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reposession imminent!!
don66
Posts: 7 Forumite
My fil is on the brink of having his house repossesed due to non payment 3 months by a court order. the house is worth 250,000 and it has been remortgaged up to 235,000. he has been living there for over 30 years and has had to borrow on it several times due to bad trade in businesses. he is thinking about just walking out even though he doesnt want to. myself and his daughter are currently selling our house and will have 30- 35,000 equity, he has asked us to buy the house but we cannot afford it at the current price but could afford approx 200,000. he is nearly 70 years old and health is diminishing and says it would be such a shame to lose the house after all this time when he doesnt have 2 long left (his words not mine) and then the house would be paid off.
what i am basically asking is if the house was to be reposessed would we b able to get the house at a cut price deal as we will know all the inside info or is it a VERY long shot? or could we negotiate with the mortgage company, the house has the same windows, kitchen, boiler, and bathrooms that it had when it was purchased 30 years ago.
so is not in the best condition .
what i am basically asking is if the house was to be reposessed would we b able to get the house at a cut price deal as we will know all the inside info or is it a VERY long shot? or could we negotiate with the mortgage company, the house has the same windows, kitchen, boiler, and bathrooms that it had when it was purchased 30 years ago.
so is not in the best condition .
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Comments
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If the house is re-possessed, the BS or Bank will want to sell it for the best price possible. Why should they sell it to you at a cut-price if they can get more for it on the open market?"You were only supposed to blow the bl**dy doors off!!"0
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Are you saying that he is nearly 70 and still owes £235,000 on his mortgage?
Surely if you are proposing to buy it for £200,000 and there is £235,000 mortgage outstanding, your fil would still have to find £35,000 from somewhere
I doubt very much that you would get it cheap. It won't make any difference that nothing has been replaced in the last 30 years, if the house is worth £250K then that is what they will try and get.
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How was he planning to repay the mortgage?0
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i have just found out that the mortgage is for 250,000 and it was valued at 275,000 18 months ago but it has now dropped to 250,000 or less.0
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his mortgage is actually 250,000 the house was last valued at 275,000 18 months ago 250,000 is a rough estimate, could well be less0
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and then the house would be paid off.
How................................Any posts on here are for information and discussion purposes only and shouldn't be seen as (financial) advice.0 -
why was he sold a mortgage that extends into retirement?I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0
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are you looking at buying something because its cheap OR are you looking at ways to avoid him getting repossed?Any posts on here are for information and discussion purposes only and shouldn't be seen as (financial) advice.0
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You've posted a couple of threads on this already
http://forums.moneysavingexpert.com/showthread.html?t=682303
The fact that you are your FIL's guarantor confuses things. Personally I'd be more concerned about being responsible for the debts, than worrying about the house. Have you seeked professional advice as was advised in January?Hi All I Am A New User 2DAY, AND HOPEFULLY SOME 1 WILL BE ABLE TO HELP ME WITH MY PROBLEMS.
ME AND MY PARTNER BOTH BOTH OWN OUR OWN BUSINESS AND WE BOTH AGREED TO BE MY FATHER IN LAWS GUARANTOR, HIS BUSINESS IS NOW GONE INTO SERIOUS DEBT AND HE HAS REMORTAGED UP TO THE HILT TO KEEP THE BUSINESS AFLOAT WAITING FOR BETTER TIMES TO COME BUT NOW HAS NO MORE EQUITY IN THE HOUSE TO HELP THE BUSINESS OR HIS OWN PERSONAL DEBTS, HE HAS HAD AN IVA TO SORT OUT HIS CREDIT CARDS BUT HE STILL HAS AROUND 50,000 DEBT WITH A FINANCE COMPANY WHICH HE OWES AND NOW CANNOT PAY! THEY HAVE SAID TO HIM THAT IF HE CANNOT PAY (WHICH HE CANT) THEN WE ARE NEXT ON THE LIST.
WE HAVE AROUND 25,000 DEBT IN CLUDING ALL C/CARDS OF OUR OWN WHICH THE EQUITY IN THE HOUSE CAN JUST COVER.
MY BUSINESS IS NEW AND IS A PARTNERSHIP WITH A FRIEND (6 MONTHS)
AND MY PARTNERS BUSINESS IS STABLE BUT NOT VERY PROFITABLE. WILL THEY BE ABLE TO MAKE US BANKRUPT
SHALL WE SELL OUR HOUSE AND GET RID OF OUR DEBTS B4 THEY GO ON MY IN LAWS OR SELL THE HOUSE AND MOVE IN WITH HIM AND HELP HIM WITH HIS DEBTS OR STAY PUT. ME AND MY PARTNER LIVE WITH OUR 3 YOUNG CHILDREN. OR WE COULD SELL UP AND LIVE WITH MY FATHER WHILE WE FOUND OUR FEET AGAIN
ANY ADVICE WOULD BE GREATFULLY APRECIATED0
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