Repossession, eviction and renting

Hillibee

I am in a mess. For various reasons I fell behind with my mortgage about 3 years ago and although I have made payments when I have been working, to cut a long story short, the bank are repossessing. I have spent a year in Court trying to stop it and the same year trying to finalise a personal loan to pay off bankruptcy and arrears. Again, for various reasons, this has dragged on but is close to completing although not close enough for the judge last week. Consequently I am waiting for a bailiff's appointment.

I have been looking at properties to rent and face the following problems:
1. Mortgage arrears and bankruptcy mean I will not pass the financial check for renting.
2. I am likely to have at most 4 weeks to sort this out and will not have the money for the deposit, bond, admin fees, removal fees etc even if I found someone that would take me as a lodger.

Does anyone have any experience of this situation and advice on what I can do?

Is it worth selling to one of the companies which specialise in buying to rent back to you? Is one better than another? If I did that it would only be to buy enough time to find a rental property and to get enough money to move properly.

Merry Christmas indeed!!!!!

HugoSP

If you can find a company that will buy your house, clear the debts on it and let you live in it with an AST then that may be a good, if not financially efficcient option.

However, The AST will only give you 6 months tenancy, so, despite what they promise, they will only keep you in the house for as long as it's worth their while.

missimaxo

Hillibee wrote: »

... the same year trying to finalise a personal loan to pay off bankruptcy and arrears. ...

Not quite the advice you were looking for but....
if you use your own money (or loan monies in your name) to pay off bankruptcy (ie. have it annulled) then you will be charged 20% approx realisation fees on top of your debts by trustee/ OR.

Is a trustee not also dealing with equity in your property as part of bankruptcy? This may stop you selling to one of those companies....

silvercar

Any of the sell to rent back operators will run a mile if they think you are soon to be going bankrupt. Reason being that the OR can reverse the sale, or demand money, as the new owner has paid less than the market value; equity that should be going to creditors.

Ideally you need to find a guarantor to guarantee your rent. Or find a private landlord prepared to consider you.