking to make token payments to show my intent to keep in line ..... I have been told by making sure I pay above £10 on the day the payment is due will avoid this showing as a missed payment... does anyone know i this is right or any other advice on this?

Why-oh-Why_3

oh and also thanks for the advice silver car

MortgageMamma

No, if you do not make a full payment on the day its due it will show as a missed payment, it usually takes a number of months before a house is reposessed. What are your chances of one or both of you getting back into work quickly?

KTF

Cant your boyfriend get work at a temping agency or similar so there is some income coming it (assuming he isnt doing so already)?

wot_a_life

I'm in he same boat op, my hubby is self employed and is owed money, we missed a mortgage payment and we are trying to re-mortgage now to get a reduced rate which is proving difficult because of the missed payment, self employment and hubby has 4 ccj's

With the rise in mortgage rates, I think we will loose our home, the mortgage company also wouldn't help, said we have to go through an advisor

maninthestreet

Surely if Mortgages PLC have cancelled the direct debit and fail to request payment on the due date, they are deliberately frustrating the contract, and may well be in breach of it?

Why-oh-Why_3

Again thanks for all advice....

Luckily I have managed to scrape everything I can to maintain my mortgage for this month, (sold my car) So made the payment today for November!! I was able to find an advisor who has dealt with my mortgage company and knew there policys on missed payments, and was told I need to make the full payment...

However things still in very bad position, Partner ill but not able to claim disability allowance so really down to me to try and sort out, I had secured a job and today found out the position may not be available, even though this had been offered to me and was going to start this weekend!! Everything just keeps getting worse! The more I try the harder I get knocked back!

However found out today I can port my mortgage to downsize and by doing this the redemption penalty will reduce by 5-6k which may give me more flexibility in my sale price on my current house.

I actually seeked advice through Payplan who directed me to 'Who's Lending' gotta say they really helped me

Still very unsure where to turn next, DONT want to give up, but finding it very difficult to maintain everything! No other assests to create more funds, and obvioulsy borrowing further money is not an option.

Any suggestions??

Why-oh-Why_3

As you can see still awake.... heres to another sleepless night.....

jamesd

One option is to ask them if you can switch to interest only payments for a while, if you are able to pay the interest part of the payment.

For any other creditors, you could tell them the situation and what you're doing about it and tell them that you're temporarily able to make only token payments to them, then make only those token payments. If they accept this then these may show up as arrangements rather than missed payments, decreasing the negative credit rating effect. Even if you have to suspend payments completely, telling them what is happening and that you're expecting it to be temporary is a good idea.

You're doing what you should be in this situation by selling yourself rather than waiting for repossesson. That'll save you tens of thousands in losses from lower sale price and their legal costs.