Help and advice following repossession
Discussion
I'm hoping that the PH collective might be able to offer some advice.
I'm with a friend of mine at the moment whose house was repossessed on Friday and need some advice on what we can do to make some headway. Setting aside the stupidity of her ignoring letters from her mortgage company (which won't help right now), she has access to the property this morning for a short period of time. The locks were changed on Friday and all her things are in there.
What we're currently doing is speaking to the Citizens' Advice Bureau to see what they can suggest and help her get legal assistance. I'm also going to speak to her mortgage company and see whether there's anything they can do to reverse or change the situation, as well as speaking to the local council to try and sort out housing as she has two dependent children.
She's obviously been an idiot ignoring things and sticking her head in the sand so please don't post up to that effect; I (and she) already know that. What I'm hoping for is solid, sensible advice about the steps we can take now to try and remedy the situation.
She has access to the property at 11am today and we'll be getting whatever we can, including legal documents and items of sentimental value.
I've never had to deal with a situation like this and don't want to give her duff advice. And useful input would be very greatly appreciated.
Thanks folks.
I'm with a friend of mine at the moment whose house was repossessed on Friday and need some advice on what we can do to make some headway. Setting aside the stupidity of her ignoring letters from her mortgage company (which won't help right now), she has access to the property this morning for a short period of time. The locks were changed on Friday and all her things are in there.
What we're currently doing is speaking to the Citizens' Advice Bureau to see what they can suggest and help her get legal assistance. I'm also going to speak to her mortgage company and see whether there's anything they can do to reverse or change the situation, as well as speaking to the local council to try and sort out housing as she has two dependent children.
She's obviously been an idiot ignoring things and sticking her head in the sand so please don't post up to that effect; I (and she) already know that. What I'm hoping for is solid, sensible advice about the steps we can take now to try and remedy the situation.
She has access to the property at 11am today and we'll be getting whatever we can, including legal documents and items of sentimental value.
I've never had to deal with a situation like this and don't want to give her duff advice. And useful input would be very greatly appreciated.
Thanks folks.
Funk said:
I'm hoping that the PH collective might be able to offer some advice.
I'm with a friend of mine at the moment whose house was repossessed on Friday and need some advice on what we can do to make some headway. Setting aside the stupidity of her ignoring letters from her mortgage company (which won't help right now), she has access to the property this morning for a short period of time. The locks were changed on Friday and all her things are in there.
What we're currently doing is speaking to the Citizens' Advice Bureau to see what they can suggest and help her get legal assistance. I'm also going to speak to her mortgage company and see whether there's anything they can do to reverse or change the situation, as well as speaking to the local council to try and sort out housing as she has two dependent children.
She's obviously been an idiot ignoring things and sticking her head in the sand so please don't post up to that effect; I (and she) already know that. What I'm hoping for is solid, sensible advice about the steps we can take now to try and remedy the situation.
She has access to the property at 11am today and we'll be getting whatever we can, including legal documents and items of sentimental value.
I've never had to deal with a situation like this and don't want to give her duff advice. And useful input would be very greatly appreciated.
Thanks folks.
Did she not think to come clean and ask for a mortgage holiday for a bit of time?I'm with a friend of mine at the moment whose house was repossessed on Friday and need some advice on what we can do to make some headway. Setting aside the stupidity of her ignoring letters from her mortgage company (which won't help right now), she has access to the property this morning for a short period of time. The locks were changed on Friday and all her things are in there.
What we're currently doing is speaking to the Citizens' Advice Bureau to see what they can suggest and help her get legal assistance. I'm also going to speak to her mortgage company and see whether there's anything they can do to reverse or change the situation, as well as speaking to the local council to try and sort out housing as she has two dependent children.
She's obviously been an idiot ignoring things and sticking her head in the sand so please don't post up to that effect; I (and she) already know that. What I'm hoping for is solid, sensible advice about the steps we can take now to try and remedy the situation.
