Tilly V mortgage express repo

[**Tilly**]

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

 

 

kia you and me both hun ive had a stonker of one all day

[**Tilly**]

Tilly - someone else in a similar situation

 

http://www.consumeractiongroup.co.uk/forum/formal-solutions/150904-seriou

sly-considering-br.html#post1601145

 

 

Thanks giz off to read it

 

 

 

 

Tilly

[Bona]

Tilly

you may not be need to go banckrupt it will depend if they enforce the shortfall which is why if they dont allow you to sell you will have a case against them I know its hard but you need to go through the motions in order to protect yourself later

Bona

[TideTurner]

No shortfall can be pursued until the property is sold. It is better for Tills to sell it than the mortgagee in possession, as it is likely that a better price will be achieved - mortgagee simply wants (and needs) money in the bank ASAP and will therefore sell at a great loss for a quick sale.

 

In the bigger picture, if they repossess and sell too many of these properties, they run the risk of surrounding properties decreasing in value, therefore, more problems.

 

Problem is the longer the sale is put off, the less it can be expected to fetch.

 

The vultures are already circling...

Edited July 8, 2008 by TideTurner

[Bona]

I agree but if the mortagee wont give permission and its repossessed then Tilly would have a good chance to fight any shortfall the mortgage company have a duty of care ( ha ha) and not to agree to a sale with a possession order then sell for less would be tantamount to negligence

[sillygirl1]

Haven't posted here for a while but in my case when I had reposession and an alleged shortfall the company still havent registered the sale price on the relevant websites and nothing is showing in the land registry documents - the shortfall for me was £5000 and they sent a letter offering £3000, as there is that much in charges I sent a letter back asking to write it off - heard nothing back.

 

Whilst the shortfall may seem huge to the BS it is "gaining money" by being able to chase you for 12 years on the money - in 12 years time you will be coming up close to retirement and there is the risk they may seek to get the shortfall from any pension lump sum payment - how legal or possible this is is being looked into "just in case". Another stick to use further down the road.

 

In Tills case I think if they DONT allow the sale she has more ammo against them and future claims on any shortfall - particularly given the state of the market now - no buy to lets buying, no first time buyers able to get even 80% mortgages and the majority of people being 'capped' at 75% of the 'low' value of the property (the above confirmed by a friend who is an estate agent changing to a car buyer....)

 

If the mortgage company don't allow the sale as Bona says above it could be negligence in the current market.

 

On reflection bankruptcy could help get rid of the possibility of the mortgage company 'poaching' from any pensions payment in the next 12 years and would ease some of the worry - but again it needs a lot of thought - if there is more than one creditor then it may be worth it.

 

One other thing Tills should do is keep a record of what is selling for what in her area to use in future battles with mortgage company.

[Bona]

If they dont let her sell and they repossess as TT says they will have to get a money judgement before they can go for here that will be difficult if they do not allow the sale and if she dosnt have a money Judgement she dosnt have to go bankrupt if they let her sell then there will be a shortfall and she will have to decide what is best for her to do then so I would sugests she asks the company in writing if they will let her sell and see what they say

[TideTurner]

One other thing Tills should do is keep a record of what is selling for what in her area to use in future battles with mortgage company.

Land Registry is good Bill, or try Mouseprice | Free property valuations & latest Land Registry house prices - just enter your postcode. Make sure you get screenshots for your file.

[**Tilly**]

Morning

 

Will be writing to Me today asking if they will let me sell,and after many phonecalls

yesterday with estate agents, and me saying no too the offers made, it has now been

increased so i suppose you could say im under offer so it just leaves ME to say yay or nay.

[honey5]

under offer sounds good

I would imagine it would be in MEs best interest to let you sell

hope this is the turning point you and the WHOLE of CAG have been waiting for

 

honey x

[Bona]

You probally need a solicitor to help you deal with ME so get your conveyancing solicitor to have a go at them also explain that if they say know and they sell for less you will opose any claim they make for a shortfall if they agree you will make them an offer

 

Well done on an offer did you get them up much

[**Tilly**]

Well looks like it is back to square one, estate agents been on the phone yet again

the dudes that made the offer insisted that the house be taken of the market for

a month, to give them time to sell their house, if i didn't they would drop the price :o

so thats that one out of the window, both estate agents have been arguing, one saying take it off the other saying leave it on, as i need to try and get the best possible price.pleeeeeeeeeeeeease dont shout at me i could'nt take any more today

 

 

Tilly

[jansus]

if they are blackmailing you now then forget it - they could do it again later IMO . If they want it enough they will come back to you later - and who is to say they will sell within a month? and you may have missed a better buyer.

