Im In Trouble, Repossession, Secured Loan and Court. Please Help!

Wimb

Hi people and thanks for your help in advance.

I have fallen into arrears with my mortgage and secured loan (GE Money) to the tune of 5k, I had a repossession hearing some time ago now where the mortgage company (Oakwood) tried to get an agreement where I would pay an extra £183 on top of my mortgage to clear the arrears, I could not keep up these payments and with changing jobs they have now applied for direct possession with the court date being next Thursday.

I have since found out that the original court date was actually ajourned due to a problem with the title and they didnt actually get this extra amount secured.

I have since put my house up for sale and will be renting with my partner as she works for a letting agency and we have a property to move into.

The redemption on my flat is 97k, the redemption on my secured loan is 12k, solicitors and estate agents are about 2k so i really need to sell for 111k to be able to walk away.

I have had an offer yesterday for 102k which would sort the mortgage but would leave be considerably short on the rest.

I dont know what to do for the best, what would happen if i didnt have enough to clear the secured loan, could I still sell?

what shall i say at the courts next week, can anyone help please?

I just want to walk away completely is handing the keys back an option.

Thanks again.

nimbo

just to keep it bumped...

someone who knows about things will be along soon...

Wimb

Thank Nimbo

Wimb

Help Bump please

GeorgeUK

Can't advise on this, but hopefully one of the free debt charities would be able to.

Professional, free and impartial advice on debt problems can be obtained from several charitable and 'not for profit' organisations. They never make a penny from the advice they give, which means it will be given with only your best interests at heart. You can contact:

Your local CAB Office and ask to speak to a 'money advisor'
The Consumer Credit Counselling Service (CCCS) - Tel: 0800 138 1111
National Debtline - Tel: 0808 808 4000
Payplan - Tel: 0800 917 7823

Wimb

Thanks George

Wimb

desperate bump

tallyhoh

From what I understand handing the keys back is really not on. The mortgage company will sell your property as swiftly as possible (usually at auction) for any price they can get.

THEN--

You will still owe the shortfall in the mortgage (there usually is one) & they will still chase you for it.

Try & sell to cover your mortgage if nothing else.

lorac3

What price is the flat up for sale at ? Can you sell and then get a loan for the outstanding amount ? Not sure if this is possible if it is secured on the property tho'. Don't panic as someone with more knowledge will be along soon to help.

Wimb

tallyhoh wrote: »

From what I understand handing the keys back is really not on. The mortgage company will sell your property as swiftly as possible (usually at auction) for any price they can get.

THEN--

You will still owe the shortfall in the mortgage (there usually is one) & they will still chase you for it.

Try & sell to cover your mortgage if nothing else.

Will i still be able to sell even though the amount only covers the mortgage?

How does it work with the solicitors when the funds are distributed?

Wimb

lorac3 wrote: »

What price is the flat up for sale at ? Can you sell and then get a loan for the outstanding amount ? Not sure if this is possible if it is secured on the property tho'. Don't panic as someone with more knowledge will be along soon to help.

The flat is up for 114950, i cant get any more credit, dont know what to do for the best.