She has access to the property at 11am today and we'll be getting whatever we can, including legal documents and items of sentimental value.
I've never had to deal with a situation like this and don't want to give her duff advice. And useful input would be very greatly appreciated.
Thanks folks.
Dupont666 said:
Did she not think to come clean and ask for a mortgage holiday for a bit of time?
No. As I say, focussing on the stupidity of her actions isn't going to achieve anything at this stage. I need to help her do whatever she can based on her current situation. The time for reflecting on that is later when things are on the way to being sorted.Right now what she needs is practical advice on how to tackle the situation outlined above in the immediate future. I don't want to give her duff advice or not do something that we should really do and would kick ourselves for not having done so further down the line.
Thanks.
Funk said:
Dupont666 said:
Did she not think to come clean and ask for a mortgage holiday for a bit of time?
No. As I say, focussing on the stupidity of her actions isn't going to achieve anything at this stage. I need to help her do whatever she can based on her current situation. The time for reflecting on that is later when things are on the way to being sorted.Right now what she needs is practical advice on how to tackle the situation outlined above in the immediate future. I don't want to give her duff advice or not do something that we should really do and would kick ourselves for not having done so further down the line.
Thanks.
1) I take it the house hasn't been sold on yet? I think if you are able to show that you can pay (outright/upfront) all the arrears, the interest since repossession and other repossession costs as well as being able to prove that your income is enough to not get back in arrears your lender may allow you to claim the house back. Its worth a shot, but not guaranteed.
2) Simply talk to your lender. While the easiest way would be to buy it outright, the bank may be willing to work with you to modify the original mortgage if you are willing to pay your arrearages. Other than that, the bank has not real incentive to work with you.
3) You do not have to buy with cash you could possibly get a loan or mortgage from somewhere else, however this wil be difficult for you as you will have a default on your credit file for not paying the mortgage, can someone else help with this?
4) If there is enough equity in your property you may still be able to do a sell and rentback deal with an option to buy the property back from your new landlord in a few years time when hopefully your credit record will have improved.
Does that help her in anyway?
Funk said:
Dupont666 said:
Did she not think to come clean and ask for a mortgage holiday for a bit of time?
No. As I say, focussing on the stupidity of her actions isn't going to achieve anything at this stage. I need to help her do whatever she can based on her current situation. The time for reflecting on that is later when things are on the way to being sorted.Right now what she needs is practical advice on how to tackle the situation outlined above in the immediate future. I don't want to give her duff advice or not do something that we should really do and would kick ourselves for not having done so further down the line.
Thanks.
Speak to the council as a priority you need to organise housing for her/family
Thanks chaps, we're going to get all the legal docs and get over to the local council housing place so that we can get the ball rolling.
We're on the phone to the mortgage lender now to see whether there are any other options they can come up with or offer in order to sort the situation. At present loans and such I think that's not an option unfortunately, but will look at all the options.
We're on the phone to the mortgage lender now to see whether there are any other options they can come up with or offer in order to sort the situation. At present loans and such I think that's not an option unfortunately, but will look at all the options.
Funk said:
Thanks chaps, we're going to get all the legal docs and get over to the local council housing place so that we can get the ball rolling.
We're on the phone to the mortgage lender now to see whether there are any other options they can come up with or offer in order to sort the situation. At present loans and such I think that's not an option unfortunately, but will look at all the options.
Get a list of Housing Associations in your area from the Council and give em a call, We're on the phone to the mortgage lender now to see whether there are any other options they can come up with or offer in order to sort the situation. At present loans and such I think that's not an option unfortunately, but will look at all the options.
edited to add, get on the list of Rental Agencies too
Edited by B Oeuf on Tuesday 18th August 11:07
What a nightmare, last year when I was made redundant the Superhoop family hit some very troubled waters and were faced with the possibility of being homeless, it was so scary.
Shelter via the CAB were a great help, if it were me I would worry about a home for now then about the old house second.
