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Showing results for tags 'repossession order'.
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Hi everyone. This is my first post. I am in a complicated situation. I have received a threat to execute a Suspended Repossession Order that was issued against my original mortgage. However, I made a new agreement with my lender after the SPO was made. Is the SPO still valid? It is complicated. Some years ago I fell into arrears when ill, and a Suspended Repossession Order was issued. I am still ill. Interest payments were made by the DWP, but the account remained in arrears. The DWP payments only covered interest on the original sum borrowed, and the interest on the arrears was not covered, so this accrued, and compounded. Eventually my lender suggested a shared mortgage, in which they took 25% of the property, which covered the arrears. I accepted, and a new mortgage agreement was made. For a moment there were then no arrears on the mortgage account. However, when the new mortgage agreement was effected the DWP reduced their payments on the original sum by 25%, as the lender was now a 25% owner. Accordingly new arrears appeared, and accrued interest which compounded. I do not have the income to clear these arrears. Now my lender wants to repossess using the original SPO. Do they need to get a new Repossession Order, or can they use the one that was made on the original mortgage agreement?
Friends need advice on procedure: 1: Situation: Possession Order in place, warrant not yet demanded because property in negative equity, but lenders really vicious and may go for it anyway. Son has come of age in last few months, so didn't sign away his interest in the property when loan was made. He wants to register an "over-riding interest" to stop possession of HIS home. I know it can be done using case of Williams & Glynn Bank v Boland, but how? Land Registry doesn't want to register anything but a financial interest, but such an interest as this doesn't have to be registered with LR. So how does he get it into the case? Could wait until a warrant is sought, but would prefer to get in front of that. Any ideas? 2: Property was taken into possession, held onto for 18 months and then sold about £100,000 below below reasonable valuation - almost certainly a false sale but that is difficult to prove. How do mortgagors start a claim to have the missing 100 grand deducted from the claimed outstanding loan? 3. Landlords have a very large debt registered against them. They own a number of BTL properties but every one of them is in negative equity - some by up to twenty thousand - and they have no other assets. The creditors are trying to use the investigation of means procedure at court to get details of all the tenancy agreements. What puzzles the landlords is what the creditors are hoping to do with this info. a) Can they take possession and sell? even though it would be pretty silly of them. b) Can they take possession and evict a tenant with a long Assured Shorthold Tenancy? c) Can they take possession and continue taking rents from tenants? d) What sort of possession would that be? e) Would the first lenders allow that? f) Would they not rather insist on their mortgages being paid off? Especially as present rates are low and the major lender lender wants to close books anyway? g) Surely new possessor could not pay existing mortgages without mortgagors' agreement?
Can anyone advise. I was going through repossession, but at the last moment (friday) someone has offered for the house. It is low. only £120,000. The mortgage lenders have said a tentative ok, but the secured loan GE Money, who were pushing this, will get nothing. The problem is if they refuse this, which sounds as thought they will, the house will only fetch £70,000 perhaps even less. Any ideas as to what I could do? Can I make an application to the courts to stop this unlogical attitude? It would really make my christmas if anyone can help me on this? Thanks Viv
I was wondering if anyone could tell me where I stand. A repossession order was served against my property and suspended in July 2008. In November 2010 I cleared all the arrears, since then I have fallen into arrears again and the company is saying they are going to implement the order from 2008. I thought that order was no longer valid as I had settled the debt it related to. I did try talking to their representation today, but to be honest although they told me they could still enforce the order, it was more of a I believe / I think kind of response as opposed to the normal you are wrong one. Thank you for your time in reading and answering