Capstone repossession next week

[kdsplit]

We are facing possession order on 20/3/09 and would like some advice please.........

 

We will not be defending, we have moved out of the property, have no belongings inside and have no intention of returning to the property.

I have filled in the forms sent by the court, and attached a letter basically outlining the above and asking for the judge to allow the repo.

 

Questions.

 

1. We have a mortgage on the house, Capstone is a secured 2nd mortgage. If they get the repo what happens? Do the main mortgage company get their split first and whatever is left goes to Capstone after it is sold?

 

2. Will the court take the letter we have written into account and grant an order?

 

3. What do we do with regards to keys if the order is granted?

 

4. Neither myself or partner will be able to attend the hearing, him due to work commitments and cannot get time off, and me due to taking a family member to hospital for a minor op. Will this be a problem if we dont turn up?

 

 

Any advice will be appreciated, thanks guys.

[OLIVE.FAMILY]

Hi there

Can you not write directly to Capstone and send them the keys. Tell them there is no need for a hearing as the house has alreay been vacated. I believe(some one with more knowledge will correct me if iam wrong)that the first mortgage shold be cleared as they are the first charge then after that capstone will have their bit. If there is not enough then you will have a shortfall with capstone. Explain to capstone that neither you or your husband can attend the hearing. I would be tempted to send them the keys aswell so they dont have to charge you for a locksmith but again I am not entirely sure that would be the right thing to do.

 

Hope this helps you a little

 

Good luck

olives xx

[kdsplit]

Thanks for the advice, all is appreciated.

Somebody told me that if i handed back the keys then i am responsible for the house still? But if it is repossessed then the mortgage company becomes liable???

I am really confused now!!!

 

The hearing is this week, and i would appreciate any other advice,

 

Thanks.

[chris600uk]

Somebody told me that if i handed back the keys then i am responsible for the house still? But if it is repossessed then the mortgage company becomes liable???

 

Good grief no!

Unfortunately you remain responsible for the property until it is sold, at least that's the way it was explained to me.

And once it is sold, if the proceeds of the sale are not enough to cover the outstanding debt, then the mortgage company have up to 12 years to pursue you for the debt.

 

I think that is why our man at the Citizens advice Bureaux was recommending voluntary bankruptcy. His view was that it didn't really matter how little our house was sold for because if we went bankrupt it was then the mortgage lenders problem.

 

I got the impression that he had very little sympathy for mortgage lenders.

[kdsplit]

Thanks for that, Yes i spoke to the CAB and they said the same.

 

I just want to know if it will be a problem if we dont turn up for the hearing, and what do we do in respect of the keys?

If we hand them back to Mortgage company will they still change the locks and charge us for locksmith?

[chris600uk]

I just want to know if it will be a problem if we dont turn up for the hearing, and what do we do in respect of the keys?

 

personally I would never miss a hearing that might potentially cause me financial loss.

 

The bailiff will call at the appointed day and time - you can meet him and give him the keys.

 

 

If we hand them back to Mortgage company will they still change the locks and charge us for locksmith?

 

Oh yes!

 

Can you imagine it! 24 hours after you're supposed to have left, what would happen if you then decided to squat there.

 

They'd have a hell of a job getting you out

 

They'll change the locks alright.....

[kdsplit]

Hi all, repo went ahead and we have until 17th may to hand over keys........

do we arrange this with primary mortgage company, or the 2nd charge mortgage company who took us for the repo????

It says on the letter we got on the 17th april or before..... we have left the property so sooner rather than later will be better for us..any advice?