Repossession Advice Seeked

[homerdaz]

Hi and thanks for your help in advance..

 

I currently have a repossession date for the 27th Feb (next week) and im looking at presenting a N244 form to request either the repossession be suspended to enable me to sell the house or make an offer to repay my mortgage arrears. I have failed to keep up payments and would like to make another offer to extend the repayment period (lowering repayments). I missed the hearing date due my wifes father passing away and im sure we could of come to some agreement on this date. I can afford the repayments but obviously things have progressed, if theres anyone with any advice as to wether either of the above would be successful i would greatly appreciate it.....

[andrew1]

Not sure about a N244, but if you attend a hearing and lay out your proposals to the judge they will possibly, depending on how you word it allow the repossession on a suspended basis and allow you to make the payments. It really depends on how far behind you are and how much you can pay. Generally I believe they will be okay so long as you can meet the monthly obligation you currently have and make an offer to chip away at the arrears. I've done that myself. Once you catch up it's all back to normal.. good luck.

[homerdaz]

Hi thanks for the prompt reply Andrew,

 

The arrears add up to just over 14,000 and im looking to make an offer of £200 over six years which is within my means. To add to this i failed to keep repayments from a previous judgement due to me making a too higher offer of repayments. I only have three options at present and these are going ahead and letting them repossess, take the N244 hearing route or selling to a cash buyer and taking a reduced offer for my property.

 

If anyone can help with the wording i would also really appreciate it...

 

Thanks Homerdaz

[andrew1]

Have you thought about refinancing or a remortgage at all if income finance and equity allow rather than letting this be repossessed?

 

I'm a great believer of trading my way out of situations like this, especially with your house. I'm not like alot of people though( Probably just as well! ) and a lot of people had told me to sell up and start living again. I just worked too damned hard to get my place in the first place and not just to let some temporary blip get in the way and ruin it all. What you need is to buy time to put things into perspective in my opinion. Many might say, sell up, move on and into affordable living again, takes the stress out of it all and they are probably right, but if you have the ability and the will to earn more and put things right then don't let this get the better of you. Alternatives can be costly so think things through carefully and plan like someone coming to dinner, preparation is the key, do all your sums, look at your options and run with the best one you think you can manage, but as so many have told me in the past - keep the roof over your head and don't lose it all on wild guesses.

 

 

You can, if you structure it right put a package together that might be acceptable to your mtg company, but the key is demonstrating that you can pay the current monthly installments plus a little bit more to cover the arrears. They'll want you do that for 6 months before they'll look at changing your package again. 6months regular payments makes one hell of a difference to mtg companies. Convince the Judge, prepare your ground deliver concisely and you'll have a chance.

 

 

Sarah

[homerdaz]

Extremely wise words and i am of the same mind, my primary objective is to stop the repossession and come to a viable agreement in repaying the arrears. Sadly time isn't on my side and unfortunately neither is experience. But, after some research i am now going to file a N244 form with the courts explaining that the court date was missed due to a close relative passing away and request that i can now make an offer to repay the arrears and that it be accepted. My only other alternatives are, i sell to a cash buyer and start afresh debtfree but loose the equity i have in the property or, let them repossess and go down that route which beleive me is not my prefered choice, remortgaging refinancing was unsuccessful.

 

Your advice is greatly appreciated.

[Ell-enn]

Hi there, I can help you with filling out the N244. If you have an income and can offer a reasonable amount towards the arrears on top of the normal mortgage payment, you should get a suspended possession, but you need to get that form into the court tomorrow if at all possible.

 

Let me know if you want help.

 

Kind Regards

 

Ell-enn

[homerdaz]

Hi Ell-enn, I have the N244 completed but would really appreciate someone with experience checking it over. Im intending to file the N244 with the courts tomorrow and is there somehow i can publish or sent you a copy to look at?

 

Many thanks

Homerdaz

[andrew1]

I'm sure Ell-enn will be back re N244 but just as a final input, I've heard that one of the posters here has successfully argued to keep the sale of his/her property themselves despite it being repossessed. Not sure of the details, but I've PM'd to ask so once I get a hold of it I'll let you know. It's just part of the preparation of ' worse case scenario' so if they do happen repossess you can manage not to lose so much of the proper sale price by leaving it to auctions...over to you Ell-enn. Good luck

[homerdaz]

Thanks Andrew, 'worst case scenario' collates to about £40k difference so it really is a worst case. If thats possible then at least i might be able to buy myself a tree in Epping forrest to live in.

 

Thanks again, i have stumbled on a gem here..

[nuke em]

The judge will look more faverouble if

 

a) you can offer to pay the arrears of in 5 years or less

b) the Loan to Value rate is low ie the more equity you have in the property, the better. Get 3 or 4 estate agents round pronto to get a NICE valuation on it. You need to prove there is equity and the home is worth you hanging on to. Also wife/partner & kids living at home help here

 

Your lender will get get a Suspended order here as the arrears are so high, cant see the judge doing anything else, otherwise he/she is failing his duty to the lender.

 

The lender however will push for possession in XXX days, if this has to be the case , see if you cant push for 1 year ( to give you time to sell) , settle on 6 months if you need to , you must attend court and put your case & negotiate in person with the judge

 

Have proof of your & your partner's income on the day

[homerdaz]

An update from today, N244 taken into court and a hearing set for Monday., illl update here on how i get on and a big thanks to all those who have offered help.. Ell-enn has been fantastic.

