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Voluntary Repossession

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I am wondering if anyone can help me with some advice on voluntary repossession. Is looking like we are going to have to go down this road after trying to sell the property for months now and getting nowhere with it. We don't currently live in the property and am unable to afford the full mortgage payments, have been paying about half of it for the last few months but Birmingham Midshires have refused to accept or let me go onto interest only. Has now been passed to solicitors so I think am going to have to bite the bullet and give it back to them before they take me to court for repossession anyway and I will be stuck with court costs on top of everything else.

Have been trying to get some advice on the subject but CAB simply said it 'wasn't their area' and I should speak to a solicitor and CCCS said I should give them the property back and go bankrupt, which I didn't find very helpful as this is something I don't really want to unless it's absolutely necessary, plus it is in joint names so would get a little complicated.

 

My main queries are:

I am aware that the property is in negative equity at the moment and so there will be a shortfall, but are the mortgage company under an obligation to try and get the best price for it or can they just take anything no matter how low?

 

Since I would be giving the property back to them rather then it being possessed through a court would this mean that I would avoid repossession legal costs?

 

Does anyone have any experience of how they sell the properties, is it generally auction or do they use these 'quick sell' companies or something. I ask because I know the quick sell companies don't charge solicitors fees so if they do use those then I don't think I should be liable for solicitors fees since if I sold privately to them I wouldn't have to pay them.

 

Also they have put a lot of charges onto the account, I think about £600 in the last year alone for not making full payments on the account. Would I be able to go about claiming these back once they have sold the property and I have a final amount from them on what is owed?

 

Any advice or experience would be very much appreciated.

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I can't answer any of your questions as I am wondering the same myself but the one thing I see here is that 99% of the properties being repo'd go through the auctions and it seems to take a very long time.

 

Have you tried calling Shelter ? They are really helpful and do have a lot of information about the legal side of things. They can also refer you to the community legal advice centre and if you qualify for free legal advice they can help you no end.

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Hi Gothicfairy,

 

Thanks for the support at least. Feel like I have banging my head against a brick wall all day trying to get hold of someone who can offer some advice on this. Called cccs again and they didn't seem to really be very knowledgable on the subject - the guy I spoke to said that if they sold it at auction there wouldn't be any solicitors fees to pay, which I'm sure isn't true! He then directed me to Community Legal Advice helpline, after being on the line for over half an hour and giving all my financial and personal details twice I was then told that because I'm currently living in Scotland (I called the England helpline since the property is in England so English laws will apply) the advisor then needs to go and make sure they're allowed to talk to me and will call me back later (several hours now and still waiting). Have been trying Shelter since 10am this morning and am unable to get through to their helpline, the only time I actually got put into a queue and not told to call back later cause no one was free then I was on hold for over half an hour and ended up having to go.

Spoke to Payplan and the woman was rather unhelpful, basically said to me that was I aware that voluntary repossession was a bad idea and I would be liable for all shortfall on the mortgage and why had I moved in the first place. Erm, if I had a choice I wouldn't be doing this but I really don't feel like I do at the moment. Also trying to put me through to Payplan financial for additional solutions for my unsecured debts - do they sell stuff as well? Said I didn't have time at the moment, one thing at once *sighs*.

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Oh I am so so sorry..

 

I know Shelter are very hard to get through to. I started at 8am on the dot and got through at 10.47am and that was redial every minute or so.

 

I wish I was a stronger person cos at the moment I cry at the drop of a hat and I am sure that does not help as they all then think I am weak which then makes it much worse.

 

Be strong and I am wish you all the best. I might not be able to offer practical advice or help but if you wanna rant then I can do that.

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Ooooo podperson I am in a similar position to you. My husband lost his job 2 years ago from earning £60k a year to £100 a week! arrrgghhh. We had to move to get a job where we almost live for free (live free and and get a crap wage!) with the people's whose business it is.

We have 2 dependants too. I had no choice but to move aswell as I was on maternity leave and earning almost zilch!

 

Our property won't sell and we are stuggling to pay mortgage PLUS the crazy sods won't help you unless you live in the property. Thus far family and friends have helped us, but it's getting beyond ridiculous now so we are thinking of just giving back the keys.

 

We are with Northern Rock - who I often slam on the phone that if it wasn't for the tax payer (of which my husband has paid a fortune in tax) they wouldn't have any customers at all and the person who I am talking to on the phone wouldn't have a job! Anyway basically a voluntary re-po still goes on your credit rating as a repossession but it just saves court costs etc. We would still be liable for the shortfall. The woman promised to sell the house at the best price possible - I said it's been on the market for 2 years at the best price possible and no one has yet purchased it, so how would Northern Rock look at doing it? Of which I said you'd put it on at £150,000 wouldn't you? (the property is up for £210,000 - was up for £240,000 so we've already reduced it loads!).

 

I just love having a rant and rave at these people to let them know how stupid they are. I know they only read off a computer screen, but no one seems to have an ounce of common sense. If they repossess it, they say we can put the shortfall as an unsecured loan and repay off what we can afford.

 

However my husband said he is going to go bankrupt, so they won't see any money and I won' earn enough to support a husband and 2 dependants and say I can't pay anything either. So after about 3 years they'll wipe the debt off.

 

In the meantime we will rent.

 

p.s gothicfairy Don't get upset, it's not your fault it's the crappy systems fault. We are all conditioned to follow the rules of a ****e system, don't play their game by their rules! x

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