have you ever heard of this before?

lillymay1975_2

Hi all

my mortgage deal ended in Jan 2008 with gmac rfc, (the swines) it went from £415.69 per month with £50 arrears added on, so £465,69 per month to a wopping £598.00 per month as of Jan 08, anyway i have been shopping around for months, a local finacial advisor got me a remortgage around £60 per month cheaper. we have terrible credit records me and hubby, he's working i'm on long term sick.

Anyway valuer called last week only valued the house at £105,000 at a stretch, asked GMAC for a redemption, which i am still waiting for, but my credit file showes £87,600 owed as of March 2008, we can only get £82,000 as there is £2000 charges added to the mortage, i was devisted my advisior told me to wait for thr redemption and ring GMAc and wait for it ASK IF THEY WILL ACCEPT £82,000? i have to tell them i cannot get anymore money, and they can either cut their losses and tyake the £82,000 or we will be paying them the arrears for years and years to come, and also we WILL end up losing the house to them, as we cannot afford the payments, we have not paid for 2 months?

has anyone heard of this? i am dreading ringing them, my advisor cannot talk to them, GMAC won;t i have asked them, any help please would be great

Sea78

I'm afraid I haven't but I am sure someone will have some advice for you - might be worth posting this on the mortgages board as well to see if any of the peeps over there have any advice.

Sea xxx

CLAPTON

-If you are saying that your mortgage is at least 87,000 but you can only remortgage for 82,000 then frankly I would say there is no possibilty they will accept this in settlement.

- are you also saying that you have paid no mortgage payments for two months?

if so I would suggest you post up an SOA asap and lets see what we can suggest with the full facts before us.

maninthestreet

If the house is worth at at least £100,000, where does the figure of £82,000 come from?

lillymay1975_2

Clapton what does SOA mean?
Maninthestreet - they are lending us £84,000 but £2,00 is charges for getting us the mortgage a rip off i know, especially when my advisor told me there was none, strange that, basically i worked it out they are lending us 80% of the value of our home?
I still haven't had the redemption figure, but it has been a bank holiday, but i am really worried, i haven't slept for nights, between this and my gas and electric and everything else, i feel like running away from it all, i have had enough.
The £87-88000 we owe GMAC £7-8000 is charges arrears etc, we only actually owe them around £78-79,000?

Clariman

lillymay1975 wrote: »

Clapton what does SOA mean?

It is a Statement of Affairs i.e. a statement of your monthly income & expenditure, together with details of your debts etc. See here for a way of creating one.

Clariman

homer_j_3

Lillymay- when you have posted your SOA, please let us have a look so we can tell you whether you are right to proceed to try and remortgage.

I believe your situation as it is would be better to sell now and keep what equity that you have than try and dig yourself deeper and have nothing at the end of it. Clearly, your home carries a lot of emotional ties but you need to look beyond this if you are not going to end up with nothing.

Only once we have seen your SOA can anybody even start to try and help you. I hope you have not been put off the mortgage board but there is more of a "tough love" approach over there.

Seriously, let the good people of this board have a look at your situation so you can get all the sympathetic advice and support you need.