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Kai-Boshed

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About Kai-Boshed

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  1. Thank you to the people with helpful replies. As mortgage advisor basically saw my relative coming, getting them to get £20k cash back - £10k went to them, £10k to my relative, dont ask why. So the house now is about £20k negative equity, so selling it isnt possible, unless an unsecured loan is taken out to cover the difference, something relative is unable to do (redundant). The reason behind moving out of mortgage house was because the rent on a small house is less than the mortgage. So the house is rented to DSS tenents which almost covers the mortgage. I can only assume c
  2. This is not as tricky as it sounds, but it seems impossible to the benefits agency to deal with. A relative moved out of their owned home because they could not afford the mortgage £650 (interest only) - so this house has been rented out to a family for over 2 years, the rent almost covers the rent (my relative has to add about £50 to the mortgage each month) Relative is in negative equity so can not sell. My relative now lives in a private rented house, for £450 Now my relative is unemployeed (made redundant 3 months ago) and they have not recieved a penny in housing and now fa
  3. From what I know about voluntary repossession - I believe you risk being subject to more shortfall on the basis that in this market lenders are accepting very silly offers. For instance a clients property, valued at £260 with no equity, was advised by the estate agent to sell for £235 for a quick sale (in this market) however the lender insisted the house was marketed fromt he start at £190k. The difference here is £45k so besides the owner being subject from the unavoidable mortgage shortfall of £35k, they are now left owing £70k - this is just one example. If for instance you stayed in the p
  4. You really don't want to leave the sale of your house to your lenders, it isn't a good idea in a stable market - but in this very slow market you would be sold on for much less than the market value.
  5. Just because you are self employed it shouldnt prevent you from getting a mortgage. If you have a good credit rating, equity and/or deposit you can 'self cert' your income.
  6. IS your mortgage lender Northern Rock by any chance - they have got very ruthless with repossessions. I wouldnt worry too much about loosing your home - being repossessed for £2k is virtually unheard of. I would write to your bank in the first instance - recorded, with full details of your catch up payments and outline s future catchment payment schedule.
  7. When you say you had a 'straight repossession order' do you mean a 'suspended repossession order' ?
  8. One thing I would say, if you are going to repay the arrears make sure you do not over commit yourselves financially. Think how much you can afford which is reasonable for you and will not cause other financial problems. Although the lenders try to insist the debt is repaid in 3 years, the judge will consider any reasonable amount of time, even the entire time left on the mortgage. So don't sell your self short where the repayment period is concerned!!
  9. Ask them to switch you on to an interest only mortgage this should reduce your mortgage payments to about 70%
  10. I think the lender knows that court action would be a waste of money as no judge in the land will grant a possession order if you have already proposed and stuck to a repayment plan!! Just putting the squeeze on for sure. Stick to your guns your doing fine
  11. I think what they have done here is calculate the interest at the beginning of the loan and add it on as a fixed lump sum to the total amount of the loan. For example if you had a loan of £10k, with a 20% APR over say 10 years. it would calculate what this would be equivalent to (in this example the interest would be over £11k) and adds it to the loan at the beginning. (In this example the £10k loan jumps to £21k) Plus as Ell-en said you may have payment insurance on top.
  12. Just an idea, since how you say you could rent your house for less than the mortgage - well have you thoughts about contacting a local investor, see if they are interested in buying your house and renting it to you until you get sorted with somewhere else? most property investors are very happy to do this. The best way to find one is to contact your local LETTINGS agent they will have good contacts. Just a thought....
  13. Strange how they haven't tried to contact you - which lender is it? Most will contact you after just 1 missed payment. Most lenders will accept an informal arrears repayment offer, as long as you stick to it - so make sure you can afford what you are offering. Lenders won't usually instruct their solicitors without first send you a warning letter - but there is always a chance this got lost in the post.
  14. Nice of them isn't it! We, tax payers, bail the bank out to the sum not disimilar to the national debt of a small country and they fob you off with a thanks but no thanks!! You will be pleased to hear, that redemption figure only applies until your current deal runs out - so on the 2nd of June you can transfer your mortgage to someone else without being charged the early repayment charge. Word of caution - there may be other hidden 'admin' charges both Northern Rocks and your new lender. Whilst they may seem small in terms of your mortgage, think of your equity and try to minimise t
  15. I think the lender is breaking the law by accepting a lower offer that what has been offered. They are legally obliged to take 'resonable' care to ensure they get a fair price for your property. I would apply for a injuction to stop the sale of the property on the grounds that the sale price is grossly under the market value. You would help your case if you good provide offers in writing with your form to back up your reasoning. Some quick cash sale companies, like mine below, do provide such in writing upon request in 24 hours if required. Please do shop around - the cash offer you get will b
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