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  1. Hi Guys, I have new problems! The house has been repossessed. We owe about £114K so far, no doubt there will be some more fees. It was put on the market in January for £74950, in Feb they accepted an offer of £75K. It was on the market for less than 5 weeks. Does that suggest that it was priced too low? I think it might. So we are looking at a shortfall of about £40K at least. How will they recover this? We have our own home with about £10K equity and another BTL with about £20K. We have other unsecured debts of about £20K and we owe family about £30K. Will the lender try to make us bankrupt? If they do will the debts to our family be considered in the divvying up of our assets? I want to avoid bankruptcy if at all possible and I am not sure its fair considering we owed £700 in arrears and that is what has started all of this! Any help will be appreciated! Thanks Karen
  2. Thanks again for your replies! Yes, it is a nightmare! The reciever has quoted their final costs as about £2.5K. Which doesn't seem that much except that they did NOTHING for that money. The lender has replied to my second complaint basically saying tough! And advised that I have right to go to the FOS. I have asked for a full breakdown of the fees on the mortgage. These were the main sticking point in their refusing to get rid of the reciever. They still haven't acknowledged that they have taken posession of the property! Its been 2 weeks! Karen
  3. The reciever is out of the picture now. Its a reposession now. The lender has possession and will sell the house. There is virtually no advice on recievers online, the CAB were no good or Stepchange. Neither the FSO or the FCA could help. I spoke to several insolvency experts, nothing. Even the few solicitors I spoke to couldn't help. I have felt very alone with this. None of that matters now as the reciever has stood down. I just need to know how to proceed now they have possession. If anyone could please point me in the right direction? Karen
  4. What can I do to sort this out. Can I apply to the court to sell the house myself?
  5. With regard to challenging all of the hideous fees applied whilst I have been in arrears....do the same rules apply to buy to lets as resi mortgages?
  6. I have just read one of the articles and it looks like the reciever may have ended their appointement because they were acting too much on the lender's instruction. \the article says that the the lender loses the protection conferred by the appointment of a receiver when...."Where the mortgage lender directs the receiver in the conduct of the receivership, for example by issuing instructions as to how the receiver should act, a court will readily find that the receiver has become the agent of the mortgage lender". I had an email which said, " We await a response from the lender to our recommendation, upon receipt that when notice will be served [to the tenant] if recommendation agreed Does this make any difference to my current situation? Thanks Karen
  7. Hi Guys, Thanks for merging the threads. I couldn't find the original! Thanks as well for your suggestions. I have written to them to ask them to allow me to sell the property and for a full breakdown of the charges. The charges are for about £5000 on the mortgage through fees etc. I have asked for that information 3 times but not via SAR. I will have a look at the articles after my son is in bed. I am in a bit of a blind panic to be honest. I was surprised that they gave possession to the lender, I didn't fully understand that that was what they were saying when I spoke to them. I have had nothing in writing from the reciever or the lender and this happened on Friday last week. Thanks Karen
  8. Hi, it was less than 3 months arrears. They said make a proposal to pay I offered £100 plus the normal payment. They didn't respond and gave it to the reveiver without further discussion. Its a buy to let and its in my terms and conditions they were within their rights to appoint. I tried to get the lender to give me back control but they wouldn't budge. They will try to sell the house now I don't want them to stick it in an auction and leave me a massive shortfall. I am just trying to limit the damage now but don't know what to do for the best.
  9. Hi All, I am in a bit of a desperate situation! LPA recievers were appointed by my lender, Oakwood, I had £700 arrears at the time paid it all off within 2 weeks of the appointment they refused to give back control. The reciever has got rid of my tenant and handed the properrty back to the mortgage company. They are planning to sell it. The 'valuation' is about 20k less than the outstanding amount plus charges etc I am looking at at least a 30K shortfall if I am lucky. I don't have it. Needless to say, I am feeling very upset by this. What can I do? The mortgage company has possession. The LPA receiver has added 2.5K to the debt (inc £156 for a SMOKE ALARM!!!!!!). The tenant never paid them any rent whilst they were managing the property so they never paid the mortage. Can I apply to the court to sell the house myself? I don't trust them to maximise the sale. Any help would be truely appreciated! Thanks K
  10. I am still hoping for a miracle on this if anyone can help! I have been unable to find a solicitor who can help.
  11. Hi Ell-enn, yes the mortgage is more than covered by the rent. My partner and I were unemployed and the property was empty. It needed work and I was still covering the council tax. They knew all of this. I have a job, a tenant and have organised myself now.
  12. Thanks so much!!! I will look at that. I rang the FCA yesterday and they told me that the BTL market was completely unregulated and there is nothing they can do. I suppose its worth a try though. The reciever has done an inspection and is coming up with their exit strategy by Friday. If they serve notice on my current tenant, my partner might move in until they are off our backs. I do have a poor payment history but it has never gone to court because I have always paid the arrears. My circumstances have completely changed now and I am in a much better position. They haven't considered this and refused my offer of £70 per month on top of the £215 monthly payment. I even told them that figure was a starting point and if they wouldn't accept it to I could look at more. I do feel I have been unfairly treated.
  13. Thanks for your reply. I have tenants in the property at the moment so wouldn't get away with that. That was quick thinking on your part, I am glad it worked for you. K
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