I do wish you all the best as this must be horrible for the kids.
SH
Shelter via the CAB were a great help, if it were me I would worry about a home for now then about the old house second.
I do wish you all the best as this must be horrible for the kids.
SH
I don't have any advice that isn't already here.
The time to sort these situations out really is before the Court has made the final Order and I am sorry to say looking at doing anything now is a bit like trying to revive a week old corpse.
Good for you for helping her out though and good luck. I'll keep an eye tot he thread and if there is anything I can pipe up with I shall.
The time to sort these situations out really is before the Court has made the final Order and I am sorry to say looking at doing anything now is a bit like trying to revive a week old corpse.
Good for you for helping her out though and good luck. I'll keep an eye tot he thread and if there is anything I can pipe up with I shall.
Your first step is to speak to the lender. If the house is worth less than the loan amount they may wish to resolve it another way. Reposession is a route usually taken by a lender when they have no communication with the borrower. Usually, you can come to an arrangement with the lender for a payment holiday, reduced payments, switch to interest only etc.
She may have to accept that the boat may have sailed on this option. Nonetheless it is still worth speaking to the lender. They don't really want to reposess in this market. They would prefer to get their payments back on track.
Next, start speaking to the council and Citizens Advice. Find out what she may be entitled to in the way of housing and benefits. She will be a priority as she has two young children. She will not end up homeless. There will be a support network for her.
I presume she has missed mortgage payments because she has other debt?
It might be wise to start talking to her other creditors, and trying to negotiate a revised payment schedule with them. You will be suprised what support is available.
Good Luck
She may have to accept that the boat may have sailed on this option. Nonetheless it is still worth speaking to the lender. They don't really want to reposess in this market. They would prefer to get their payments back on track.
Next, start speaking to the council and Citizens Advice. Find out what she may be entitled to in the way of housing and benefits. She will be a priority as she has two young children. She will not end up homeless. There will be a support network for her.
I presume she has missed mortgage payments because she has other debt?
It might be wise to start talking to her other creditors, and trying to negotiate a revised payment schedule with them. You will be suprised what support is available.
Good Luck
Some excellent advice here.
You need to also encourage your friend to focus on the future. I had a similar experience 16 years ago. Following the failure of my business, I lost the house. I too put my head in the sand working on the premis that “something will come up”. I was in my early 20s at the time so not exactly worldy wise.
When the keys were handed over, it was a mixture of absolute devisation and utter relief. Within a very short period of time, I took the concious decission to focus on the relief side of things and turn the situation into an opportunity.
For your friend, the future will seem a very long way off and anything but bright but assure her that this is not the case and she will emerge a better, stronger person for the experience.
Wish her well.
You need to also encourage your friend to focus on the future. I had a similar experience 16 years ago. Following the failure of my business, I lost the house. I too put my head in the sand working on the premis that “something will come up”. I was in my early 20s at the time so not exactly worldy wise.
When the keys were handed over, it was a mixture of absolute devisation and utter relief. Within a very short period of time, I took the concious decission to focus on the relief side of things and turn the situation into an opportunity.
For your friend, the future will seem a very long way off and anything but bright but assure her that this is not the case and she will emerge a better, stronger person for the experience.
Wish her well.
Very sad, but she must have ignored things for MONTHS AND MONTHS.
I am afraid that the "year old corpse" comment is right.
Call the lender, and see what they say, but they will likely not be interested. She won't want to hear this, but she will be responsible for any shortfall between the auction price they sell it for and what was owed, plus costs. They will likely pursue her for this.
Soovy said:
She won't want to hear this, but she will be responsible for any shortfall between the auction price they sell it for and what was owed, plus costs. They will likely pursue her for this.
That's a good point. The lender has IIRC, 14 years in which to do this so even if she was registered bankrupt, that would not protect her for any pursuit from the lender.However, unless the shortfall is massive, it is probably unlikely that they will bother as the cost of doing so would be too high.
