Verge of Repossession

kazwookie

To be honest OP you only seem to think a lot of this.


I suggest if you really want to help, get round to your brother's and get the paper work, and go through it, letter by letter, sort out fact, and then work out if your parents really want to help or walk away.


What does your brother want, as it seems he has been bailed out before but gone back to where he was.


Personally I would walk away and leave him to it from the info given, but this is not the whole story.

strawb_shortcake

kazwookie wrote: »

To be honest OP you only seem to think a lot of this.


I suggest if you really want to help, get round to your brother's and get the paper work, and go through it, letter by letter, sort out fact, and then work out if your parents really want to help or walk away.


What does your brother want, as it seems he has been bailed out before but gone back to where he was.


Personally I would walk away and leave him to it from the info given, but this is not the whole story.

I only found out yesterday and have offered to help him get the paperwork sorted out, he has been working this weekend and unless he brings me the paperwork this evening then I'm stuck as I'm back at work from tomorrow.
I know full well it's not the full story and it's for this reason why I'd be inclined to walk away. None of my posts are directly to help my Brother but my parents no parent wants to be managing this especially when the Son in question is approaching 50!! This is why I am trying to understand the process and options based on the limited information I have. I am furious with my brother right now for messing up again and putting upon our parents again, but venting to him or them isn't going to help anyone at this point.

Sea_Shell

It's hard not to end up piggy in the middle in family situations like this.

I think your parents needs to take a tough line and leave him to stand on his own two feet!! Like you say, he's 50!!!

Only they can decide whether to bail him out, again, or let the hammer fall.

Will guilt get the better of them if he's evicted and homeless?

All you can do is try and help focus on the options...try and keep out of the decision making though.

Good luck!

strawb_shortcake

Well my offer of help with the paperwork has been rejected, I've advised my Mum of what questions she needs answered before handing any money over. My support now will be for my Parents.

Thank you all for taking your time to help

tallyhoh

annabanana82 wrote: »

Well my offer of help with the paperwork has been rejected, I've advised my Mum of what questions she needs answered before handing any money over. My support now will be for my Parents.

Thank you all for taking your time to help

I think you are very wise

macman

He can't be evicted unless the creditor goes to court, obtains a possession order and then he can still sit it out until the bailiffs turn up. Which will usually take several months. You can't be evicted the same day the PO is granted!

fatbelly

What can happen is that the judge, at a possession hearing, grants a suspended possession order. This is pretty much the default setting, to give the borrower a 'last chance'. The judge orders the borrower to pay the contractual monthly instalment plus £x, where x is a payment to clear the arrears, over a period up to the remaining term of the loan.

The borrower then fails to do this and the lender applies for a warrant (to evict by the court bailiff). This can itself be suspended (even on the same terms as the earlier order). We are really drinking at the last Chance Saloon here and the timescales are short.

I have been involved where the eviction by bailiff is planned for 12 noon on a particular day, and the hearing to consider suspending the warrant is held at 9.30. The bailiff waits outside the courtroom to hear if the application is successful. If it isn't the borrower and the bailiff have to agree to meet at the property two hours later!

I suspect that's what happened in June. So I think it's clear here that for whatever reason he can't afford the mortgage and he now needs to let the process take its course.

Those advising sale of the property are making a sensible suggestion as a rough guide says that a repossessed property sells for 15% lower, and there are more costs. You also have a large gap before getting any equity released to you. But unless the property does have a buyer, it's too late now to use that argument

onwards&upwards

I hate to say it, but i’d be worried your brother is inventing these ‘urgent’ situations to con your parents out of cash.

strawb_shortcake

fatbelly wrote: »

What can happen is that the judge, at a possession hearing, grants a suspended possession order. This is pretty much the default setting, to give the borrower a 'last chance'. The judge orders the borrower to pay the contractual monthly instalment plus £x, where x is a payment to clear the arrears, over a period up to the remaining term of the loan.

The borrower then fails to do this and the lender applies for a warrant (to evict by the court bailiff). This can itself be suspended (even on the same terms as the earlier order). We are really drinking at the last Chance Saloon here and the timescales are short.

I have been involved where the eviction by bailiff is planned for 12 noon on a particular day, and the hearing to consider suspending the warrant is held at 9.30. The bailiff waits outside the courtroom to hear if the application is successful. If it isn't the borrower and the bailiff have to agree to meet at the property two hours later!

I suspect that's what happened in June. So I think it's clear here that for whatever reason he can't afford the mortgage and he now needs to let the process take its course.

Those advising sale of the property are making a sensible suggestion as a rough guide says that a repossessed property sells for 15% lower, and there are more costs. You also have a large gap before getting any equity released to you. But unless the property does have a buyer, it's too late now to use that argument

Thank you for explaining this, I know the right thing to do is to sell the property whilst he has some control but with him being stubborn and thinking he knows best he believes he can salvage the situation. We have no idea what he does with his money, we have an idea but whilst we know he's not being truthful it's ridiculous to offer him financial help.

strawb_shortcake

onwards&upwards wrote: »

I hate to say it, but i’d be worried your brother is inventing these ‘urgent’ situations to con your parents out of cash.

That is a concern, I have no doubt he is in a financial mess and his mortgage is in arrears but we are far from knowing the whole truth on this.