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advice on repossetion


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Hello everyone.

we are in a right mess finacialy with no way out at all.

As it stands today we are now 3 months behind with our mortgade and 5 months behind with the loan secured on the house.This is all with capstones.TODAY I HAVE BEEN IN CONTACT WITH THE ESTATE AGENTS WHO ARE COMING TO SEE ME ON FRIDAY ABOUT SELLING THE HOUSE BY auction.what i need to know and i dont want to alert capstones so cant ask them is how long do you think ive got left before they repossess and if they go for this am i still intiteld to sell my home by auction while the repossesion is going through. I know you help folks get out of this mess but there is no help for us as were both selfemployed hubbys had no work since xmas and my buisness i an trying to sell at the moment we just want to get rid of this house and start again at a more leisuly pace as all this is making us ill any advice will be gratfully received thanks.

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Hi Mrs Muddle.

 

So your 1st & 2nd charge is with the same company?

 

Have you requested a redemption statement with regards to you 1st charge(mortgage).

If not do you have a rough idea of how much you owe them.

 

If your not able to sell your house for the final redemption figure then your mortgage company wouldn't release the property to the buyer.

 

Have you spoken to either the C.A.B or someone along those lines.

 

The only offer option you may have....if you are completely sure your financial situation isn't going to get better.

You could hand your keys back to the MC.this atleast would save you any legal/solicitors fees.The MC would sort out the sale etc but there could be a managering fee through for doing this

You would however still be libel for the mortgage until the sale on the property had been completed.

 

Don't be scared to speak to your MC,there not all bad.

 

Good Luck with what ever you decide.

 

LH

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You cam only sell your house by auction if the amount covers both charges ie you need a reserve on it it you can do that they cant stop you but beware the price must cover commission solicitors cost ect.

 

what are your problems why are you behind there is help out there at the moment

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