morgage lender wont repo ?

[tonyf333]

hi to cut a long story short , self employed cant afford morgage payments . so want my lender to repo the property . we have not been able to pay a penny since december last year all ive had is letters saying same in 15 days we are starting legal procedings , the month after the same but they never start legal procedings , ive already got a council house and were all settled . we just need them to do it so we can rebuild our lives . how long do they usually take to do this any advice or insite are welcome.

[Ell-enn]

Is there any equity in the property?

[tonyf333]

with costs i owe them 90k the house is only valued at 95k

[Ell-enn]

Is the property on the market? obviously it would be best if you could sell it yourself rather than let the mortgage company sell it under-value and come after you for the shortfall.

[tonyf333]

i cant afford to pay the fees to sell it . wish i could

[Ell-enn]

OK, have you asked them for a redemption figure? this will be different to any outstanding amount on arrears letters etc. Are you in a fixed term mortgage i.e. is there a penalty for settling early?

[tonyf333]

yes £2,000 early settlement charge , is it normal for them to leave it 8 month when no payments are being made .not asked for a redemption figure ,they sent a letter saying they would want 89k +charges .

[Ell-enn]

This is taken from the National Debtline factsheet on mortgage arrears and handing back the keys. You can get advice from them on this : http://www.nationaldebtline.co.uk/england_wales/pdf/self_help_pack/mortgage_arrears.pdf

 

 

Handing back the keys

Remember

Handing back keys

You may be thinking about handing the keys back to your

lender or selling your home.This may not be a good idea.

Contact us for advice.

If you give your home back to your lender, you will still be

charged the monthly instalments on the mortgage. If you do

not pay, your lender will add the instalments to the debt you

owe when the house is sold.They can also add extra interest

on to the arrears figure.The monthly instalments will only

stop being added when your lender sells your home.This

could take a long time.The lender will probably add solicitor’s

and estate agent’s fees and any court costs on to the bill.

Your lender will probably get a lower price for the house than

if you sold it yourself. It is harder to get a buyer for an empty

house. Empty houses are more likely to be vandalised or damaged.

If you give up your home and ask your council to rehouse

you, they will probably say that you have made yourself

‘intentionally (deliberately) homeless’ and refuse to offer

you anywhere to live. Contact us before you do this.

[tonyf333]

ive already got a council house luckly my original morgage was taken over by bank of scotland then they were bought by halifax

[Guest wino]

You need to get proper advice as ell-enn says.

If you let the mortgage company repossess the house it will go to auction or through an agent for best offer. It could go for anything £50k -£60k. You would still be liable for the outstanding amount. It is best you try and sell it for as much as you can.

[tonyf333]

ok thanks for all input .