Tilly V mortgage express repo

[Goldlady]

Honey, I am interested to know if there was anyone there at the court offering help to people either from a solicitor or CAB?

[honey5]

Honey, I am interested to know if there was anyone there at the court offering help to people either from a solicitor or CAB?

 

not that i know of L, the mortgage co did speak too her first but didnt appear to be anyone else forthcomminig

 

honey x

[**Tilly**]

morning

 

Quick update, the estate rang this morning, the peeps that viewed on saturday

rang with and offer :o butttttttt really low, estate agent getting back to them,

asking them to raise it slightly, have another viewing this afternoon,

 

 

 

 

Tilly

[sea-sidelady]

Fingers crossed for you Bill, its about time something good went your way.

[honey5]

morning

 

Quick update, the estate rang this morning, the peeps that viewed on saturday

rang with and offer :o butttttttt really low, estate agent getting back to them,

asking them to raise it slightly, have another viewing this afternoon,

 

 

 

 

Tilly

 

brilliant news tills everything crossed for you here girl

 

honey x

[Multay]

Hi Tilly,

Hope you don't mind but I've read all of your thread and I just wanted to wish you all the best.

I genuinely hope things work out for you and really admire you for the way you are fighting and I'm convinced that your luck will change - If it doesn't the booze is on me..... But in the mean time I'm so glad you have the support of the guys and gals on here.

Best of Luck.

[TideTurner]

Tills, best to take a small loss now, than a big one later!! Good luck

[MilkTrayMan]

Tills, best to take a small loss now, than a big one later!! Good luck

That would all depend on if Bill has received a ridiculously LOW offer, or NOT methinks.

...Perhaps U should try to remain objective TT??...

As I previously Posted...

Bill will have to work out what her OWN 'Cut Off' figure is, for her to realistically be able to repay ANY shortfall, without having to enter into Bankruptcy.

...

[TideTurner]

MTM

 

I'm sure it's not RIDICULOUSLY low, else Bill would not be considering it. Time is against homeowners at the moment as house prices crash. Ok if you have a small or zero mortgage, but dangerous if you have little or no equity in the property. The longer she hangs on (given that a sale is inevitable) can only cause further damage.

 

Todays offer will be tomorrows asking price. Let's hope they raise the offer.

 

Not like you to throw your toys out of your pram eh! Bad day?

 

Tide

[MilkTrayMan]

...I'm sure it's not RIDICULOUSLY low, else Bill would not be considering it.

Not like you to throw your toys out of your pram eh! Bad day?

Far from it TT, but U weren't privy to the tearfilled call that Bill made earlier today...

The offer that WAS made, was ONLY approx 2/3 of the advertised selling price, which itself was already quite a few grand BELOW the outstanding mortgage!

To ME, that is a RIDICULOUSLY LOW offer + is tantatamount to 'profiteering' through another person's misery...

I am aware that Bill knows that there WILL be a shortfall.

What she NEEDS advice on is WHAT her 'Cut Off' figure should be.

She can budget herself what her income/out goings will be for the next few years.

I believe that she is EXTREMELY fearful of what Bankruptcy entails + would like advice on it's implications, so that she can work out for herself what is necessary to hopefully + realistically avoid it.

I'm NOT confident that the Official Receiver would take kindly to someone that has deliberately 'undersold' their main asset + then sought Bankruptcy as a financial refuge btw.

...

[Bona]

Just remeber that Tills wont be able to complete unless she makes arrangements with her debtors if the solicitors cannot give clear title the purchases wont buy it may need a hearing to get a court order for the sale if an offer is accepted and arrangments cannot be made.

[**Tilly**]

Hi guys

 

It has been one hell of a day the phone has not stopped ringing from the estate agents, i dont know if im coming or going at the moment like mtm said it was

a stoooopid amount that was offered, soz about blasting your ear btw MTM

Bona im not sure what you mean in your post, yep confused again but you know me

guys nothing new there a,

 

Multay

 

Thankyou for your kind words and no propblem what so ever with you reading

the thread, thats what it is here for, and hopefully helpfull to others.

 

 

 

Tilly

 

 

[gizmo111]

I'm NOT confident that the Official Receiver would take kindly to someone that has deliberately 'undersold' their main asset + then sought Bankruptcy as a financial refuge btw.

 

Having only one offer, considering the amount of time the house has been on the market, is not deliberately underselling. She will have to discuss the offer with ME, as there will be a shortfall and as TT says there will need to be clear title for ME to agree to the sale. Their alternative would be to market and sell the property themselves, which could take a long time and result in a larger shortfall.

