oh !!!!!!, advice please.

emmaroids

ok to cut a long story short, we are in arrears with the mortgage and we spoke to an advisor 2 weeks ago who said we should put our house on the market and we would get an interest free mortgage for a while so we did this.

this morning we received a summons for a court hearing for repossession of the house :eek:

!!!!!!
i thought this was sorted now it looks like we could lose the house, or is this standard procedure?
i have phoned the bank but been a Saturday they said someone would phone me back on Monday.

i start a new better payed job at the end of the month and it looks like our finances are taking a good turn and now this happens.

any advice?

thanks

sorry if in wrong board.

lowlowlola

bump

ltm07

Hi,I'm no expert but he told you to put house on the market:eek: ! Please post your SOA so the good people on here can help you to reduce your outgoings. If all else fails,there will be people who can put you in touch with the right people. Good luck.

pania

i BELIEVE in the absence of others that if you have a repossesiion hearing then the court can put a stay on this for a while like a suspended order as it were, they can give you a set amount of time to repay the arrears or to sell the house before the repossession takes effect.

Hopefully more knowledgable advice along soon.

Not to sure why the advisor told you to put it on the market unless you had an idea the repossession would be going ahead. where does he plan to get you the interest only mortgage from in the meantime? sounds asthough it would be a subprime lender with an incredibly high rate. You may be better off continuing with your existing lender if you are in arrears.

tealady

Hi I would contact CCCS CAB or any other FREE debt advice agency ASAP.

Donedoingdebt

pania wrote: »

i BELIEVE in the absence of others that if you have a repossesiion hearing then the court can put a stay on this for a while like a suspended order as it were, they can give you a set amount of time to repay the arrears or to sell the house before the repossession takes effect.

.

This is correct. This happened to me way back in 1994. I was several months behind, but knew I had a job offer coming in the near future, although no specific date to give to the court.
They may grant you a stay if you & the Mortgage company can come to an agreement on realistic proposals to pay back the arrears once you have started your new job.

SuzySu

Sorry.....can't offer any advice as we are in a similar position (although we have just accepted an offer on ours so fingers crossed), but just wanted to give some 'virtual' support.

Merlot

emmaroids wrote: »

ok to cut a long story short, we are in arrears with the mortgage and we spoke to an advisor 2 weeks ago who said we should put our house on the market and we would get an interest free mortgage for a while so we did this.

this morning we received a summons for a court hearing for repossession of the house :eek:

!!!!!!
i thought this was sorted now it looks like we could lose the house, or is this standard procedure?
i have phoned the bank but been a Saturday they said someone would phone me back on Monday.

i start a new better payed job at the end of the month and it looks like our finances are taking a good turn and now this happens.

any advice?

thanks

sorry if in wrong board.

Hi emmaroids,

Firstly don't panic, if you get the repro order from the court, do attend the hearing and go armed with your new SOA, the judge will do what he/she can to keep you in the house, in the meantime I would suggest you pop over to the mortgages board and someone will help you, they tend not to be nice as us dfw but ignore the trolls and get the advice you need.

Do keep us posted, and don't panic, you can't do anything today as it is Saturday, but do not bury your head in the sand and it will be sorted.

My other advice to you is, once the judge has made he/her decision regarding the arrears do keep up with the repayment plan, otherwise you may not get a second chance, my neighbours were repro after not keeping up with the repayment plan the judge had arranged and the bank successfully got them repro the second time.


Merlot.x.

emmaroids

hi all,
it was my mortgage lender who said in order to get an interest only mortgage for a while (to get out of a hole) i should put my house on the market, as my mortgage was in arrears this was the only way i could do it.

i wanted interest only for a while so i could get a better job, as it happens i got the better job a few days later but still got this bloody letter.

edit: to pay my arrears i had to offer an extra 100 quid a month and this was accepted with a court order and so far all payments have been made so i just don't get why i have this letter.

10past6

Wrong thread!!

emmaroids

bumpy cars.

if this repossession hearing goes ahead will the fact that i have 2 kids work in my favour?