House due to be repossessed. What's the best option?
Discussion
Ok, it's was going to happen. Have been struggling financially since an accident over a year ago.
Well, I have acrental house, and have got into serious arrears- basically, rent doesn't cover mortgage.
It's due to be repossessed on tuesday- I only know as some post was found when visiting as rental client is in china.
Any advice appreciated. Do I go down the route of iva?
Honestly, any help greatly appreciated
Well, I have acrental house, and have got into serious arrears- basically, rent doesn't cover mortgage.
It's due to be repossessed on tuesday- I only know as some post was found when visiting as rental client is in china.
Any advice appreciated. Do I go down the route of iva?
Honestly, any help greatly appreciated
Emsman said:
Ok, it's was going to happen. Have been struggling financially since an accident over a year ago.
Well, I have acrental house, and have got into serious arrears- basically, rent doesn't cover mortgage.
It's due to be repossessed on tuesday- I only know as some post was found when visiting as rental client is in china.
Any advice appreciated. Do I go down the route of iva?
Honestly, any help greatly appreciated
FFS how long has this arrears been going on?Well, I have acrental house, and have got into serious arrears- basically, rent doesn't cover mortgage.
It's due to be repossessed on tuesday- I only know as some post was found when visiting as rental client is in china.
Any advice appreciated. Do I go down the route of iva?
Honestly, any help greatly appreciated
It takes a LONG time for them to repo a house.
You do realise that they'll auction it and you'll still owe the shortfall.
Soovy said:
Emsman said:
Ok, it's was going to happen. Have been struggling financially since an accident over a year ago.
Well, I have acrental house, and have got into serious arrears- basically, rent doesn't cover mortgage.
It's due to be repossessed on tuesday- I only know as some post was found when visiting as rental client is in china.
Any advice appreciated. Do I go down the route of iva?
Honestly, any help greatly appreciated
FFS how long has this arrears been going on?Well, I have acrental house, and have got into serious arrears- basically, rent doesn't cover mortgage.
It's due to be repossessed on tuesday- I only know as some post was found when visiting as rental client is in china.
Any advice appreciated. Do I go down the route of iva?
Honestly, any help greatly appreciated
It takes a LONG time for them to repo a house.
You do realise that they'll auction it and you'll still owe the shortfall.
Now about the undeclared rental property on a occupier mortgage...
davemac250 said:
Soovy said:
Emsman said:
Ok, it's was going to happen. Have been struggling financially since an accident over a year ago.
Well, I have acrental house, and have got into serious arrears- basically, rent doesn't cover mortgage.
It's due to be repossessed on tuesday- I only know as some post was found when visiting as rental client is in china.
Any advice appreciated. Do I go down the route of iva?
Honestly, any help greatly appreciated
FFS how long has this arrears been going on?Well, I have acrental house, and have got into serious arrears- basically, rent doesn't cover mortgage.
It's due to be repossessed on tuesday- I only know as some post was found when visiting as rental client is in china.
Any advice appreciated. Do I go down the route of iva?
Honestly, any help greatly appreciated
It takes a LONG time for them to repo a house.
You do realise that they'll auction it and you'll still owe the shortfall.
Now about the undeclared rental property on a occupier mortgage...
You'd better get some legal advice quick - the lender will hang you.
Soovy said:
davemac250 said:
Soovy said:
Emsman said:
Ok, it's was going to happen. Have been struggling financially since an accident over a year ago.
Well, I have acrental house, and have got into serious arrears- basically, rent doesn't cover mortgage.
It's due to be repossessed on tuesday- I only know as some post was found when visiting as rental client is in china.
Any advice appreciated. Do I go down the route of iva?
Honestly, any help greatly appreciated
FFS how long has this arrears been going on?Well, I have acrental house, and have got into serious arrears- basically, rent doesn't cover mortgage.
It's due to be repossessed on tuesday- I only know as some post was found when visiting as rental client is in china.
Any advice appreciated. Do I go down the route of iva?
Honestly, any help greatly appreciated
It takes a LONG time for them to repo a house.
You do realise that they'll auction it and you'll still owe the shortfall.
Now about the undeclared rental property on a occupier mortgage...
You'd better get some legal advice quick - the lender will hang you.
Mortgage companies tend to write to the landlord at the landlords address, occupiers at the actual in question house address.
The repo notices appear to have been going to the rented house, ergo it appears the mortgage company feel this is the best place to find Ensman at.
Of course I may be 100% wrong.
davemac250 said:
Soovy said:
davemac250 said:
Soovy said:
Emsman said:
Ok, it's was going to happen. Have been struggling financially since an accident over a year ago.
Well, I have acrental house, and have got into serious arrears- basically, rent doesn't cover mortgage.
It's due to be repossessed on tuesday- I only know as some post was found when visiting as rental client is in china.
Any advice appreciated. Do I go down the route of iva?
Honestly, any help greatly appreciated
FFS how long has this arrears been going on?Well, I have acrental house, and have got into serious arrears- basically, rent doesn't cover mortgage.
It's due to be repossessed on tuesday- I only know as some post was found when visiting as rental client is in china.
Any advice appreciated. Do I go down the route of iva?
Honestly, any help greatly appreciated
It takes a LONG time for them to repo a house.
You do realise that they'll auction it and you'll still owe the shortfall.
Now about the undeclared rental property on a occupier mortgage...
