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Suspended Repossession default advice needed please


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In 2005 my wife and I bought our home from our local authority and were paying our mortgage and a seperate equity release loan fine. In 2007 we experienced some problems and missed 6 months mortgage and equity payments. Our arrears came to approx 3000 pounds. In Dec 2007 we restarted making payments but by then HSBC had already initiated court proceedings for possession.

 

We contacted HSBC via phone and letter and made an offer of £20 extra per month on both the mortgage and equity release and this was agreed but HSBC insisted on making it all official and took it to court and a suspended repossession order was granted in January 2008.

 

Since the recession hit my joint business with my wife started struggling and after borrowing from friends and family so we could continue paying the mortgage we admitted defeat and closed the business and started claiming unemployment benefit ESA.

 

Our mortgage has not been paid since December 2010 so we are now 3 months further into arrears. We spoke to HSBC in early January 2011 and gave them our income / expenditure and they can see that we cannot afford to pay the mortgage and their advice was to simply hand the keys to our house back to them, we advised them that we would not be doing this as this would be making ourselves intentionally homeless and we would not be helped by our local authority.

 

We have applied to DWP for help with mortgage payments and have told that nothing would be paid for the first 13 weeks of the claim therefore putting us 4 months in arrears.

 

Our home mortgage and equity outstanding is approx 80,000 and there is a charging order on our home for 14,000 also from HSBC. A property across the road from us is currently up for sale at 84,500 so we know there is negative equity in ours.

 

My wife and I have agonized over this long and hard and due to the fact it is ex council house and the condition of the property we feel it isn't worth fighting for so think its best to cut our losses and move on.

 

We have tried letting agents but I am 1 month into a Bankruptcy and my wife is looking to go Bankrupt in the near future so no letting agency wants to know. We have also looked at private rental adverts but they do not accept DSS or pets and some wont accept children and we have 2 both still in school.

 

We have applied to the local authority for rehousing and have explained our circumstances and have been told they can't do anything until we get a warrant of possession order from the court. Can anyone give us any indictation what is the rough timescale for the warrant of possession to be filed for.

 

Since our conversation with HSBC in January we have received one letter from them asking for buildings insurance certificates but we dont have any. It also said that if we didnt send a copy within 14 days that they would obtain insurance themselves and add it onto the outstanding mortgage / equity release.

 

Any advice received would be very much appreciated

Cheers

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