Multiple Buy to let nightmare

[nuke em]

Does anyone have experience of multiple property repossessions, and the subsequent shortfall debts thereon with multiple lenders?

a) How are they dealt with on a large scale?

b) Whets the chance of F&F offer acceptance on the shortfall amounts v going BR and the lenders getting nowt.

c) Negotiation on large debts

Any help/info gladly received, PM me if it’s a strategy

[sequenci]

a)how many properties are we looking at?

 

b) pretty good, especially as the lenders are likely to have been paid via MIG insurance

 

c) see b)

[nuke em]

Hi

18 properties,

They are all residential properties on a Buy to let mortages, no MIG was ever paid ( or asked for) on application/completion

[sequenci]

Well, if the lenders are presented with the option of either Bankruptcy or a Full & Final settlement I'm sure they would opt for the latter. You would need to make it clear that The F&F is the best deal for them, negotiate in writing and ensure you have confirmation that they will not chase you for the remainder.

[nuke em]

Thanks for that,for sure that's what i will be doing ( i have no choice, its take it or get nothing) i just wondered if anyone on here has any actual experience of mass reposessions and all that it entails

[nuke em]

Does anyone have experience of multiple property repossessions, and the subsequent shortfall debts thereon with multiple lenders?

 

a) How are they dealt with on a large scale?

b) Whets the chance of F&F offer acceptance on the shortfall amounts v going BR and the lenders getting nowt.

c) Negotiation on large debts

 

Any help/info gladly received, PM me if it’s a strategy

 

oh well here goes, just received the papers for the first 6 repossessions, how can i buy some time here, get an initial adjournment ? i dont think i can stop them, just need some more time...........any suggestions?

[nuke em]

Bump.. if only to see if there is anyone out there with info..thanks

[gizmo111]

Why are they all being repossesed at the same time?

How long have you not had tenants and why?

What sort of shortfalls are you looking at?

Have you tried selling them yourself?

What sort of arrears amounts on each property?

[nuke em]

Why are they all being repossesed at the same time? Not all of them are at the repo stage yet. Threatened but not yet actioned. will happen though in the next month or two

How long have you not had tenants and why? Most have tennants, some dont, all down to market forces, too many properties in each area chasing too few tennants, too much competition from other landlords driving rental yeilds down plus mortgage interest rates way too high = equals ongoiong neg cashflow . All ready have sold my main residence to support it!

What sort of shortfalls are you looking at? if all the properties were to be sold say at auction at 20% BMV then £400,000

Have you tried selling them yourself? oh yes, they are all currently on the market, but i cant sell less than the o/s mortgages that are owing on them. All props are in city centres , way too much oversupply, prices falling not rising.

What sort of arrears amounts on each property? 2-3 months plus their £35 charges to send you letters etc [/quote]

 

Please see replies

[nuke em]

Hi gizmo111 vbmenu_register("postmenu_1319331", true); any ideas?