I'm guessing that she is likely to have other debts too so she needs to deal with these ASAP as well.
Soovy said:
Very sad, but she must have ignored things for MONTHS AND MONTHS.
I am afraid that the "year old corpse" comment is right.
Call the lender, and see what they say, but they will likely not be interested. She won't want to hear this, but she will be responsible for any shortfall between the auction price they sell it for and what was owed, plus costs. They will likely pursue her for this.
It might be a good idea to get some advice regarding personal bankruptcy too if she wants a clean start in a couple of years. I am afraid that the "year old corpse" comment is right.
Call the lender, and see what they say, but they will likely not be interested. She won't want to hear this, but she will be responsible for any shortfall between the auction price they sell it for and what was owed, plus costs. They will likely pursue her for this.
Guys, thanks for all the input and advice so far.
We've been in and grabbed everything we can think of that she'll need.
Her teenage daughter has turned up after being out partying all night(!) and is acting like teenagers do; being surly, unhelpful and a pain in the arse unfortunately - the last thing we need today. However, I'm mindful that this must be very unsettling for her too. I'm not really great with kids, especially teenagers.
Thankfully the estate agent was a really nice guy and very helpful and has said that he'll be as accommodating as he can when it comes to access. Need to look into organising storage of some sort nearby and getting her remaining stuff out of the house.
I think there is equity in the property (around £40k or so) and the estate agent said that there's a shortage of homes like hers in the area so demand should be fairly high - assuming someone who wants it can get their mortgage together. Hopefully it'll go for a good price and she'll be able to settle off the mortgage and arrears and have a little to start off with again. Maybe that's wishful thinking, but I'm trying to keep her spirits up and be positive for the moment. Her main difficulty will be renting anywhere as she will now have a CCJ on her credit record.
As you've all identified, she has ignored things for a long time; obviously there's no way of going back to undo that, we just have to deal with the 'here and now'.
Next step is to sort through the paperwork we've picked up and get down to the council to try and sort accommodation. I have to call the Housing Officer back in half an hour.
Re. other debts and bankruptcy; yes, she has other debts and I'm going to suggest she speaks to other creditors today in order to get them off her back whilst we sort the current situation out.
God this is a mess, and something I hope I never have to go through. It's awful watching someone's life fall down around them and being relatively powerless to help.
We've been in and grabbed everything we can think of that she'll need.
Her teenage daughter has turned up after being out partying all night(!) and is acting like teenagers do; being surly, unhelpful and a pain in the arse unfortunately - the last thing we need today. However, I'm mindful that this must be very unsettling for her too. I'm not really great with kids, especially teenagers.
Thankfully the estate agent was a really nice guy and very helpful and has said that he'll be as accommodating as he can when it comes to access. Need to look into organising storage of some sort nearby and getting her remaining stuff out of the house.
I think there is equity in the property (around £40k or so) and the estate agent said that there's a shortage of homes like hers in the area so demand should be fairly high - assuming someone who wants it can get their mortgage together. Hopefully it'll go for a good price and she'll be able to settle off the mortgage and arrears and have a little to start off with again. Maybe that's wishful thinking, but I'm trying to keep her spirits up and be positive for the moment. Her main difficulty will be renting anywhere as she will now have a CCJ on her credit record.
As you've all identified, she has ignored things for a long time; obviously there's no way of going back to undo that, we just have to deal with the 'here and now'.
Next step is to sort through the paperwork we've picked up and get down to the council to try and sort accommodation. I have to call the Housing Officer back in half an hour.
Re. other debts and bankruptcy; yes, she has other debts and I'm going to suggest she speaks to other creditors today in order to get them off her back whilst we sort the current situation out.
God this is a mess, and something I hope I never have to go through. It's awful watching someone's life fall down around them and being relatively powerless to help.
Edited by Funk on Tuesday 18th August 12:12
Dupont666 said:
Funk said:
I'm hoping that the PH collective might be able to offer some advice.
