2nd Mortgage - Repossession Hearing Help Needed

[ostrichnomore]

Hi all,

 

I have a joint 2nd mortgage with Ocwen/iGroup/GE Money from 1999. Around this time last year I saw an annual statement which showed some £7500 outstanding in the final year of a £14000 10yr loan & listed regular "additional interest" charges which were greater than the regular interest. I queried the figures with GEMoney & was sent an our 1st sight of our 'interest bearing charges statement'. I made an official complaint re not being informed re outstanding charges which they logged & gave me a reference number but never responded to. I then sent SAR in Jan & received documents in April finding out that "additional interest" had been accruing on our account from it's second month & that was 2yrs before any action ie returned DD, which may have resulted any charges. Our payment history has been far from smooth resulting in charges around £2500 up to 2007 but GE's annual statements have been designed to hide charges & rack up interest if you miss them. I have statements both monthly & annual which do not correspond with the interest charges statement.

Around the same time my business went bust & my wife & I are also now in the midst of a long overdue divorce so I had not followed up, but trying to juggle the divorce, bills & deal with missed council tax from when I was away from the property has resulted in no payments to GE since May & they are seeking possession. Arrears are now £1200. My wife made an offer of £100 on top of the regular payment before the 1st hearing in August but nothing has been paid & in any case the hearing was adjourned as GE's paperwork was not correct. They were directed to File & Serve the copy mortgage deed within 18 days which they did but they didn't send us a copy & we weren't to be "charged with costs of & incidental to today's hearing".

I stupidly had not filled in a defence so I urgently need help with that also can anyone please check our Credit Agreement

 

http://i570.photobucket.com/albums/ss150/rapidview/GeMoney1.jpg

http://i570.photobucket.com/albums/ss150/rapidview/GeMoney2.jpg

Edited November 11, 2009 by ostrichnomore
corrections

[IdaInFife]

Iv'e moved this to the appropriate forum for more attention

 

ida x

[ostrichnomore]

Many thanks Ida, this is obviously where I should have posted but I'm not thinking straight at the momment

[on*the*case]

The first hearing was in August, and it was adjourned. Is that right? Do you have a date for the new hearing?

Arrears are £1200. Have you spoken with the lender? They may accept an offer of a lump sum against the arrears and your undertaking to make the monthly payment plus an amount off the arrears. Is this a possibility?

[ostrichnomore]

Thanks for replying On*the*case

Had the hearing today. GE Money were granted possession in 35 day's. The loan finishes 15/12/2009 & even if all the arrears are paid GE are not willing to extend the existing term. Round 1 to GE Money, so I guess I'd better look over the threads for the next step

[on*the*case]

Had the hearing today. GE Money were granted possession in 35 day's. The loan finishes 15/12/2009 .........

 

Right.

Someone will be along later who can give proper advice on the way forward.

Its not over yet.

[ostrichnomore]

What is the best way to get possession stayed so we can possibly sell the Property?

[maroondevo52]

Hi, on*the*case.

 

Site Team are aware, trying to get you some help.

 

Regards.

 

Scott.

[on*the*case]

Thanks:)

[Ell-enn]

Hi there, you need to enter an N244 application at court asking for time to sell - there is case law you can use for the judge to consider. I have affixed an N244 form to this post so you can see what it is. If you need help filling it in - in particular Q.10 of the form (your defence statement), please let me know and I'll help you draft it.

 

There will be a fee of £75.00 to pay when you take the form into court. However, if you wait till you get an eviction notice the fee is £35.00.

 

In the meantime you need to get a valuation on the property and get an estate agent so you can show the court you are serious about selling and not just playing for time. You will need some documentary evidence that you are selling to take to the court for the hearing, so you need to get on with the valuation and estate agent asap.

 

Is your primary mortgage up to date?

Is there enough equity in the property to settle both mortgages?

 

Ell-enn

[ostrichnomore]

Hi Ell-enn,

 

Yes the primary is ok & there is more than enough equity to settle all mortgages. I think you may have forgotten the N244 but I found a copy on another thread where you gave advice. Many thanks for helping out.

[Ell-enn]

Sorry, the form didn't attach to my post. If you need help with a statement for Q.10 of the form, let me know