[Kai-Boshed]

As a back up measure why not get a EDIT in writing? That way, if you fail to get a suspended order on the grounds of replaying the arrears you should get one to enable you to sell your house yourself (quickly obviously)

[andrew1]

Have you any penalty charges on this 1st charge mtg that you have calculated up ? or have you challeneged them on?

[homerdaz]

Have you any penalty charges on this 1st charge mtg that you have calculated up ? or have you challeneged them on?

 

There are a lot of penalty charges of around £50 a month plus some others, i haven't totaled or challenged them.

[andrew1]

Good luck on Monday matey..we'll be in there with you.

[Bona]

It seems to me that if you have equity in the house and the repossession goes against you you can apply under the law and property act to have conduct of the sale of your house this is what we did in the end but we were the worst case senario having breached the suspended possession order at least 10 times and being many thousands in arreas a lot more than you. as long as you can prove that you can pay it back in the life time of the mortgage you should be fine if it goes wrong tomorrow there are ways and means dont despair

[nuke em]

It seems to me that if you have equity in the house and the repossession goes against you you can apply under the law and property act to have conduct of the sale of your house this is what we did in the end but we were the worst case senario having breached the suspended possession order at least 10 times and being many thousands in arreas a lot more than you. as long as you can prove that you can pay it back in the life time of the mortgage you should be fine if it goes wrong tomorrow there are ways and means dont despair

 

 

Did you use section 91 of the LPA act 1925 ? did you use a lawyer or represent yourself?

[Bona]

Section 91 we represented ourselves even in the Appeal court in London there is case law to allow you to conduct the sale but you have to sell within certain time limits set down by the court and you have to prove there is equity

[Bona]

whos your mortgage with and what solictors are they using

[homerdaz]

Latest update;

 

I attended the hearing this morning and the mortgage company rejected the proposal (as expected). The hearing didn't go too well to start with and i fully expected the suspesion to be rejected due to the circumstances. I was asked if i could make a payment towards the outstanding balance which i accepted. The hearing has now been suspended (for a week) pending me making this payment and will be heard again next week (or a date to be confirmed) and im guessing a decision will be made at this hearing...

[andrew1]

Latest update;

 

I attended the hearing this morning and the mortgage company rejected the proposal (as expected). The hearing didn't go too well to start with and i fully expected the suspesion to be rejected due to the circumstances. I was asked if i could make a payment towards the outstanding balance which i accepted. The hearing has now been suspended (for a week) pending me making this payment and will be heard again next week (or a date to be confirmed) and im guessing a decision will be made at this hearing...

 

Well you must have said something right if you got a weeks suspension! Did you manage to get the opportunity to say NO to the amount the mtg co said you owed because of the charges issue?

 

Take some comfort from this, you'll know how to handle this next week. It's always a bummer to go in and be on the defence - don't worry, perhaps we can prepare you with some arguments by then to put the judges way.

 

Let me know how you presented this, did you manage to get things typed up first by any chance for the Judge to read?

 

 

We'll get there... do you think you can make the payment, it might help too?

[Bona]

You need to pay what you agreed when you agreed and take any paper work to the court did you get a date for the next hearing if not ring tomorrow and find out when it is. any repossession will have been lifted and they will have to re apply after the next hearing so you have bought some breathing time have you put a realistic package together If you pay the payment the judge will no doubt suspend again otherwise what was the point of him asking you to pay keep your chin up and tomorow find out when the next hearing is

[homerdaz]

Well you must have said something right if you got a weeks suspension! Did you manage to get the opportunity to say NO to the amount the mtg co said you owed because of the charges issue?

 

Let me know how you presented this, did you manage to get things typed up first by any chance for the Judge to read?

 

 

We'll get there... do you think you can make the payment, it might help too?

 

The question of me agreeing to the amount owed to the mortgage company wasn't asked so obviously i didn't dissagree at this time. I can deffinitely make the payment including the normal monthly payment due next week.

 

Appart form the wording on the N244 all the questions and answers were verbal and appart from stating the facts, i could only offer my assurance i am commited to resolving the arrears with a realistic and maintanable offer.

[homerdaz]

You need to pay what you agreed when you agreed and take any paper work to the court did you get a date for the next hearing if not ring tomorrow and find out when it is. any repossession will have been lifted and they will have to re apply after the next hearing so you have bought some breathing time have you put a realistic package together If you pay the payment the judge will no doubt suspend again otherwise what was the point of him asking you to pay keep your chin up and tomorow find out when the next hearing is

 

Ill call them tomorrow and find out the date and make the payment on Thursday, the next mortgage payments due next week but i may call and make the payment myself on Friday in person.

 

Otherwise im not sure if there's much i can do at the moment. I may get the property valued and use this as a last resort should the next hearing fail, to get an order to give me time to sell the property myself (which is an option).

[Bona]

When the next hearing comes up you need to do a witness statement and get into the court the day before the judge then reads it it always helps if they no before what you intend to do you can serve it on the otherside when they arrive make that payment get your date and we will help you do a witness statement