House Repossessed + £96k debt - Update

ekimnas

Thanks for the info I have emailed all the info to them. I will let you know what happens.Thanks

homer_j_3

if they cant help, let me know.

ekimnas

I have been approached by a researcher from ITN News, who are going to be highlighting the effects of repossession. Maybe this will allow me to publicise my case at last.

ekimnas

homer_j wrote: »

if they cant help, let me know.

Sorry but are you referring to the barprobono link,or did you send a link in your message (if so, i didn't get it)

ekimnas

I have just been reminded that the house was valued at £62,500 prior to the West Brom advancing the mortgage of £50k. The mortgage was used to pay off the existing mortgage and to have a 2 storey extension built which doubled the size of the property. I would estimate that the property was worth @ £80,000 at the time of repossession, it was then sold by the building society for £50k - I have amended the post accordingley.

EXPAT_2

However are you telling me that everybody reads there mortgage agreement from fron to back before signing it. I don't think so.

I did read mine thoroughly, however you are quite correct in assuming most people dont.

homer_j_3

ekimnas wrote: »

Sorry but are you referring to the barprobono link,or did you send a link in your message (if so, i didn't get it)

i didnt send you a link, I have never come across the link posted on here but was interested to know what they had said.

homer_j_3

EXPAT wrote: »

I did read mine thoroughly, however you are quite correct in assuming most people dont.

Agreements today are a lot more simple and clear tbh. The pre regulated stuff, you could have read and not understood - hence the changes

Noz

ekimnas wrote: »

contract was signed in the solicitors office in front of him. In hindsight Ishould have sat there for two hours and read the whole thing (that is how long it would have taken). Should the solicitor have pointed this out to us? (just a question because I don't know) However are you telling me that everybody reads there mortgage agreement from fron to back before signing it. I don't think so.

Not the point ekimnas

silvercar

All (or nearly all) mortgage terms state that if you fail to keep up with repayments your payments revert to the standard rate. At the point of taking out a mortgage, no-one intends to fall behind with their payments. In the same way that all mortgage terms state that your home is at risk if you don't keep up with repayments.

At the time of taking out the mortgage everyone assumes that they will be able to make their payments, so arguements about whether OP would have not taken out the mortgage if they had read every detail are irrelevent.

Sounds like you over extended yourself when building the extension and then lost your job, compounding the problem.

The facts are that a repossession was granted. Being the lender went back to court 6 times, I would guess that you were falling well behind with your payments. Nothing can alter that now.

Try to focus on whether the charges can be set aside or substantially reduced and whether the lender still has a right to chase you.

I would be trying to find a company with experience in that area, that will take on the work for you. From Homor_j's postings it seems that there are companies who know the detail of the law in this area and would be best placed to advise you. If you can find such a company that won't charge you up front so much the better.