Losing the fight

[ascint57]

My wife's ongoing battle with Oakwood re her second home is reaching its final stages, sadly. Since her tenant was frightened off by their eviction notice back in August we've not been able to get another tenant so the arrears have mounted and the value of the house slipped from over 165k to less than 80. She tried to sell it in an auction for that but it failed, and although she's had two subsequent offers of 71 and 75 k she's unsure what to do. Both offers do not cover the first mortgage, let alone the 12k she owes on the second and the costs to solicitors etc. I keep speaking to Oakwood but as they have an eviction order I expect a notice to quit soon.

 

What do we do next ? CAB advised we accept the inevitable and let the house go, but the subsequent costs are the worrying bit, especially as I'm a joint signature on the second loan, have been unemployed for 2 years and we are only just coping keeping our main residence, which is also up for sale and not selling

[Rorschach]

Hi Ascint,

Have you approached the mortgage company regarding value of the property being less than the balance of the mortgage?

If they are practical, they may allow the sale to proceed as it is likely to realise more money than a repossession. They are likely to expect you to pay the difference on an unsecured basis, can you afford to do this?

[ascint57]

I told them of the offer before Xmas and was advised nothing short of paying off the arrears or a signed contract would stop them going for repossession. I rang today to say the estate agents were trying to negotiate an increase on the offer, and was told they could do nothing unless I cleared the arrears.

 

As to the second part of your question no. At the moment we are just paying for our own mortgage and living expenses, being with a CAB debt councillor re our shortfalls.

[ascint57]

Oakwood have been in touch to ask me to provide a breakdown of my charges, solicitors, estate agents, etc and a proposal on how I would clear any shortfall, based on my received offer.

I reminded them that they are taking possession of the house and they cut me off.

[sillygirl1]

Sounds like Oakwood don't know what is going on. I would send them an email or two and pester them that way.

[ascint57]

Sounds like Oakwood don't know what is going on. I would send them an email or two and pester them that way.

 

 

I had that impression too.

 

What worries me is what do I do about the shortfall, what is their likely action, I do have assets elsewhere although the property under view and loan is in my wifes name so it could be complicated.

[sillygirl1]

Despite what they are continually telling you the shortfall will not be a secured loan once it becomes a shortfall. They may attempt to take you to court but this can be heavily defended.

 

I think that if you have a second loan and the house is repossessed the shortfall is covered by insurance policies which seem to think they can claim from you - WRONG.

 

Im in the same position with GMAC and London & Scottish, both now in administration and I am waiting for THEIR paperwork relating to items on the joke of a statement they sent, £4500 asset management fee, whatever that is, added after repossession (according to the repossession is supposed to lessen the amount I owe them, their own words, so why slap this thinkly disguised early resettlement fee in the pot. They stiill have to provide the actuarial sheet they used for the calcualtion of interest and have gone strangely quiet since my request!

 

Have Oakwood ever shown the TRUE level of arrears on this account and not an inflated amount including arrears and charges? If not a complaint to the FOS is in order.

[ascint57]

not only have they never shown any account of the arrears apart from a monthly reminder, the statement promised to me by their representative has yet to show up 7 days later and I'm still waiting for the eviction to take place.

 

Its now getting scary, my wife's really down about it and the CAB advisor works 2 days a week and is in court for one of those and busy the other.

 

Hopeless were do you go for advice.

[Ell-enn]

Im in the same position with GMAC and London & Scottish, both now in administration .

 

GMAC in administration? when?

[slgsue]

Just a thought have you tried to contact Shelter on 0300 3300 515 (sorry if I shouldn't put phone numbers on ) They are open 8-8 every day and I found them very helpful and not at all condecending which can be a problem and very upsetting when you are in this situation. They were able to give me local places to contact if I needed it. Thank fully it appears we no longer do.

Sorry I know its not much help

[ascint57]

Thanks for the thought, they were helpful initially but the local office has problems with their financing rules affecting those who have more than 1 property. The nice guy dealing with me was told to drop my case because it should be the tenant they were helping. Took me 5 months to find that out mind.

 

Ell-enn was of tremendous help initially but we have lost the will to fight now the property value has dropped so much

[ascint57]

Eviction set for 9 th Feb.

Then out of the blue a nice bloke from Oakwood comes on yesterday with all sorts of suggestions to what I can do to try and stop eviction, I'm assiuming because they know they are going to be left with a hard to get shortfall. Why did they not suggest these things ages ago instead of leaving it until its near impossible to get the required info to them?

He even suggested I go to court to persuade a judge to stop eviction because I was trying to sell and was willing to re let the property, which I assume you can do.

I also presume the chances of suceeding are poor

[sillygirl1]

If you go to court to stop the eviction on the grounds that Oakwood now want to play ball I would get it in writing from them. They sound like they are trying to intimidate you.

 

Is this a hearing for an eviction date or the actual eviction itself, if it is the acutal eviction I would get to the court tomorrow and ask for an emergency hearing and get Oakwood to confirm that they want to negotiate, and as part of the negotiations you want them to freeze all further charges on the account... this won't be setting a precedent and will give you some breathing space.

 

I think your chances of succeeding are high, I think THEIR chances of squeezing by are minimal, but then I am not a judge and not qualified in law so this is only from my own experience.

[ascint57]

Sadky the judge I seem to get in Wrexham favours the lender even to their surprise sometimes as I found with my other problem with Blemain.