Repossession, Heavy Debts - Damsel In Distress - Help & Support Needed

Malibu1

aimeemum wrote: »

That's a shame that they undercut so drastically. Worth looking into though - sorry I can't help more. Good luck x

Thank you. Malibu x

Malibu1

WhenIam64 wrote: »

Could you explain the equity calculations.



This suggests that you've invested around £35K if we assume have the repayments were capital.



Seems to indicate a jump in value from when you bought it, despite it being "uninhabitable when I purchased & did not realise until after moving in"

Did you contribute more than the deposit and the repayments?

Hi WhenIam64,

Apologies, I don't think I answered your question very clearly before...

I paid a £25,000 deposit to buy property and although I have paid over £20,000 in mortgage repayments to date, I don't think the overall mortgage amount outstanding has reduced much... There would also be an early repayment charge of around £5000 I believe. I have spent a lot of money on the property with home improvements / renovation and is currently on market for sale with multiple estate agents.

My figures are just approximate at the moment and would depend on what property sells for (If I am able to sell myself without being repossessed)... The equity amount I suggested would be remaining after all mortgage, secured loans, estate agents & conveyancing fees deducted... Although I also have a large amount of unsecured debt - But would still hopefully be left with some money to move forward with a fresh start and ideally remain solvent...

Sorry if any of that is confusing at all.

Malibu x

Kentish_Dave

Malibu1 wrote: »

Hi KentishDave,

I feel I've already taken a huge financial hit as have suffered a pretty severe nervous breakdown due to harrassment & the repossession actions and loss of earnings etc as a result of that.

I can't sell the car as that would not cover the outstanding finance and I would be unable to buy another car - Which I need as my car is a lifeline to me.

So if you won’t reduce the price of the house for a quick sale, you won’t sell your car, and you won’t re-home your pets then what is your plan?

I’ve seen posts before where people flatly refuse to do any of the things necessary to avoid an utter disaster, and sometimes it feels as though they imagine that the other posters are holding out, and that after a while the magic solution will present itself.

You seem to have two choices here. Sell the car and the house now and start again with a cheaper house and car, or refuse to, be made bankrupt, and lose everything, house, car, equity and pets.

Which is it to be?

maas

How long has the house been on the market for? Have you told the agents you wanted a fast sale when they set the price and how many viewings have you had?

Malibu1

Kentish_Dave wrote: »

So if you won’t reduce the price of the house for a quick sale, you won’t sell your car, and you won’t re-home your pets then what is your plan?

I’ve seen posts before where people flatly refuse to do any of the things necessary to avoid an utter disaster, and sometimes it feels as though they imagine that the other posters are holding out, and that after a while the magic solution will present itself.

You seem to have two choices here. Sell the car and the house now and start again with a cheaper house and car, or refuse to, be made bankrupt, and lose everything, house, car, equity and pets.

Which is it to be?

Hi Kentish Dave,

Thank you for your reply. I have actually felt a bit emotional & choked up at the kindness of people taking their time to reply to my post and even just a small gesture of motivation & support really does mean a lot to me.

The property has not been on the market for very long and is already very reasonably / competitively priced and is being marketed with 3 reputable estate agents... From my own previous experience of selling property and also family & friends who have sold properties, I anticipate average time to sell (from placing on market to completion of sale) to be around 12-18 months (hopefully the former, or sooner with it being multi-agency). I placed property on the market as soon as I could and will maybe drop the price next month if still hasn't sold - Although I cant really drop it too much otherwise would be pointless trying to sell and I do need some money to move forward.

I did look into selling the car, hopeful that after the finance repaid I would have enough left over for at least a cheap run around, however this would be a pointless exercise for me as would not raise enough to pay off the finance and I have no savings or budget available for even a cheap run around... A car is essential to me, for various reasons, including a spinal injury, so for now, I just thank my lucky stars the car has not yet been removed and hope they don't repossess it before I can sort my horrific situation out.

I don't understand why you think re-homing my pets might be a good idea? Please could you clarify..

sourcrates

I have to agree there is no magic solution here, you need to assume control of this before the decision is taken out of your hands, it will happen, and it will happen fast, plans need to be made, and now, you can`t keep saying you dont want to lose this, you don`t want to lost that, its already gone in reality, its just a matter of time before possession is lost.

I have been where you are now, its hard, but you have to be realistic here.

Malibu1

maas wrote: »

How long has the house been on the market for? Have you told the agents you wanted a fast sale when they set the price and how many viewings have you had?

Hi,

It's been on the market since May with 3 estate agents and is already competitively priced... No viewings yet and may reduce price next month if needed.

maas

Malibu1 wrote: »

Hi Kentish Dave,

The property has not been on the market for very long and is already very reasonably / competitively priced and is being marketed with 3 reputable estate agents... From my own previous experience of selling property and also family & friends who have sold properties, I anticipate average time to sell (from placing on market to completion of sale) to be around 12-18 months (hopefully the former, or sooner with it being multi-agency). I placed property on the market as soon as I could and will maybe drop the price next month if still hasn't sold - Although I cant really drop it too much otherwise would be pointless trying to sell and I do need some money to move forward.

I read your posts and you have painted a very desperate urgent situation, yet you have put your house up with 3 estate agents at a competitive price ...... expecting to sell in 12-18 months?

You've had no viewings at all with 3 EA since May. Did you tell the EA you need to sell ASAP? They should have put your price on the market at a price that will sell fairly rapidly.

Do you have 12-18 months.

On the market with 3 EA since May and not even 1 viewing, massively overpriced.

Malibu1

sourcrates wrote: »

I have to agree there is no magic solution here, you need to assume control of this before the decision is taken out of your hands, it will happen, and it will happen fast, plans need to be made, and now, you can`t keep saying you dont want to lose this, you don`t want to lost that, its already gone in reality, its just a matter of time before possession is lost.

I have been where you are now, its hard, but you have to be realistic here.

Hi Sourcrates,

Thank you for your reply. I am surprised too that it hasn't already been repossessed... Thank you for being gentle with me... I am a bit fragile at the moment.

I really have/am trying the best I can... What happened / what was your situation when you were in same position, if you don't mind me asking?

Malibu1

maas wrote: »

I read your posts and you have painted a very desperate urgent situation, yet you have put your house up with 3 estate agents at a competitive price ...... expecting to sell in 12-18 months?

You've had no viewings at all with 3 EA since May. Did you tell the EA you need to sell ASAP? They should have put your price on the market at a price that will sell fairly rapidly.

Do you have 12-18 months.

On the market with 3 EA since May and not even 1 viewing, massively overpriced.

Hi Maas,

Thank you for your reply. Yes, the estate agents know that I need to sell ASAP... It is on market at a good price, but they know I'm open to offers and there is a little bit of flexibility to reduce the price.

No I don't have 12-18 months, but just being realistic and can only go on my past experience... The last property I sold was placed on market under value and had no viewings for months and then suddenly a surge of viewers who went into a bidding war over it and it ended up selling for £20,000 over asking price... That property took about 12 months from placing on market to completing sale... Other people I know have averaged about 18 months for a sale to complete.... Obviously I would prefer it to sell much quicker, but these things tend to take time.... Fingers crossed!

I expect different areas of the UK, such as London, properties may move a bit faster, although I'm in a semi-rural location and have never known anyone to complete a sale in the space of 2 months.