[stonedecroze]

This may make you feel a trifle better Tills. ME were having a corporate gig at the place where I work, and there was a large plastic sign saying "WELCOME TO ALL ME DELEGATES AND VISITORS" on a white background. I couldn`t resist and took out my marker pen and wrote "what a bunch of........(a word that rhymes with bankers)" and it was there all day. wont do much good, but it made me feel better :D

Edited July 8, 2008 by stonedecroze
spelling gremlins again

[**Tilly**]

lmao Stone that made me smile, thankooo

 

 

 

[**Tilly**]

Hi Jansus

 

That is exactley what i thought, as it goes i have another viewing on friday

see what fun this one brings

[Hopeful1]

This may make you feel a trifle better Tills. ME were having a corporate gig at the place where I work, and there was a large plastic sign saying "WELCOME TO ALL ME DELEGATES AND VISITORS" on a white background. I couldn`t resist and took out my marker pen and wrote "what a bunch of........(a word that rhymes with bankers)" and it was there all day. wont do much good, but it made me feel better :D

 

How funny!! You should have taken a pic just for the hell of it!!

 

Hey, Tilly! At least people are showing an interest in the house. Fingers and all other crossable bits crossed again for Friday

[Goldlady]

What a cheek, asking you to take it off the market. Keep at it Tills, and best of luck for Friday.

[Tawnyowl]

Good luck today. Tawnyowl

[sea-sidelady]

Good luck today Bill. Hopefully this will be the one to buy. x

[MilkTrayMan]

...Hopefully this will be the one to buy.

A very SMALL reminder for peeps...

 

Bill NO LONGER owns her house.

Mortgage Express has already obtained a Possession Order.

This P.O. has NOT been 'Stayed'.

 

Even if Bill procures a buyer, ME will be the ones who say 'Yea or Nay' to ANY eventual sale.

 

 

Bill needs to write a letter to ME asking to clarify the following...

Permission for her to sell the house + what is the LOWEST acceptable value that she can sell it for, unopposed by ME.

 

It may be advantageous for Bill to stress the generally declining housing market to ME, plus adding that a private sale would obtain ME a greater revenue than a sale via auction would, in the present financial climate.

 

IMHO...

 

If ME comeback + say that they expect a sale to the value of the outstanding mortgage, they have shot themselves in the foot.

Bill could just withdraw from the selling process + let ME do the selling.

This would probably be done by auction + by having already 'valued' Bill's house at the outstanding mortgage value, they would have deliberately 'undersold' the house + an argument against having to make good the shortfall can be legitimately made.

 

If ME comeback + say a figure LESS than the current mortgage value, this gives Bill the opportunity to price the house realistically (...if it can be ABOVE the figure stated by ME) + know what her 'cut-off' figure would have to be, to possibly avoid Bankruptcy.

Bill could then be in a position to negotiate a settlement figure with ME based on Hardship.

This MAY result in the shortfall either being written off, or reduced.

 

The advantage to ME in allowing Bill to find a buyer, is that they would get a greater return of their initial capital than they otherwise would + also a lot sooner.

 

 

...

[**Tilly**]

Hiya MTM

 

A letter is now winging it's way to Me, posted it yesterday so just sit and wait

now to see what their answer is, also i rang the court baliff this morning, still no

eviction notice applied for.

This mornings viewing went ok

 

 

 

[MilkTrayMan]

...A letter is now winging it's way to Me, posted it yesterday

Oh yeah...knew I'd mentioned my last Post to someone aaaaaaages ago...just couldn't remember WHO??...

 

U trying to say that I type sloooow Bill??...

 

 

...

[**Tilly**]

Oh yeah...knew I'd mentioned my last Post to someone aaaaaaages ago...just couldn't remember WHO??...

 

U trying to say that I type sloooow Bill??...

 

 

...

 

haha not only type too slow, looks like the brain cells are going too

 

 

runs and hides

[Tawnyowl]

How are you Tilly.