Tilly V mortgage express repo

[Ell-enn]

Any comments on Plan A anyone?

 

A & B in wrong order :grin::grin:

[**Tilly**]

A & B in wrong order :grin::grin:

 

 

:lol:

[**Tilly**]

Thanks Tide i lurrrrrrrve plan B

 

Right

no 2 will get onto estate agents again first think monday morning

 

no 3 - Council have been informed and all forms filled out and signed,but wont be classed as urgent until i have eviction order.

 

no7 - Man and van ready to go and storage space sorted.

 

 

Plan B On a mission

Edited June 7, 2008 by **Tilly**

[TideTurner]

Hi Tills,

 

I am assuming that ME are gearing up for eviction, and you are simply waiting for that to happen prior to being able to receive any help from the Council.

 

If you apply for a stay they will not be able to proceed until it is allowed or disallowed.

 

As it stands, the house has not been sold. They cannot therefore make any claim for a shortfall until they know what the shortfall is (sale price minus outstanding balance).

 

They must then go back to Court and obtain a monetary judgement against you (they cannot simply claim that you owe x amount and must show what efforts were made to obtain the best possible price for the property).

 

Can I suggest the following: -

 

Plan A.

 

1. Make an application for a stay on the grounds that you are a co-owner and had no knowledge of the original hearing (this will buy time).

 

2. Pursue the Estate Agents vigorously regarding the sale (at the very least you will have an up to date valuation - very useful later if they come at you for a shortfall).

 

3. Inform the Council BY LETTER that you are effectively homeless and wish to be included on the housing list (date stamp the letter, which can be used at a later date).

 

4. Explore the possibility of renting with agents. This could provide an additional income and would show the Court that you could meet repayments, but there may be a clause in your mortgage which does not allow sub-letting without ME's agreement. ME must state their reasons for not allowing this.

 

5. Keep the N244 up to date.

 

6. Contact the Womens refuge Womens Refuge Project Home and enquire anonomously about housing (they are very good at rehousing within a week, and with no hubby in tow, but a dependant child, you will be a priority). This may provide another iron in the fire if things happen quickly.

 

7. Ensure you have contact details to remove your property to storage (contact numbers for trustable van and man, storage agents etc), and assess how long you believe it will reasonably take to remove your goods (this will affect the notice to quit period / eviction).

 

8. Redirect mail.

 

9. Inform utilities you are no longer in the property and provide them with meter readings.

 

10. Transfer land phone number / email address.

 

11. Cancel all household bills including milk, papers, etc.

 

12. Inform all family and close friends of your change of address.

13. School

14. Bank / Credit Cards

 

Don't know if the above is in the right order priority wise, or if I've missed anything, I'm sure I'll be corrected, but just trying to get some bullet points in place.

 

Plan B.

 

1. Find a toyboy with a yacht, three houses, swimming pool, rich daddy.

 

Any comments on Plan A anyone? Trying to get a plan of action in place.

 

Tide

 

Can anybody add further please?

Edited June 8, 2008 by TideTurner

[**Tilly**]

if i dont put these down im bound to forget

 

School

bank

 

Change of address

[Bona]

How about a lodger to help with the rent for six months then you may not need plan A

If plan b comes off you wont need a lodger

[MilkTrayMan]

How about a lodger to help with the rent for six months then you may not need plan A

If plan b comes off you wont need a lodger

Plan B = Lodger...

Perhaps a small ad in your local paper/newsagents may facilitate, Bill??

Do any of your kids know of someone (...with rich parents;)) who may need 'temporary' lodgings, so as to attend local Colleges/Uni's??...

...

[**Tilly**]

Plan B = Lodger...

 

Number 2 son moved back home, working = mum's hand held out

Perhaps a small ad in your local paper/newsagents may facilitate, Bill??

 

just a liccle one

 

 

...

 

I have thought about it, and run it by the kids, daughters reaction they are not having my room Son said he would move out of spare room,sleep downstairs,:o

[**Tilly**]

No.2 See the estate agent today, up to date evaluation being done.

 

 

[**Tilly**]

Ok just had valuation from estae agents

 

Goes like this

 

We have carefully considerd the price which we feel can be achieved in the

prevailing market conditions, we feel the valuation to be £159.950

 

If and a big if i sell i am going to be left with a large shortfall,:o

[TideTurner]

Hmmmm, have they got anybody lined up for the property?? Trust nobody Tills.

[Bona]

OK if you get repossessed you will have an even bigger shortfall so can you do anything to increase your income to cover the mortgage payments short term

[jody123]

Hi Tilly,

 

This must be devastating news for you. I would recommend getting at least another two valuations, whilst at the same time going back to the guys who have just valued the property and ask for justification for their reasons on why it is so low....whilst pointing out recent sales prices for similar properties in your street/area.

 

Given that you have had the valuation and there would be a very large shortfall given current market conditions would you not be able to go to the possession hearing, with

 

a. plan of how you could reduce your debt (lodger/ moving into rented accommodation yourself and renting the property out to cover the mortgage?); and

 

b, a plea to the judge that the mortgage company reassess the situation and allow you to repay the accumulated mortgage debt over the rest of the mortgage term, whilst keeping up the current payments, to allow you to remain in the property

 

Whilst pointing out that the non-payments were due to circumstances beyond your control and to repossess and sell now would not only leave you homeless, but also destitute and probably bankrupt.

