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

Malibu1

WhenIam64 wrote: »

How long ago did you apply?

You mention the Norgen case but do you understand it is only temporary? If you go back to court again, which you say they mortgage company is trying to do, then there are other options available to the judge. I have seen an order where the court ordered the price of the property to be substantially reduced. Fits within the Norgen test. Do you want the issue to be taken out of your hands? Also in the Norgen case, there was negative equity which is not the case here.

Think it is time to plan Plan B if Plan A doesn't work in say a month's time.

I applied for benefits over 6 months ago as I said earlier in thread.

What do you mean by the Norgan case only being temporary?

You say there are other options available to the judge & have seen a case where court ordered price of property to be substantially reduced... That comes across to me like you are suggesting the judge would be in favour of the mortgage lender and against me as though I have done something wrong.. Is that what you meant? What do you mean by it fits with the Norgan test?

Where did you see this case example - Was it another thread on here, or in the press?... I would be interested to read more about it.

Any suggestions for a Plan B ?

elsien

Universal credit takes about 6 weeks. Why have you had no money for 6 months? Have you been to CAB or a local welfare organisation about this?

With regards to your query about template letters to creditors, if you search I think I've seen some on here somewhere.

Malibu1

RelievedSheff wrote: »

As an indicator of how quickly property can sell when priced right, we part exchanged our house recently against a new build. The developer immediately put our existing house on the market at a competitive price, it wasn''t the cheapest in the area but it was a fair price for the property. It sold within a couple of days and had five interested parties out of the six couples who viewed it.

I would be speaking with your agents ASAP and dropping the price again.

You are aiming to come out of this with a hefty wedge of money spare. Quite frankly you need to be looking at coming out with a smaller amount and get the property sold quickly otherwise the house will be repossessed and you will end up with very little left over if anything at all by the times the fees and charges are added up.

You need to realise that nobody is going to wait around for you to sell the house in your own time. If you value your car and your expected pot of cash then you need to do something before it gets taken away from you.

I would be speaking with your agents ASAP and dropping the price again. I appreciate the suggestion, but don't think I will.

You need to realise that nobody is going to wait around for you to sell the house in your own time.I think I already know that. If you value your car and your expected pot of cash then you need to do something before it gets taken away from you.Yes, I think that's what I have done / am doing.

Malibu1

elsien wrote: »

Universal credit takes about 6 weeks. Why have you had no money for 6 months? Have you been to CAB or a local welfare organisation about this?

With regards to your query about template letters to creditors, if you search I think I've seen some on here somewhere.

Hi Elsien,

Bit of a long story but I was awarded it and then they suddenly cancelled my claim - Due to maladministration on their part... This is another problem I'm trying to deal with and have been in severe hardship...

I did have a look around for some template letters but couldn't find any - Could anyone possibly tell me where they are on forum.

Many Thanks
Malibu x

phoebe1989seb

Whereabouts in the country are you, OP?

When we needed to sell our house (in a semi-rural area) quickly back in 2011 as we had to move closer to three very sick parents, we priced realistically and found a buyer within ten days. Our sale and new purchase completed within ten weeks of when we marketed our house. And that was in an extremely slow moving location.

We took a financial hit, but thankfully we could afford to do so.

No viewings at all unfortunately indicates that you're overpriced.

Otoh, the vendors of our current cottage were unrealistic in what they hoped to achieve, putting the property on the market (when the husband had suffered a stroke and had to give up his job as a helicopter pilot) with a huge mark up on what they'd paid six years previously.

Gradually they sunk further into debt and they slowly dropped the asking price, till eventually the property was repossessed and we bought it for £125k less than they'd originally been asking.......

I sincerely hope something similar doesn't happen to you, OP. Please think seriously about dropping the price sooner rather than later x

Candyapple

Malibu with regards to selling your house, you should start a new thread over on the House Buying/Selling forum:
https://forums.moneysavingexpert.com/forumdisplay.php?f=16

If you post a link to your property on Rightmove, the posters are generally really good in telling you what is wrong/pointers on how to improve your listing that you would have otherwise missed.

Malibu1

phoebe1989seb wrote: »

Whereabouts in the country are you, OP?

