Can I avoid repossession?

[jansus]

Ell-enn is giving you good advice. If the arrears are capatalised along with the charges then you should be able to move forward. there are also posters here who have complained to the FOS about the high level of charges and soem have had then refunded. some lenders are under scrutiny for these automatic charges.

 

Keep in communication with your lender and let us know what reaction you get

[jansus]

Pre-Action Protocol for Possession Claims based on Mortgage or Home Purchase Plan Arrears in Respect of Residential Property - Ministry of Justice

 

 

I dont think at the present time the courts have the power to force a lender to change the terms of the mortgage - but if your case went to court the lender would have to explain why they have declined that option.

[jansus]

you have to remember this is all personal opinion - but if at all possible try and sell rather than hand the keys over. There are lots of horror stories about the costs incurred by the lenders and the price the properties sold for.If you are in negative equity you will have to get permission for the sale to go through - but if they refuse permission and then consequently sell the house for less you should be able to challenge that in court.

 

As for the balance they can in fact chase you for the balance owing for 12 years - but they can not get blood out of a stone and quite often would come to an agreement about the debt.

 

Have a look on this site in the money /arrears section for what happens if you hand the keys back.

 

www.direct.gov.uk

 

If at all possible I would at least pay the normal MP at the moment and hopefully the court will look on that favourably.

 

At the moment you need to try and minimise the loss and the option of you renting seems quite a good idea - and as you say you will not have the added pressure of all the worry about what will happen if the rates go up.

 

Or you stay there and hope that house prices do iincrease again?

 

As you can see it is all a matter of opinion unfortunately

[jansus]

Mortgage arrears or payment difficulties : Directgov - Money, tax and benefits

 

 

see link at bottom of this section

[jansus]

Hi, sorry that you have had to make this decision but hopefully in the long run it should ease your stressful situation.

 

I am afraid I know nothing about BR but how can they get the shortfall if you have very little income and no asset?. I would try the directgov website as I think they have a link to info on BR.

 

Were you "sold" the morgtage in the knowledge that it would go past your retirement date? What was in palce for you to ensure you could continue payments at that time?

 

Is your rental house all definitely sorted , are they fully aware of your situation?

 

I will see if I can find a link about handing the keys over

[jansus]

What happens when you become bankrupt? : Directgov - Money, tax and benefits