You'd better get some legal advice quick - the lender will hang you.
Mortgage companies tend to write to the landlord at the landlords address, occupiers at the actual in question house address.
The repo notices appear to have been going to the rented house, ergo it appears the mortgage company feel this is the best place to find Ensman at.
Of course I may be 100% wrong.
Emsman, in all seriousness mate this is quite a serious issue and you need to get some proper advice quick. Effectively you've been committing fraud.
I assume you've been declaring the rental income and paying tax on it? Haven't you?
Edited by Soovy on Wednesday 27th October 17:20
More to the point, what about your tennant? Does the repossesion just give the bank a sitting tennant or are they going to get turfed out because of your lack of being able to deal with a situation?
Regardless of what has happened in the past year or so you should not have been burying your head in the sand.
Edit to remove random punctuation.
Regardless of what has happened in the past year or so you should not have been burying your head in the sand.
Edit to remove random punctuation.
Edited by BrabusMog on Wednesday 27th October 17:44
Thanks so far folks.
Basically, bought the house from my brother, lived there a year or so, moved out, it stood empty for a while.
Rented out to a mate- rent doesn't cover mortgage.
Bad credit mortgage- ex left me in tatters financially.
Shortfall with charges etc has built up hugely.
Now got letter for repo on Tuesday.
Ironically, waiting for a life policy to be paid owing me £6k, which is being cashed to cover shortfall.
Final irony, back at work now to cover mortgage.
Parents can't afford the 6k I need to pay them, and it can't go on a credit card.
So, do I go for iva and pay off?
I'm stting it to be honest
Basically, bought the house from my brother, lived there a year or so, moved out, it stood empty for a while.
Rented out to a mate- rent doesn't cover mortgage.
Bad credit mortgage- ex left me in tatters financially.
Shortfall with charges etc has built up hugely.
Now got letter for repo on Tuesday.
Ironically, waiting for a life policy to be paid owing me £6k, which is being cashed to cover shortfall.
Final irony, back at work now to cover mortgage.
Parents can't afford the 6k I need to pay them, and it can't go on a credit card.
So, do I go for iva and pay off?
I'm stting it to be honest
Emsman said:
Thanks so far folks.
Basically, bought the house from my brother, lived there a year or so, moved out, it stood empty for a while.
Rented out to a mate- rent doesn't cover mortgage.
Bad credit mortgage- ex left me in tatters financially.
Shortfall with charges etc has built up hugely.
Now got letter for repo on Tuesday.
Ironically, waiting for a life policy to be paid owing me £6k, which is being cashed to cover shortfall.
Final irony, back at work now to cover mortgage.
Parents can't afford the 6k I need to pay them, and it can't go on a credit card.
So, do I go for iva and pay off?
I'm stting it to be honest
Back of Private Eye? Always people asking for short term cash for these sorts of things. I'd lend it to you if I had it.Basically, bought the house from my brother, lived there a year or so, moved out, it stood empty for a while.
Rented out to a mate- rent doesn't cover mortgage.
Bad credit mortgage- ex left me in tatters financially.
Shortfall with charges etc has built up hugely.
Now got letter for repo on Tuesday.
Ironically, waiting for a life policy to be paid owing me £6k, which is being cashed to cover shortfall.
Final irony, back at work now to cover mortgage.
Parents can't afford the 6k I need to pay them, and it can't go on a credit card.
So, do I go for iva and pay off?
I'm stting it to be honest
Emsman said:
Thanks so far folks.
Basically, bought the house from my brother, lived there a year or so, moved out, it stood empty for a while.
Rented out to a mate- rent doesn't cover mortgage.
Bad credit mortgage- ex left me in tatters financially.
Shortfall with charges etc has built up hugely.
Now got letter for repo on Tuesday.
Ironically, waiting for a life policy to be paid owing me £6k, which is being cashed to cover shortfall.
Final irony, back at work now to cover mortgage.
Parents can't afford the 6k I need to pay them, and it can't go on a credit card.
So, do I go for iva and pay off?
I'm stting it to be honest
They probably don't want your house, ring them or see them, talk to them and see if you can work out a deal on the outstanding debt. You are going to get raped if they re possess, as they will knock it down and chase you for the rest Basically, bought the house from my brother, lived there a year or so, moved out, it stood empty for a while.
Rented out to a mate- rent doesn't cover mortgage.
Bad credit mortgage- ex left me in tatters financially.
Shortfall with charges etc has built up hugely.
Now got letter for repo on Tuesday.
Ironically, waiting for a life policy to be paid owing me £6k, which is being cashed to cover shortfall.
Final irony, back at work now to cover mortgage.
Parents can't afford the 6k I need to pay them, and it can't go on a credit card.
So, do I go for iva and pay off?
I'm stting it to be honest
Very kind offer, and the eye idea good, but looking at tuesday.
Took eye off the ball somewhat (and fking foolish I know) but post hasn't been working here properly for ages- apparently the fact the lender sent post is sufficient.
Can't get hold of anyone at cab, and due to being skint until first paycheck can't afford a solicitor.
Is bankruptcy an option?
Took eye off the ball somewhat (and fking foolish I know) but post hasn't been working here properly for ages- apparently the fact the lender sent post is sufficient.
Can't get hold of anyone at cab, and due to being skint until first paycheck can't afford a solicitor.
Is bankruptcy an option?
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