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rockykev

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i bought a flat three years ago and Gmac repossed it and came out with a mortgage shortfall of £65,000 i have a present property which has got negative equity.at the moment i am stuck on interest only payment.i contacted an advise company called IBAS and i rather feel they were on the side of the lenders due to the sort of advise i got from them so i wrote to the financial ombudsman for help and it took about a whole year from them to access my case.they have recently written to me that they can not uphold my complain because they feel the lenders went through the right channel to repossess that property.i now feel i have been pushed back to the lion and i am now scared and dont know what to do because i know Gmac will now know that i lost my case against them and will be writting to me shortly through their solicitors i live with my wife and children at the present property and fear they might put a charge on it.any advise from some one of what to do next.thanks rockykev

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Hi rockykev,welcome to the CAG,where you will get much help and advice as time goes by.Just wondering how you got a mortgage after being repossessed.FOS decision agreeing with lender,info about shortfalls and some letter templates here .Debt Factsheets - Mortgage Shortfalls Keep posting rockykev ,many will help you through this,best wishes Tawnyowl

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Once house is repossessed debt becomes unsecured ,but i suppose charges on a new property could follow further down the road so seek advice maybe from Free Debt Management Plans, Free IVA Debt Advice and Free Debt Help | Debt Advice | Payplan or cccs or cab Tawnyowl

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Thanks Tawnyowl for your help the property that i live in now is the old one i have and yhe new one i bought was the one which was repossessed and i have also contacted all those debt advicers but i could not get much help even the Cab

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can any one give me more advice for mortgage shortfall thanks

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I suppose rockykev,its just a case of waiting.The worst thing i can imagine happening is they will contact you if they know your present adress,asking for the shortfall.Perhaps then after you exhaust all the letter processes,down to you making a ridiculous offer to settle the shortfall.If they dont accept then i suppose they will try to get a charging order on your house.As you say there is negative equity, they wouldnt gain anything by trying for a order of sale,unless they waited for many many years.They have up to 12 years to go for it.If they did i suppose then you may have to face other options.You may hear from them in weeks ,months or maybe a year or two,i dont know.The best i can imagine is they decide to write it off,mmmm.My view only and wish you well.Tawnyowl.

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thank you tawnyowl you are great i am now waiting for the letter from gmac ans see what they come out with but do you think i need a solicitor at this moment

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Wait until you get a letter from GMAC then you could send them a SAR. When you get the letter come back here and we will help you with a response. Do not make any offer of payment at this stage.

 

Ell-enn


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My advice is based on my opinion and experience only. It is not to be taken as legal advice - if you are unsure you should seek professional help.

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thanks Ell-enn i will definately do that as soon as i receive a letter from Gmac i do appreciate your help but keep visiting my site and as soon as any thing happens please give me the advice needed thanks

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i have not heard from Gmac yet but i am scared of the letter i am going to receive can some one help me

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Relax for now rockykev. When you receive any letters from Gmac we will be around to help you through, Ell-enn is brilliant at this sort of thing, so try to relax with your wife and children.:) Enjoy the holidays and the summer whats left of it. Tawnyowl.

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Thanks Tawnyowl i will relax as you said and will get you posted as soon as i hear from them

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I just read from a thread about some one asking about delays if the financial ombudsman services delays dealing with cases i have been through similar situation and have even posted a thread about it.it took more than 9 months to get to the adjudicator and at the end of the day i had a letter to inform me that there is nothing they can do about it therefore i have been handed over to the lenders and now waiting for their letter can any one also advise me whether to contact the FSA

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