Property lawyer types - repo question!
Discussion
Afternoon all.
So a family member has just called me, all in a panic as their home is due to be repoed on Monday due to arrears. I can't loan them the money needed to stop it in its tracks otherwise I would but they have offered the mortgage company to pay the full arrears in 28 days as he is back in work after a while off due to a long term illness.
Mortgage company wont do a thing and he has called a few helplines but said they are not very helpful!
Anyone know anything about this stuff whose brains I could pick? Happy to pay for decent advice etc so not after a freebe just no idea what to do to assist.
Thanks
So a family member has just called me, all in a panic as their home is due to be repoed on Monday due to arrears. I can't loan them the money needed to stop it in its tracks otherwise I would but they have offered the mortgage company to pay the full arrears in 28 days as he is back in work after a while off due to a long term illness.
Mortgage company wont do a thing and he has called a few helplines but said they are not very helpful!
Anyone know anything about this stuff whose brains I could pick? Happy to pay for decent advice etc so not after a freebe just no idea what to do to assist.
Thanks
I've been involved in many repos.
You need to contact the lawyer who's handling the repo for the lender. They'll very quickly ask the lender and get back to you.
Personally I doubt (given what can be surmised even from the circumstances you've described) if the lender will agree to the proposal. And it would be the arrear plus costs to settle anyway. But they might. And that's your only chance. And this is Wed pm. So I'd do it NOW.
Hi I can't help (even for lucra) but what I do know is that to get to this point someone somewhere must have had their head in the sand for some time.
I do hope that they can sort something out though.
Only thing I can think of saying is; are they sure that this is an eviction order or have they 'only' had a court date? If the latter they need to turn up in Sunday best with job offer in hand and a good idea of what they are going to say, what they can pay and when.
I do hope that they can sort something out though.
Only thing I can think of saying is; are they sure that this is an eviction order or have they 'only' had a court date? If the latter they need to turn up in Sunday best with job offer in hand and a good idea of what they are going to say, what they can pay and when.
Assuming this is in England or Wales this is what the family member MUST do:
Go to the court that's dealing with the matter tomorrow morning (as they'll be too late today). The office will probably open at 10.00.
Ask the office for a form to apply to suspend a warrant of possession that's due to be executed on Monday - this may be form N244 but some courts use their own form for these kinds of applications.
On that form the family member MUST ask for the warrant of possession to be suspended (for as long as they think they need) and MUST say why they are able to make the payments they are promising. If they've any documents to confirm how the arrears will be paid they are far better off bringing copies to have the court office attach to the application form so the Judge can read them before there's a hearing.
The court will then list the matter for a hearing, probably at 10.00 on Monday. The lender's solicitor will have a representative or agent at court. They should have seen the application before the hearing but may not have depending how quickly the court sends it to them. The family member SHOULD bring copies of all documents they want to rely on and let the lender's solicitor see them.
The application will then go before a Judge with the family member and lender's solicitor present. The Judge will hear both sides then either (a) dismiss the application and allow the eviction to proceed, (b) suspend the warrant on the terms the family member offers or (c) adjourn the hearing for more evidence of affordability with the warrant on hold in the meantime.
I attend a lot of these hearings for lenders, whilst courts normally will give borrowers more time it all depends on the circumstances, the history and the borrowers proof they can pay. If you need any more help pm me.
Go to the court that's dealing with the matter tomorrow morning (as they'll be too late today). The office will probably open at 10.00.
Ask the office for a form to apply to suspend a warrant of possession that's due to be executed on Monday - this may be form N244 but some courts use their own form for these kinds of applications.
On that form the family member MUST ask for the warrant of possession to be suspended (for as long as they think they need) and MUST say why they are able to make the payments they are promising. If they've any documents to confirm how the arrears will be paid they are far better off bringing copies to have the court office attach to the application form so the Judge can read them before there's a hearing.
The court will then list the matter for a hearing, probably at 10.00 on Monday. The lender's solicitor will have a representative or agent at court. They should have seen the application before the hearing but may not have depending how quickly the court sends it to them. The family member SHOULD bring copies of all documents they want to rely on and let the lender's solicitor see them.
The application will then go before a Judge with the family member and lender's solicitor present. The Judge will hear both sides then either (a) dismiss the application and allow the eviction to proceed, (b) suspend the warrant on the terms the family member offers or (c) adjourn the hearing for more evidence of affordability with the warrant on hold in the meantime.
I attend a lot of these hearings for lenders, whilst courts normally will give borrowers more time it all depends on the circumstances, the history and the borrowers proof they can pay. If you need any more help pm me.
Thanks so much!
I spent this afternoon running about and got a hearing for tomorrow morning, got the forms all filled in, got a lawyer to attend etc. Just sorting out a couple of details and I'll pm you if thats ok.
Great advice and we have put together a rescue package to try to get this sorted. The lender is being a total pain and has refused to accept a penny below the arrears which come to less than 1.5% of the whole mortgage in total and not a terribly large mortgage at that (we are not talking millions here!) so hoping the judge tomorrow will be more helpful.
Really appreciate your advice and I'll pm you soon - just having a quick bite to eat and trying to make sure the idiot in question has everything needed for tomorrow.
I spent this afternoon running about and got a hearing for tomorrow morning, got the forms all filled in, got a lawyer to attend etc. Just sorting out a couple of details and I'll pm you if thats ok.
Great advice and we have put together a rescue package to try to get this sorted. The lender is being a total pain and has refused to accept a penny below the arrears which come to less than 1.5% of the whole mortgage in total and not a terribly large mortgage at that (we are not talking millions here!) so hoping the judge tomorrow will be more helpful.
Really appreciate your advice and I'll pm you soon - just having a quick bite to eat and trying to make sure the idiot in question has everything needed for tomorrow.
Typing on phone so details later. Got a good result today. Not perfect but close enough. The advice here and sent by pm was invaluable and very much appreciated. As rude boy said, Ph st its very best :-)
Thanks all - your support allowed me to work well with the lawyer and understand the position clearly. Lawyer laughed, said I clearly knew my stuff and she took some of the suggestions made. Was a very effective partnership and I believe going forward he will handle it fine, but under an agreement he will keep me posted weekly so we can head issues off properly if they arise.
Once again, my sincere thanks chaps
Thanks all - your support allowed me to work well with the lawyer and understand the position clearly. Lawyer laughed, said I clearly knew my stuff and she took some of the suggestions made. Was a very effective partnership and I believe going forward he will handle it fine, but under an agreement he will keep me posted weekly so we can head issues off properly if they arise.
Once again, my sincere thanks chaps
Good news, at the very least you have bought them some more time to get on track again.
Pappa Lurve said:
I believe going forward he will handle it fine, but under an agreement he will keep me posted weekly so we can head issues off properly if they arise.
Also very good news, just make sure he is in no doubt that no or half information means no Lurve from Pappa!I'm not certain that a gentleman named rude boy and a chap called pappa lurve should mention love in any context!!!
Yeah, spoke to a couple of his mates as well to make sure. Truth is,.I get it as I myself faced something similar once but thankfully I asked for help and above early enough to prevent the situation becoming so grim and legal! Scary stuff though and hard to face at times.
Yeah, spoke to a couple of his mates as well to make sure. Truth is,.I get it as I myself faced something similar once but thankfully I asked for help and above early enough to prevent the situation becoming so grim and legal! Scary stuff though and hard to face at times.
Gassing Station | Finance | Top of Page | What's New | My Stuff