 

Just a thought and understand if you want to walk away now rather than staying on to fight....at the end of the day you have to do what will allow you to retain some semblance of sanity....difficult I would imagine given everything in your thread.

 

I live by the motto that everything happens for a reason - we might not know what that reason is at the time, but when the reason becomes evident it will all fall into place (and mines a g n t when you win the euro lottery). You never know that toy boy might be just around the corner...

 

Keep your chin up.

 

Jody.

[TideTurner]

Bona is right Bill,

 

If the worst comes to the worst, you need to minimise the impact. Also, don't forget that there are thousands who are finding themselves in negative equity positions, and this number is growing at an alarming rate.

 

The Courts will know this, as the Judge said to me "sadly, there are more and more people finding themselves in this position". Don't think he grasped that mine was not a recent thing.

 

If you downsize yourself, and let the property out, that may cover the mortgage until the current credit crisis is over (18 months), and you could then take up where you left off.

 

I saw this happen when I was working in London in the late 80's, 90's, and it only lasted a short period before the properties recovered again.

 

IF YOU CAN DO THIS, YOU MUST CHECK YOUR T&C's BEFORE YOU LET THE PROPERTY, AND IF NECESSARY OBTAIN THE PERMISSION OF ME.

 

Have you checked the Monthly Rentals in your area for similar properties? Can you do this online with local estate / letting agents using your postcode?

 

Your income would then increase to meet the monthly payments (hopefully), and you could avoid the shortfall until the market improves.

 

Tide

[**Tilly**]

Hi Tide

 

I will check the T&C tomorrow, but i don't think they will let me rent it out see'ing they have possession so to to speak. I don't think i would get enough rent wise to cover the monthly mortgage and if i have to rent private and add to mortgage i would

not be able to do it. I have sat and added up all incoming, and out goings and it would just not be possible. Wheres that toy boy when you need him

[Bona]

We had negative equity in the 90's and a repossession order we argued that we could pay the mortgage but that was all but that would stop the position getting worse while we got into a better situation the j\udge agreed and we went on and got out of the situation when houses rose again just see if you can scrape together the payments even with a lodger

[stonedecroze]

Hi Tide

 

Wheres that toy boy when you need him

They are like buses and policemen Tills, never around when you want one :D

[**Tilly**]

Just got of the phone of the phone to baliff, he said it is very strange that not heard

anything, he has nothing showing, and he said when i do recieve it i will have

the earliest 2 weeks longest 4 weeks move out, maybe a bit longer seeing he has not

recieved anything yet.(seems like a very nice man )

[jody123]

Hi Tills,

 

toy Boy material by any chance?!

 

Jody

[**Tilly**]

Hi Tills,

 

toy Boy material by any chance?!

 

Jody

 

 

Naaaa he hasn't got a yacht

[tonycee]

I will check the T&C tomorrow, but i don't think they will let me rent it out seeing they have possession so to to speak.

 

Disagree, in today's climate they will agree to anything (within reason) to get their money back. They really dont want to repossess, but have no choice.

 

I don't think i would get enough rent wise to cover the monthly mortgage

 

Disagree, 2 lodgers at £300/£325 each PCM will give you £600/£650 PCM towards costs.

This would leave a shortfall of £350/£400 PCM on mortgage payment.

 

£400 ??? Is that less than it will cost you to rent ?

 

Not ideal i know, but maybe a temporary solution ?

 

 

I have sat and added up all incoming, and out goings and it would just not be possible.

 

Please look again.

 

Just got of the phone of the phone to bailiff, he said it is very strange that not heard

anything, he has nothing showing, and he said when i do receive it i will have

the earliest 2 weeks longest 4 weeks move out, maybe a bit longer seeing he has not

received anything yet.(seems like a very nice man )

 

I dont think it is strange. I think ME are/were waiting for you to come up with a solution.

If you are resigned to the inevitable, then why not speak to ME ?

[**Tilly**]

Disagree, in today's climate they will agree to anything (within reason) to get their money back. They really dont want to repossess, but have no choice.

 

 

 

Disagree, 2 lodgers at £300/£325 each PCM will give you £600/£650 PCM towards costs.

This would leave a shortfall of £350/£400 PCM on mortgage payment.

 

£400 ??? Is that less than it will cost you to rent ?

 

Yes between 250 and 300 lower :o

Not ideal i know, but maybe a temporary solution ?

 

 

 

 

Please look again.

 

 

 

I dont think it is strange. I think ME are/were waiting for you to come up with a solution.

If you are resigned to the inevitable, then why not speak to ME ?

 

 

Have just rang ME and they wouldn't speak to me, told me to ring the

solictors, now waiting for them to ring me back.

 

Thankyou Tony

[TideTurner]

Sounds like it may be the Solicitors who are dragging their heels due to increased case load with this type of matter. This may give a bit of time Tills.

 

Thinking......

[**Tilly**]

i don't think they are going to ring back today,waiting...........

[tonycee]

So. Your contribution would be £350/£400 PCM towards mortgage, plus £150 PCM for £8,000 loan over 10 years.

 

You have to put up with a couple of lodgers for the foreseeable future, but you get to keep the house, and/or the time required to sort your life out.

 

Worked for me, worth a thought ?.