Impending Reposession

[wild]

Hi looking for advice as we are starting down that repo route.

Firstly i am self employed in construction mainly.My partner works in a school as assistant,we have two teenage children.

We moved to our present home in Nov 07 having put 60% equity deposit.

I took out a self cert mort of 6.9% fixed for 5 years. (yes mad to do so).

Our first year was fine,though i was concerned how much i was paying out each month.It isn`t only the mortgage but media,phones foe myself and daughter. Cars,its scary when you add it up.

Work dried up earlier this year and i have not got a start since April. We went interest only last month but still high as we pay the fixed rate.

After many sleepless nights,thats myself by the way.We have put the house on sale.Yep,we got burned by it all but we are worried we wont sale by the time we fall in arrears. By end of summer we will be.

My partners now decided to part company when the house is sold, cant say i blame her as i have gone to pieces with worry.

What concerns me is we could realistically get reposessed before we can sell. The other is how do we get in rented when we have no funds?

All im thinking of is that two removal vans outside and nowhere to go?

Would be grateful for any advice.

Meanwhile i will keep on the job hunt.

 

Wild.

[questioning]

Really sad for you reading your post.

How old are your kids, are they under sixteen, would they stay with you or go with your partner?

[wild]

My daughters 18 and my sons 14 and they will go with ex. My son has aspurgous and schools were hell for him,so he is taught at home using online schooling.Hmm never thought i would ever say EX.

[Markiemark1]

Hi Wild

 

Sorry to hear of your problems. Can I ask who your lender is? They MAY have an assisted sale program in place which would allow you to stay in the house until the property is sold.

 

Have proceedings been started?

 

Try not to worry too much - easier said than done I know, but you'll get plenty of help and assistance here.

 

Mark

[wild]

Hi Markie, assisted sale? Never thought to ask. Though when i asked what the procedures were, they said 3months arrears then repo. Before we get there, it looks as if we will need funding to each find some where to rent.Looking through the forum, it could be that we bail out early while we have funds. The thought of losing our home then having no where to go is a nightmare thinking about.

[questioning]

Hi Wild,

I'm sorry i don't know much about repo, i live in nice affordable rented accommodation and have done so since i left my parents home at 16.

I have friends with experiences who have had their homes repossessed. Because they had children under 16 they were allocated local council/housing ass. accommodation.

One couple got a flat with two bedrooms for them as a couple and a child of 14yrs the other family got a maisonette for them and their 10 yr old.

 

Now another friend sold as the going got tough and rented privately. She worked part time and OH worked full time, they had one child. After privately renting for nearly a year they went to the council and said they could not afford the private rents, (when they renewed the 6 month contract for the rented place it went up heaps) they proved their I & E and the rent they had to pay to the council and after a couple of months spent hounding the council they were given a housing ass. flat with two bedrooms. Their child was 9 yrs.

 

From those experiences it can be gleaned that whoever has the children could be given affordable permanent housing from council/ housing association. In your case going by what you've said this would apply to your partner, leaving you to rent privately. The general rule seems to be if you sell your home you intentionally make yourself homeless so the council have no obligation to house you. If on the other hand you are repossessed then the council should rehouse you, if you have children.

The example of my friend getting affordable housing because she could not afford the private rent is not a common one, AFAIK, but just shows that it is possible.

 

The good thing about getting council/housing ass. tenancy is that in time you could try and exchange for a larger property, you never know your luck.

At least with this type of housing as long as you pay your rent you keep your home for as long as you want it for. No contracts hiking the rent up shed loads, (only minimum rent increases yearly, or none at all) repairs and renewals done for you. Above all its affordable and you get treated fairly. I started off in a one bedroomed flat at 16 and now I live in a four bedroomed house in a quiet cul-de-sac. I only have two kids but we exchanged with someone. This year my rent was not increased at all.

 

I know this doesn't help you directly but it is something your partner could look into.

Obviously I don't know anything about you but you are both under pressure overload at the moment. You never know once this nasty episode in your life eases there might be a possibility that you two will get back together again.

 

I don't know if its too late and I'm just going by a TV advert now, but I've seen an advert which says a company buys your house and then rents it back to you. Don't know if this is something you could look into.

 

In reply to your last post that too is an option. You have obviously been reading the forum, I see that its enlightened you a little.

 

My hubby is in construction and I know that a couple of his mates have been out of work for a while too. One of them has taken up taxi driving, he actually likes it and has found that he's met a few interesting people while doing it. He is recently separated and has actually had a date with a customer which has pleased him no end.

 

I apologise for the long post and that i haven't been able to offer you real constructive advice.

Hopefully others who have been in a similar situation will post their experiences.

Kind regards Q.x.

[wild]

Heartfelt thanks for your kind words Q. We took a gamble and it blew back on us. Now we are on sale but the house needs a rewire,so it looks like curtains for us. The pressures getting to the kids now, not a happy home more a dread where we will end up one. I see about the re-housing, not if you sale. I dont honestly think either of us could rent seperately, shame it came to this and wish we were back in our old home.Ok it was like Beruit outside at times,and we had loads of vandelism done to our property and cars.We just wanted to move to better area.

[questioning]

Hi Wild,

I'm really sorry to hear your situation seems like its getting worse.

 

Have either of you sort any help from the Citizens advice bureau regarding your impending repossession?

The CAB advisor's would be able to look at your situation in detail and advise accordingly. As i said in my last post all I know is from friends experiences. Your local CAB will know what help is available in your area.

If you haven't visited CAB I really think you should. The more informed you are the easier things are to deal with.

 

Kind regards Q.x.

[Rowers]

Hi wild, dontknow much about your situation but try and sit down and speak to your lender, they will normally be willing to listen, perhaps a mortgage holiday or reduced payments . Anything just to stall so you can sell, tell them you need time! look at the national debt website it has some fantastic templates for just this sort of problem that you can use.

 

:)

[jansus]

Your lender would have to take you to court before they were granted possession - so the final decision about when you should leave is up to the court not the lender.

 

If you are selling the house they would give you some time to do that (MUCH better for you to keep control of costs)

 

I would always advise writing to the lender with your proposals and plans ( by recorded delivery) in case you need the evidence in court.

 

Also always try and maintain some MP - however much you can afford to show the court you are doing your best. This means the arrears wil not be leaping up by whole MP at a time.

[dehowletts]

Hi

 

so sorry to hear of your situation on all fronts, i have a few suggestions:

 

• go to your local homelessness office (ring your council & ask them to put you through) they are very much about preventing becomming homeless especially where children are concerned
  
• suggest seeing a relate councellor to your partner (as a woman I'd be really impressed if we were in relationship difficulties & my husband suggested this!) to try to exhaust all alternatives to a split because it's quite a radical extreme decision given that nothings 'normal' about your situationfor either of you right now
  
• contact the NAS (National Autistic Society) my husband used to work for them and they may be able to do something to support you because of your son The National Autistic Society - Home
  
• contact Shelter and see if they have any suggestions too Shelter, the housing and homelessness charity - choose your location
  

Hope things improve soon..............

 

Deh's

[Rorschach]

Sorry to hear about your troubles.

Just to confirm, have your mortgage company already obtained a possession order?

If not, Pre-Action Protocol brought in last year states that they should not start possession proceedings against somebody who is actively selling their property.

So, if you are, the first step is to send all the information you can (marketing documents) etc, to your mortgage lender. If they decide to start possession proceedings still whilst you are selling then Pre-Action Protocol states they must write to you to explain why they have issued possession proceedings. A Judge is unlikely to look favourably upon them if they try this whilst you are actively marketing the property.