has any one heard of this?

lillymay1975_2 · 26 March 2008 at 2:06PM

Hi all

I have posted on the DFW board as well? But i was advised to post here?

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

Conrad · 26 March 2008 at 2:15PM

No chance GMAC will take a capital hit now, not a chance.

There are many stories of severly disabled people playing thier part in World War 2, and indeed many severly disabled people work full time such as Stephen Hawkins. The best route for you is getting your partner to work if possible otherwise you will as you say get deeper into arrears.

lillymay1975_2 · 26 March 2008 at 2:25PM

Conrad -what the hell are you on about? where does ww2 come into my re-mortgage? and who are you?

homer_j_3 · 26 March 2008 at 2:28PM

You have been asked to do a statement of affairs on the debt free wannabe board. I would do that and see what help they can be.

As conrad has said, there is no chance. They can sell the house and get their money back as there is equity in it.

You cannot pay 1p at the moment to your mortgage by the looks of this post so why on earth do you feel a mortgage which is £60 cheaper going to be the answer to your prayers.

I would continue with the DFW board and see if they can sort your finances out.

Ultimately. The first bit of any money you have, should go to the mortgage company as this keeps your roof over your head. The next place for your money should be food, heating, electric and water. After that you can start looking at car etc.

I see from your previous post that you are having problems with utility company and tv licence. Tv licence is £11 per month and if you are struggling with that, I fear that you should be getting the estate agent around now and considering renting for a while until you get back on your feet.

beecher · 26 March 2008 at 2:31PM

Best thing to do is phone them and then at least you'll know. Is selling up an option? Don't mean to be harsh, but if you've got into arrears while paying £465, then is paying £540/month going to work?

Are you interest only, or repayment - seems low for repayment.

lillymay1975_2 · 26 March 2008 at 2:37PM

it's interest only, we have been paying the £50 arrears fee since last years court case, but they have be slapping on £65-70 per month fees, we are not getting anywhere, when i asked what the charges where on the account, they told me thousands, and the guy that i was speaking to was laughing, i was so upset, but i cannot flip on the phone with them, i did this once and they penalised me for it.
We have had problems for months a car accident last year put my hubby out of work and also he had to take reduced pay for months due to him not being able to do his normal job, this is what started the mortgage problems

beecher · 26 March 2008 at 2:37PM

Have read some of your other posts now, and I have to say there's an awful lot of posts referring to people you owe money to as 'swines' and how horrible they are. I think you maybe have to take responsibility for these debts, and work out how you're going to pay them - entering into another mortgage agreement might not be the best move for you at the moment.

Good luck with sorting out your debts.

lillymay1975_2 · 26 March 2008 at 2:58PM

beecher- they are, i have told them our situation over and over again, and even after the car accident last year, we went to our doctor and he wrote GMAC a letter stating his injuries and what's been happening, i have been very ill, with a life changing illness, and i really need support here, not "i told you so attitude" perhaps i should just stop posting on here, as there no support or sympathy, you are making me out to be the only person here with debt problems? is that the case, if so what are you doing reading and posting here?

beecher · 26 March 2008 at 3:02PM

lillymay1975 wrote: »

beecher- they are, i have told them our situation over and over again, and even after the car accident last year, we went to our doctor and he wrote GMAC a letter stating his injuries and what's been happening, i have been very ill, with a life changing illness, and i really need support here, not "i told you so attitude" perhaps i should just stop posting on here, as there no support or sympathy, you are making me out to be the only person here with debt problems? is that the case, if so what are you doing reading and posting here?

You seem to be angry with me now. This forum is really good for giving practical advice, though granted it is maybe not as good as the Debt one for giving moral support. I think you need both and my practical advice would be to face up to your debts - it is a shame that it has happened, but if you can't pay your mortgage then the reality is that you have to sell up or be repossessed. Now I'm really sorry if you find that an 'I told you' attitude, or that I'm making out you're the only one with debts, but no amount of virtual hugs is going to change the situation you're in.

homer_j_3 · 26 March 2008 at 4:01PM

I agree with beecher.

If you want virtual hugs and sympathy then you will get more in the DFW boards. You have a responsibility to repay your debts and your way.

Whilst I appreciate that life changing events have been the route of this issue for you, we are not saying "you should have had mortgage payment protection or permanent health insurance or any of the other various insurances that may have protected you from all of this".

We purposefully take any emotion out of our responses when we see someone that cannot see the woods from the trees because we know that the only way you will get through this is by

1 - Admitting to yourself that the world owes you nothing and you have to take responsibility by trying to sort it all out or

2- You get rid of the debt by selling and put it down to experience and rent.

This is not a "told you so" post, we are advising you that the lender is an emotionless entity and they will not bow to your claims of being unfair etc.

You need to get your head out of the sand and be determined on finding a solution here. Have you posted your statement of affairs yet or have you wasted the energy to actually try and make us come around to your way of thinking.

mystic_trev · 26 March 2008 at 4:35PM

The OP needs to sell their Property and pay their debts off, I really can't see any other answer. If they continue as they are they'll end up in negative equity having the house repo'd and further problems. Sell, clear your debts and rent.