I'm with a friend of mine at the moment whose house was repossessed on Friday and need some advice on what we can do to make some headway. Setting aside the stupidity of her ignoring letters from her mortgage company (which won't help right now), she has access to the property this morning for a short period of time. The locks were changed on Friday and all her things are in there.
What we're currently doing is speaking to the Citizens' Advice Bureau to see what they can suggest and help her get legal assistance. I'm also going to speak to her mortgage company and see whether there's anything they can do to reverse or change the situation, as well as speaking to the local council to try and sort out housing as she has two dependent children.
She's obviously been an idiot ignoring things and sticking her head in the sand so please don't post up to that effect; I (and she) already know that. What I'm hoping for is solid, sensible advice about the steps we can take now to try and remedy the situation.
She has access to the property at 11am today and we'll be getting whatever we can, including legal documents and items of sentimental value.
I've never had to deal with a situation like this and don't want to give her duff advice. And useful input would be very greatly appreciated.
Thanks folks.
Did she not think to come clean and ask for a mortgage holiday for a bit of time?I'm with a friend of mine at the moment whose house was repossessed on Friday and need some advice on what we can do to make some headway. Setting aside the stupidity of her ignoring letters from her mortgage company (which won't help right now), she has access to the property this morning for a short period of time. The locks were changed on Friday and all her things are in there.
What we're currently doing is speaking to the Citizens' Advice Bureau to see what they can suggest and help her get legal assistance. I'm also going to speak to her mortgage company and see whether there's anything they can do to reverse or change the situation, as well as speaking to the local council to try and sort out housing as she has two dependent children.
She's obviously been an idiot ignoring things and sticking her head in the sand so please don't post up to that effect; I (and she) already know that. What I'm hoping for is solid, sensible advice about the steps we can take now to try and remedy the situation.
She has access to the property at 11am today and we'll be getting whatever we can, including legal documents and items of sentimental value.
I've never had to deal with a situation like this and don't want to give her duff advice. And useful input would be very greatly appreciated.
Thanks folks.
Sorry I cant help, not had any experience with this. As mentioned above though horrible situation for a mother to be in, have the council said how long it will take to get her housing arranged, does she have somewhere to go in the meantime etc??
Hope you get it sorted.
Maty said:
Dupont666 said:
Did she not think to come clean and ask for a mortgage holiday for a bit of time?
Do people on here not read! The guy said no comments about her stupidity and what does the first reponse do???????Sorry I cant help, not had any experience with this. As mentioned above though horrible situation for a mother to be in, have the council said how long it will take to get her housing arranged, does she have somewhere to go in the meantime etc??
Hope you get it sorted.
My brain is running a million miles an hour right now trying to work out what to do.
Edited by Funk on Tuesday 18th August 12:13
+1 to most of the advice on here.
Am afraid it's almost certainly too late to save the house unless she has a large wad of cash with which to clear some or all of the mortgage arrears. Forget the house and concentrate on finding somewhere else to live and dealing with other creditors. If they know that there might be some equity coming in in the near future then they will probably be prepared to take a slightly longer term view.
In a former life I used to repossess houses for a mortgage provider and it never ceased to amaze me how late people left it until they actually tried to do something - by that time, most lenders have got fed up trying to sort it out, and spent so much good money chasing bad that it just isn't cost effective to cancel the repossession.
Am afraid it's almost certainly too late to save the house unless she has a large wad of cash with which to clear some or all of the mortgage arrears. Forget the house and concentrate on finding somewhere else to live and dealing with other creditors. If they know that there might be some equity coming in in the near future then they will probably be prepared to take a slightly longer term view.
In a former life I used to repossess houses for a mortgage provider and it never ceased to amaze me how late people left it until they actually tried to do something - by that time, most lenders have got fed up trying to sort it out, and spent so much good money chasing bad that it just isn't cost effective to cancel the repossession.
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