Sell property asap but stay in it, advice please

Hermann

I think you've burned through a lot of the possible leeway/goodwill/co-operation by 'ignoring' the communications and only responding once the court hearing is arranged, regardless of the reasons.

There is often the ability to extend deadlines but the lender has to have confidence in the 'plan' to resolve the situation. You need to decide on a realistic way forward and present that to them however given your last 'plan' failed & you failed to communicate that to the lender they may be reluctant to believe your latest 'plan'.

It may be that if you get a housing/debt counselling service involved they present a case that may be more readily accepted and be more believable if it is through recognised professionals.

However it sounds like your overall financial situation is problematic and perhaps simply selling the house doesn't solve much.

I'd recommend posting in the 'debt free wannabe' section of the forums with your overall situation to see if there are any better solutions as well as getting professional advice. 

Rellen

Hermann said:

I think you've burned through a lot of the possible leeway/goodwill/co-operation by 'ignoring' the communications and only responding once the court hearing is arranged, regardless of the reasons.

There is often the ability to extend deadlines but the lender has to have confidence in the 'plan' to resolve the situation. You need to decide on a realistic way forward and present that to them however given your last 'plan' failed & you failed to communicate that to the lender they may be reluctant to believe your latest 'plan'.

It may be that if you get a housing/debt counselling service involved they present a case that may be more readily accepted and be more believable if it is through recognised professionals.

However it sounds like your overall financial situation is problematic and perhaps simply selling the house doesn't solve much.

I'd recommend posting in the 'debt free wannabe' section of the forums with your overall situation to see if there are any better solutions as well as getting professional advice. 

Hi. I think somehow you’ve misread what I wrote? 

When I said I’d missed calls that was from start of the new year to the letter backdated to the 11th. It’s literally days as id spoken to them before Christmas. 

Also when I said the plan to sell to my brother was no longer an option, this is only after the court letter and that we now can’t go ahead with a normal sale/standard mortgage
timeframe. So there was no failure for them to use as a reason and nothing for me to inform them about. 

I am aware of my problematic situation and have only been transparent on here for advice to figure out the best solution to avoid court and having my house repossessed. 

With all that said, Thank you for recommendation on dfw I’ll certainly check that out. 

Tiglet2

@Rellen I don't know if you've already thought about going to the Citizens Advice Bureau but it might be possible that they could help with going through all your finances with you and compiling a list/programme of repayments to all of your creditors, starting with the most important of all, your mortgage.  These lists are sent to the creditors who will often accept a low monthly repayment with little or no interest added, as they see this as a step in the right direction, i.e. you seeking help and assistance and not hiding away and ignoring their pleas to get in touch.  Once your circumstances are better, you would start to pay a bit more.  I don't know if the CAB still offer this service, but might be worth a try rather than lose your home?

Rellen

Hi. Thank you. 

I’ve not missed any payments with mortgage-ever.  The reason for the court notice is that the mortgage term has ended. 

I will definitely look into citizens advice for my personal finances but unfortunately they can’t help me with my house. 

thank you for advice

mi-key

Was it an interest only mortgage you had? With a repayment mortgage then the mortgage would be paid off at the end of the term if you had made all the payments? 

Rellen

Yes, it’s an interest only mortgage. 

mi-key

Ah right that makes more sense

lesalanos

Hi OP.  Sorry you are going through a !!!!!! time.

Unfortunately the buyer would not legally be able to let you stay in the property after sale.  Sale and rent back is a regulated activity and there are currently no registered companies 

Tiglet2

Rellen said:

Yes, it’s an interest only mortgage. 

Ah, that makes sense.

Rellen

lesalanos said:

Hi OP.  Sorry you are going through a !!!!!! time.

Unfortunately the buyer would not legally be able to let you stay in the property after sale.  Sale and rent back is a regulated activity and there are currently no registered companies 

Hi Thank you, it’s definitely the !!!!!! few days I’ve ever had, I’m just trying what I can so it doesn’t get worse. 

So the instances I’ve heard of ppl staying for a while must have just been an agreement after the fact. 

I suppose If I go through traditional auction, it’s most likely to be developers/landlords and maybe they’ll agree a bit of time/rent. 

Thank you : )