Firstplus repossession hearing 15th December - advice/help please.

[pubman1]

I'll speak to the ombudsman on Monday - the case has been allocated to an adjudicator now so the facts are now being looked at. If they are not going to decide either way before the hearing then I'll have to pay up - they were only ever going to get one payment before the hearing. If the ombudsman can decide before the hearing... well I guess that depends on who they find for in the complaint.

Also I came across something online about the Mortgage Rescue Scheme. Perhaps they would be able to help????

[pubman1]

Having looked through our finanaces over the last month it has become clear that even if the ombudsman finds in our favour it will still be a massive struggle to keep paying FP £650 per month. The ombudsman have said that while they have prioritised our complaint it is unlikely to be resolved prior to the next hearing on 12 March. Therefore we have decided to apply to the Mortgage Rescue Scheme and try to get a housing association to purchase either just the FP part of the mortgage, or the whole thing, and then rent the house back from them.

 

If anyone has any experience of this please let us know??

 

We have an appointment with MRS tonight to clarify exactly hiow it will go ahead. They have also said that they will attend court to confirm to the judge what is going to happen.

 

Pubman1.

[Ell-enn]

There have been one or two posters who have applied for the mortgage rescue scheme and if the judge is informed of this then eviction is suspended while the process takes place. Glad to hear they will attend court to support you

[pubman1]

I am still hopeful of the case being adjourned due to the FOS complaint - they are still in breach of the protocol after all! As we are eligable for the Mortgage Rescue Scheme, is it worth making any further payments to FP?

Edited March 8, 2010 by pubman1

[pubman1]

A rep from the housing assocation called around and explaind the whole thing. If we can successfully apply and get them to buy the house we will be so much better off! We would be able to make a start on repaying unsecured debts as well. My only concerns are that 1) We might get refused and 2) the judge at the hearing on Friday might award them possession as the FOS have not decided on the complaint yet and we have now changed our proposal slightly. Fingers crossed.

[Ell-enn]

Did the rep from the housing association leave you any paperwork or offer to come to court with you? you could do with having some proof of your applying for the scheme.

[pubman1]

There's an information pack, and she said that someone from the council would attend court but we have not heard from anyone yet.

[Ell-enn]

OK, you need to chase them up and get them to confirm who is attending and make sure they have the time of the hearing etc. if they can come to court and support you at the hearing it will help enormously.

[pubman1]

Hi,

 

Busy week!! Yesterday we had calls from the valuation man and the council. They did the valuation yetserday afternoon and I had to go to the council this morning prior to the court hearing. While I was there the valuation came through. The council looked at all the details and are happy to support the application for the mortgage rescue scheme, they printed 3 letters off to confirm this which I then took straight to the court. The solicitor for FP called them to discuss what to do and they told him to seek a 28 day possession order. Once the judge heard that we had been proactive and already started the MRS process the hearing was adjourned for 56 days tho allow the application to be processed. Their solicitor did not argue the matter and on the way out said that he knew that the case would be adjourned but had to follow his clients instructions!! So now we wait for the MRS application to be processed. There will be a shortfall for Firstplus once the main lender is paid but they'll get more than they would if they repossessed and the house was sold at auction. Will let you know how thisng progress.

 

Pubman1:)

[Ell-enn]

Excellent, glad to hear the council worked so quickly for you. Keep us updated

[pubman1]

Good news - the mortgage rescue has been approved by the council, the housing association and funding has been granted by the assembly government. They have an offer to buy the house on the way, we then will become their tenants and stay in the house. There is a housing officer coming over tomorrow to have another look at the house and then it will be all systems go. I had a call from Clarity Credit management who said that once they have written confirmation of this they will tell their solicitors to stop proceedings.

[Ell-enn]

That's great news - it must be such a relief to you, well done for sticking it out with the lender

[pubman1]

Update - we were back in court on the 10th May as this was the next scheduled court date. FP had instructed their solicitor to apply for a full possession order despite the offer to buy the house by mortgage rescue having been funded and accepted. This would (up until today) have left a shortfall of around £50K once the first charge is paid. The judge could not understand their standpoint and said "your client's position is hopeless". They could not understand what FP have to gain by managing the sale themselves - it would take longer and they would get a lower lump sum as the house - as a repossession - would sell for less. Their solicitors only arguement was that "they might get more" than the market value. Case adjourned for 28 days to allow further negociation - the council had been having problems getting through to the right person to negociate the shortfall but they have now got this sorted.

 

Cut to today - letter from the ombudsman to say that they have upheld the complaint for the PPI and the business (ie FP) will be writing to us with an offer based on the mis-selling of PPI. Not had the letter yet but if it's what I asked for there will be no arrears left. I just hope this doesn't mean that we cannot continue with the mortgage rescue as the loan would be prety much up to date.

[pubman1]

Bump

[pubman1]

Hi all, another update - we have been back and forth to the court over the last few months with the hearing being adjourned pending mortgage rescue. FP re wrote the loan following the ombudsman decision and refunded me about £1800 which was the interest @ 8%. There are still arrears on the loan - not really sure how they have worked it out and they havn't sent a statement yet. Anyway, the mortgage rescue is going through and we have a completion date of 13 September so as of then no more threat of repossession!! FP solicitors wrote to us to say that they had requested for the most recent hearing to be adjourned and that I did not need to attend. However, when I got the next date through (15 Sept) it said that their application to adjourn had been refused and that they are to attend the next hearing to explain why they did not turn up at the last one - I think I'll go along to hear that!! So, thnks to all on here that have provided help and support - I notice that this thread alone has been running nearly 10 months and there were other threads before this. Without the support and advice I've had from here I don't think we'd still be in the same house. Will let you know once completion is done.

 

Pubman

[pubman1]

All done - Mortgage Rescue has saved our home. Instead of trying to pay £200 to the 1st charge (interest only) and £599 to FP we now have a weekly rent of £83. Sale has completed and 1st charge paid off, £23k to FP towards the balance. My understanding is that the remainder of the FP loan will now be frozen with no further interest or charges and we'll negociate a monthly payment to them that we can afford. The remaider of what we owe them now becomes unsecured and will be treated the same as other unsecured debts. Next challenge is going to be to prove that they should never have let us have the loan in the first place and challenge it's validity, but that's for another day.

[Ell-enn]

That's fantastic news Pubman - well done for persevering with this - I sincerely hope you can now enjoy your home and have some well deserved celebrations.