Update. Basically just seen an Officer from my local council to talk about Mortgage rescue. Essentially the only scheme I would be eligable for is the Mortage to Rent - however they won't consider me unless I have the 15 day notice from the Lender of repossession! Also they only pay 97% of the market value as I understand it - so it would leave a shortfall. Also my lender rang today to chase up (naughty of me but I didn't say much or commit to anything). I told him about this (hoping he might repossess me!) and he told me that the lender can access an agency who will access my circumstances and then fast track my claim. Bascially my understanding was of what I was told is that the Lender could initiate this process - which threw me because I thought only the govt/council could do so. The rub is that the lender wants to send me a form to sign so that he can get things underway - slighty worried about signing anything from the lender. Any opinions anyone?

I had may mortgage with GMAC but they sold it on to a Company called Webb Resolutions. I hope I'm still on GMAC's list of people they're going to write to!

is your wife named on the alleged mortgage? Yes is your daughter under the age of 18 ? No i need more details on the alleged mortrgage who is it with ? I took the mortgage out with GMAC RFC but it has been sold on to Webb Resolutions (first I learnt of this was in a letter from Webb in June). how long ago did you take it out? 2007 how many months are you in arrears? 4 whole months missed but before that 6 months paid at half the 'contracted' amount Have they started repo proceedings yet? No do you have any equity in it? No - even if the house sold at market value (i.e. in the same range as two other house's in my street that sold in August) then I would still have a shortfall of circa 15k (factoring charges they've added).

Wow! Thanks for the advice. It is pretty overwhelming stuff. Does it mean that the Mortgage company would have to remove there interest in the house completely? The reason that I'm going off to a rented house is that a family friend is lettng me rent it below market value and is offering me an assured tenancy for 2 years and he is also comfrtable with me being a BR. The reason for BR is that in additon to the mortgage I have 50k of unsecured debt. Also my daughter has moved back in with my wife and I as she has gone back to University. How do I go about challenging the validity of my mortgage contract? Do I do a SAR? Also do you have any links or sources of info that tell me more about the basis for challenging the Mortgage company? If there is any chance I could stay in the house - it would be like a lottery win!

Hi. Haven't posted here in a while but no my circumstances have changed - I need some more advice. Basically I'm at point where I've decided that trying to keep hold of the house is just not worth it. My credit status is wrecked, I'm going to be at retirement age in 6 yearas, my job is a tempory contract anyway and the term of my interest free Morgage ends in 4 years. Basically I've found a rental house on favourable terms. What I really need is some good practical advice on Voluntary Surrender of the house to the mortgage company. I'm in -tive equity and I'm also going down the Bankrupcy route. Any advice would be valued - I'm a bit concerned because I've heard that if you sign the wrong form from the Mortgage company you can become liable for the shortfall even in Bankrupcy. Thnaks in advance.

Hi guys! Many thanks for the advice. I am genuinely overwhelmed by all the support - I've been running through all this in my head for so long! I will definately put everything in writing from here on and make sure I sent it recorded. I'm going to get a couple of estate agents over to get a valuation and some opinions on the local market and then put this to the Mortgage company. Not sure if anyone know much about the Company that now has my Mortgage. It's called Webb Resolutons. My mortgage was with GMAC but I believe they've sold on a parcel of their 'toxic' debts. Someone I spoke to said they might have even bought my mortgage for 50 pence in the pound!!!

Thanks for the link - it's certainly going to help when I next talk to the Mortgage company - up until now the bloke I talked to made it seem that a Court would basically just do what ever the mortgage company asked a Judge. I've got another queston. Basically my brother has been offered a job abroad on a mimimum 2 year contract. He wants to rent his house out and is willing to let my family live there and pay just enough to cover his mortgage - sensible chap got his mortage 15 years ago and it's half mine! I'd also be getting a house at 2/3 the market rental value. Also cos it would be pretty good having a landlord I know well! Here's my question basically I would love to give my house back to the lender but I know that they would end up selling the house for much less than it's worth. Would I be better to sell myself - even though at some point I may have an overlap with the rental house? If I stopped paying my mortgage would the lender hold off possession if it was on the market. I feel pretty optimist I could sell it fairly quickly - a house in my street would sold within 2 weeks of being on the market recently. I'd still get less that the mortgage value but I would still owe less. Ideally I am anxious about loosing the reassurance of having my own home. What really worries me is that whilst I can afford the contracted a the payments at the moment if the rate ever went up even by £100 I would be unable to afford it. Any opinions would be good. Also if I still owed a sum after the sale would the morgage company come to an arrangement on repayment? I don't have many possesions worth anything and as I've aready mentioned my disposable income is very low. I read somewhere they could put an arresting order on my salary. Sorry to ramble but any advice or opinion would be som very welcome.

Will definately write to my lender again and will keep this thread updated. Just one question - if the Mortgage company dosn't agree to capitalisation of the arrears does a Judge have the power to make them do it? Thank you for the advice!

Hi! Thnak you so much for the reply. I've been dealing with this on my own for quite a while so it's so amazing to hear someone say I might not loose my home. Ididn't send the income/expenditure by recorded, but given that I sent it a week ago without response - I'll send it again by recorded by way of a follow up. The charges are included in the arrears so that does make me optimistic. I will update this thread when I get a reply from the Webb. BTW does anyone know much about Webb - can't see much on the internet and their website is parked. Thnaks again!

Hi! I'm new to the forum and I could do with some advice. I have a mortgage with GMAC which has just been taken over by Webb Resolutions (on the same terms - or so I am led to believe). My situation is this. I becme unemployed in January 09 and I couldn't keep up my repayments so using savings I paid half the contracted amount. I now have arrears circa £6k. I have just got a new job (not as much money as the last one - but I'm not complaining). I've done an income and expenditure and having come out of a fixed rate my contracted monthly is down to an amount I can afford. However this is assuming my rate doesn't shoot up in the future. However this only leaves me with about £65 per month to pay back on the arrears. I've sent the income and expenditure off to Webb and given that they charge around £50 a month just in charges on the arrers, I don't think they're gonna go of for it. I guess then the next step will be for them to start repossesion proceedings. I just wonder whether if I made the same proposal to a Court if I would get anywhere? Might I be able to get the repossession order suspended or something to that effect? In the long term staying in the house is likely going to be hard, but for the next 12 months or so I need the stablity of staying here. My wife is in Kidney faiture and about to go on dyalysis and she is just recovering from the relapse of an acute mental illness. So to sum up do you think the a Judge would look favourable on the following Contracted montly payment plus a token £65 towards arrears. Based on the fact that my wife needs some stability for the next 12 months at least to settle into her diayysis and recover from her mental illness. I'm hoping that in the meantime I can look at selling up and also getting a housing association house. Any advice would be valued. I've been trying the CAB all week but have yet to get through - I will keep trying but some advice in the meantime will put my mind at ease. Thank you in advance.