Remortgaging with repossession looming.

1canshortofasixpack

Hi Folks
After a bit of advice, better late than never.
Briefly, hopefully. My mortgage term ended 3 years ago and I couldnt pay it off. I was on a repayment but then went through bankruptcy and switched to interest only. I managed to hang on to the house at the time. In the intervening years I have retrained and worked hard to be now earning some decent money. It all seems to be coming to a crunch as the mortgage provider is now engaging solicitors to get a court order for repossession and i am not sure whether I can remortgage in time.
There is plenty of equity in the house, value approx £360k, mortgage outstanding £128k.
Advice on options would be most welcome, thank you

MWT

Talk to a broker... quickly... and do tell the current lender you are actively seeking a new mortgage.

After 3 years I wouldn't expect them to stop their solicitors as they are of course working at your expense, not theirs.

Hoenir

1canshortofasixpack said:

It all seems to be coming to a crunch as the mortgage provider is now engaging solicitors to get a court order for repossession and i am not sure whether I can remortgage in time.

Lenders now have a duty of care. Repossession is a last resort after all other avenues have been exhausted. Why has it now reached this point?  

fatbelly

The repossession process is quite drawn out.

Do you have a date for the hearing yet?

It doesn't matter how it got to this point but you do need to talk to a broker urgently.

Did the Official Receiver leave any mark on your Land Registry entry? Hopefully it's clean.

user1977

Repossession is expensive and risky for lenders, they will always prefer to take the cash from a remortgage/sale - but may need some persuasion that you are genuinely on course to come up with the money and not just stringing them along.

Hoenir

fatbelly said:

It doesn't matter how it got to this point but you do need to talk to a broker urgently.

Will have a considerble bearing on options available.