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dampenedspirit

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About dampenedspirit

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  1. What a heartbreaking story. The pressures of money problems and repossessions. The poor mother, may she RIP.
  2. Maybe you should move this thread to the bankruptcy forum. You should get some sound advice there.
  3. Please tell your sister to try and seek some legal advice. If there is no equity in the house it is highly unlikely the trustees of your sister's ex will pursue an order for sale right now. Your sister will also have up to 3 years from her ex going bankrupt to sell the house herself if the trustees do go after the house. If the house is in negative equity I know that your sister can possibly purchase the beneficial interest for a nominal fee from the trustees which can be £1. If there is £1000 + in equity in the house the trustees for her ex's bankruptcy may well go for a charging order on the
  4. Have you made this month's payment? Continue making the monthly payments plus some towards the arrears and if it gets as far as court the judge will see you tried to come to some arrangement with them.
  5. Hi there, Offer them what you can afford to repay, put your offer with a letter detailing your proposal and send it to them recorded. Have you been making the normal monthly payments? If you can make the monthly payments from now on plus an affordable contribution towards the arrears you should be ok. Also how long is the loan for? Maybe they could extend the amount of time you have to pay the loan over a number of years? I think the judge will only grant them a suspended possession order if it reached court and not outright possession if you can make the monthly payments and some towards th
  6. Thanks Palomino, At least I'll be clued up when I see my solicitor next week. Thanks everyone for your help and I will let you know what happens and how I get on.
  7. Hi again, It's great that you will have your mum's house as an option. Is the house being offered to you by your mum for an indefinite period? Will it be your permanent home? If you cannot meet all your payments even if the judge reduced your arrears payment to GE I can see no reason why you couldn't go bankrupt. But I'm sure someone else will know more about this.I'm not sure if you hand over the keys first to the mortgage company or declare yourselves bankrupt. Someone else will know more about this. But I think you should try to obtain some advice from National Debtline National Debt
  8. So sorry to hear about your situation, this forum is great and I'm sure there will be many knowledgeable posters on here willing to help you. With your mum's house at least you will have somewhere to go if the worst happens. Also with the repossession hearing as long as you can pay the monthly installments and something towards the arrears you will keep your house. It is not for GE to decide how much you can pay as they want as much money as possible, I think the presiding judge will decide how much is affordable for you to pay towards the arrears. If you have a regular income it shouldn't be
  9. Palomino, does this mean they will secure the full £25000 on the house or will it be the £5000 they wanted me or my ex to pay now. Really unsure of how this works. Also a friend of mine stated I could add conditions to the charging order preventing the Trustees selling the property until my youngest reaches 16 or 18 if in full time education. Is this true?
  10. I'm bumping this for Ell-en. Could you possibly help me draft a letter to my mortgage lender please? I've seen you do it for others and know how good you are. I'd be very grateful. Thanks in advance.
  11. Thanks Stinkyfeet, yes it is for only half of the property. I will ride it out and see what happens. I was unsure of the amount they'd charge to the property. My ex was made bankrupt for £25000. Would they apply that amount for the charge or only half of what equity is on the house at this present time? I've no idea to be honest. Well I have to look on the bright side a charging order is a far better alternative than an order for sale. Stinkyfeet you really have kept me positive through this.
  12. Thanks Gizmo and Stinkyfeet, This forum has indeed been a godsend to many, me included. Sadly we are only paying interest on the mortgage until our situation improves. We are trying to keep the house if possible but if it becomes no longer viable we will concede defeat knowing we have tried everything possible to keep the property. I am already looking into other housing options suggested by you both and Lula. He was made bankrupt at the end of Feb 2006 I think. So the 3 years is up very soon, and we've tried really hard to sell the property ourselves with no luck. I am so grateful for all
  13. Hi gizmo, Just spoken to the trustee, they've told me they're unlikely to sell the property in the current market. They want to put a charging order on it or come to some arrangement with my ex re him paying the 5 thousand in instalments which he can't afford. We're just keeping our heads above water as it is. I have an appointment with a solicitor next week and have contacted 3 estate agents to give me valuations tomorrow on the property's current price. If is in negatative equity I was by a friend told I can buy the beneficial interest for a nominal fee from the trustees. Though I doubt
  14. Hi Ell-en, thanks for your reply. We're paying interest only plus some towards the arrears.
  15. Thank you Lula and stinkyfeet for your replies and support, I don't feel so alone now. I have been ringing legal organisations like mad to try and sort this situation out. I also phoned the estate agents that the house is marketed with and they state that the housing market is dismal and it may be worth much less than it is marketed for, the price hasn't changed for 6 months. If this is the case it will then be in negative equity. I will stay put and let them evict me. It will be hard (I'm crying as I write this) but it seems the best option. Many thanks
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