When we needed to sell our house (in a semi-rural area) quickly back in 2011 as we had to move closer to three very sick parents, we priced realistically and found a buyer within ten days. Our sale and new purchase completed within ten weeks of when we marketed our house. And that was in an extremely slow moving location.

We took a financial hit, but thankfully we could afford to do so.

No viewings at all unfortunately indicates that you're overpriced.

Otoh, the vendors of our current cottage were unrealistic in what they hoped to achieve, putting the property on the market (when the husband had suffered a stroke and had to give up his job as a helicopter pilot) with a huge mark up on what they'd paid six years previously.

Gradually they sunk further into debt and they slowly dropped the asking price, till eventually the property was repossessed and we bought it for £125k less than they'd originally been asking.......

I sincerely hope something similar doesn't happen to you, OP. Please think seriously about dropping the price sooner rather than later x

Hi Phoebe,

I hope that doesn't happen to me too! Maybe like you say some people might be able to afford to drop the price, or maybe they didn't have the ability / knowledge to defend being repossessed / evicted...

I appreciate the suggestions to drop the price, but that might not be the right thing for my situation.... What I mean is, I have put much thought & consideration into my situation and have to weigh up so many factors and have to prioritise what little time & energy I have to the best possible outcome for me (whilst under incredibly stressful & unfortunate circumstances).... I hope that makes sense.

I have a lot of factors going against me and am on my own, so the support on this forum means a lot to me... I didn't do very well in maths at school (think I only got a , and I have little legal knowledge and can be very blonde at times, although somewhere in the back of my very worn out brain is some kind of hidden calculator and it tends to work in my favour usually and I can only go on my instinct and do the best I can with any given situation...

I also had a massive bleed in brain a few years ago (subarachnoid hemorrage), due to severe stress and am extremely lucky I survived that, and also a secondary bleed a few weeks later.... Life is really short and I'm not going to let the mortgage lender get their grubby, greedy little mitts on my property without a fight...

Malibu x

[Deleted User]

What outcome are you hoping for/aiming to achieve here, OP?

JustRi

Hmm, call me cynical, but something is not ringing true with this poster.

All the flags are out, Damsel in distress, help and support needed !
BUT when the very good people of this forum are offering help and support it is totally rebuffed !!
Make no sense to me, unless .....

I know, school holidays

WhenIam64

Legal commentary on the Norgan case

The building society was granted a possession order against the husband and wife, and the wife unsuccessfully applied for suspension of the issue of a warrant for possession. On her appeal, held, the court had to consider what constituted a reasonable period within which to allow a borrower to pay off arrears of mortgage instalments. Taking the remaining part of the original full term of the mortgage as the starting point, the court had to consider whether a borrower would be able to pay off the arrears by instalments over that period. Such an approach involved a detailed analysis of present figures and future projections, an assessment of how much of the outstanding debt was to be attributed to interest and how much to the principal sum, and consideration of whether or not the lender’s security would be put at risk by postponing payment of arrears. Moreover, as the full term of a mortgage was the most favourable period for a borrower in calculating what was a reasonable period for payment of arrears, a lender would be justified in seeking a warrant for possession if the borrower failed to maintain the revised mortgage payments as a condition of suspension of the warrant. Applying those principles to the instant case, the appeal would be allowed.

There is no defence to a breach of mortgage terms where both parties have willingly agreed. What was examined in the Norgan case was whether to allow the terms to be varied after the event to keep the agreement alive. If there is any doubt, the agreement risks the lender's security then the variation can be examined again. If you go back to court, they might suggest you are being unreasonable in your expectations of price/length of time to resolve the issue i.e you are there at the court's discretion. So avoid going back.

The court order dropping the price was in an auction pack as the owners had to sell or be in contempt of court.

While understanding the difficulties of your position, you should have other plans than just to sit and hope. Have a word with an auction house as there may be cash buyers around.

One final point that I don't understand is an earlier claim to have been mis-sold the mortgage and yet you want to profit from it. Surely if you were mis-sold, the mortgage should be cancelled and the property returned to the lender - winding the clock back. Repayment of anything spent on it could be negotiated.