[TideTurner]

MTM,

 

It's difficult to see what your advice or recommendations actually are here. The fact is we are seeing a severe downturn in the housing market. Time can only make matters worse unless Bill can hold out until at least 2010, when the analysts predict the market may bottom out.

 

I agree 2/3 of the asking price is trying it on, but given the way prices are going, who would buy a house at the moment knowing that prices are likely to fall up to 40% over the next 2 years? As the data is trickling through from estate agents and builders, it seems to be down, down, down.

 

Bill CAN demonstrate the amount of time the property has been on the market, and the amount of interest. All valuations have been performed by qualified surveyors, and the OR will be fully aware of the fall in house prices.

 

My point is that the situation is worsening daily, and time is a luxury Bill doesn't have.

 

What will it be next week - 5/8 of the asking??

 

House price news, information and discussion - HousePriceCrash.co.uk

 

TT

[Bona]

Tilly

If the money you get for your house is not enough to cover all the outstanding charges a solictor cant give clear title unless the lenders agree.

They will only agree if you make an arrangement with them,(there are forms of agreement)

 

If they wont accept an arrangement you cant sell you will be repossesses BUT if that is the case and the shortfall comes to more than that would be owing if they would have agreed to the sale you would have a good case not to pay

[**Tilly**]

Thanks guys, im logging off now got to get my head round all this

 

:( :(

Edited July 7, 2008 by **Tilly**

[TideTurner]

Bill, Can you correct me on this

 

Value at peak - £180,000.00 (date repossession threatened)

Mortgage - £165,000.00

Market Price - £170,000.00

Offer Price - £120,000.00

 

If ME would have repossessed when they said they were going to, THEY would have this shortfall, not you.

 

In a previous post I pointed out that they would deliberately NOT foreclose as they would be left with an empty, depreciating asset, with the risk of no repayment from yourself.

 

2/3 is a pi55 take though at the moment.

 

Tide

[gizmo111]

If ME would have repossessed when they said they were going to, THEY would have this shortfall, not you.

 

In a previous post I pointed out that they would deliberately NOT foreclose as they would be left with an empty, depreciating asset, with the risk of no repayment from yourself.

 

2/3 is a pi55 take though at the moment.

 

It doesn't matter one little bit when the reposses, ME are not responsible for the shortfall. Tilly & her husband are responsible for paying back the amount they borrowed, it the asset it is secured on, does not realise enough to clear that debt then they need to find some other way of dealing it, either through a voluntary arrangement or a formal solution.

[gizmo111]

Tilly - someone else in a similar situation http://www.consumeractiongroup.co.uk/forum/formal-solutions/150904-seriously-considering-br.html#post1601145

[jansus]

also if ME do re-possess the house Tilly will have even less control over what happens.

 

If the price is that low there must come a point where there would be less of a "shortfall" if the property was rented out and at least most of the interest portion would be paid - But of course none of these BS at the moment are willing to take the longer term view. As stated above they will just try and reclaim the shortfall at a later date.

[**Tilly**]

Bill, Can you correct me on this

 

Value at peak - £180,000.00 (date repossession threatened)

£184.950.00

 

Mortgage - £165,000.00

£170.000.00

 

Market Price - £170,000.00

£165.000.00

Offer Price - £120,000.00 started at £110,000.00

 

 

 

 

 

 

Tide

 

Tills xx

[Bona]

BUT if they have not agreed to a sale and the shortfall is much larger which it will be if it is repossessed Tilly would have a case that they acted in no ones best interest stoping the sale they have to get the best deal and the shortfall will be much less

[Bona]

Tilly

 

best option available try to let the house or rent a room so you can start paying the mortgage and a little off the arreas

2nd option try to sell making sure that all corresopondence is kept ask the mortgage company to agree to the sale

 

if they dont let them repossess and then fight the arreas when that is sorted out

decide what you owe and then if yuo need to look at bankruptcy

 

Take care Bona

[kia]

god im getting headache just reading this :confused:im here for u tills moral support still here xxkia

[**Tilly**]

Right so if i have got this right, offer not enough to cover mortgage, ME wont release

title (very doubtful) so options are let them repossess or go bankrupt,choice of 2 evils, over the next few days going to seriously sit and think about this, its time this

nightmare ended i need to close this chapter or at least start to.

 

 

 

 

Tilly

Edited July 7, 2008 by **Tilly**