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Will Future Mortgages take my Home??


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Im new to this site but finding it very helpful with others stories. I owe Future Mortgages 3192.70 (secured) and am in arrears by 1606.00 not good I know. They did send our account to solicitors twice and I promised to pay 105 per week. (360 payment plus 50 towards arrears) I did this for a while and am now on maternity pay and cant afford to pay even the monthly payment nevermind the arrears! My husband and I are separated now he was made bankrupt last year and is barely making enough to pay his own rent. We have a mortgage of 145,000 on our property and our mortgage co has let us go interest only for a year so that has been a great help. I am returning to work in May when my wages will about double or so and will be able to start paying Future a lot more but dont know what to do in the meantime, is it worth me writing explaining the situation to them, surely they will not repossess our home if we are up to date with our main mortgage? I am now a single parent with 3 kids even though my hubby contributes what he can and I am getting all benefits that I am entitled too. Please Help

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Im new to this site but finding it very helpful with others stories. I owe Future Mortgages 3192.70 (secured) and am in arrears by 1606.00 not good I know. They did send our account to solicitors twice and I promised to pay 105 per week. (360 payment plus 50 towards arrears) I did this for a while and am now on maternity pay and cant afford to pay even the monthly payment nevermind the arrears! My husband and I are separated now he was made bankrupt last year and is barely making enough to pay his own rent. We have a mortgage of 145,000 on our property and our mortgage co has let us go interest only for a year so that has been a great help. I am returning to work in May when my wages will about double or so and will be able to start paying Future a lot more but dont know what to do in the meantime, is it worth me writing explaining the situation to them, surely they will not repossess our home if we are up to date with our main mortgage? I am now a single parent with 3 kids even though my hubby contributes what he can and I am getting all benefits that I am entitled too. Please Help

 

Firstly, get rid of the misapprehension that they cannot repossess the house if the main mortgage is up to date - that is not true. But, for such a small loan amount it really isn't likely.

 

Write to the company, explain your situation, provide them with an income and expenditure sheet showing exactly how much you can afford to pay between now and May, and provide them with a letter from your employer indicating your return to work date, your salary, or hourly rate plus hours worked. The letter from the employer will show them that you are not flannelling them about your income increasing, so it's important.

 

If they refuse your offer, and take you to court, you should file a defence and include the letters you sent to them making your offer. I cannot imagine a judge awarding them even a suspended possession order after being informed clearly that your financial situation is going to improve in a very brief period of time.

 

You really ought to have informed them when you went on maternity leave and your income dropped - being unable to afford the CMI is not a good indication.

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Thanks for your reply. :-) when I started maternity leave finances were in a bit better situation but seemed to have spiraled out of control now. Will do what you suggested and then I suppose things are out of my hands then but will do what I can to stay in my home

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Thanks for your reply. :-) when I started maternity leave finances were in a bit better situation but seemed to have spiraled out of control now. Will do what you suggested and then I suppose things are out of my hands then but will do what I can to stay in my home

 

Firstly get rid of the 'out of my hands' attitude - it's not. You owe them quite a paltry sum in comparison to some, and for them to even threaten you with repossession is a bit of overkill on their part. YOU are in charge of this, and don't let anyone else tell you any differently.

 

Make sure you send your letter by recorded delivery, and ensure you take a print of the signature from the PO website when it is delivered. Ask them to provide you with a response within 10 days (the pre-action protocol says they have to consider any reasonable offer - and if they fail to do this then the court won't entertain a possession claim).

 

Send the letter, then let us know when you get a reply.

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Thanks, am going to offer to pay 50 per week untill I return to work am going to ask them to restructure the loan but knowing full well that they probably wont as I am in arrears, will let yous know when I get reply.

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  • 5 months later...

Hi, I have got this sorted through Wallers solicitors who were dealing with my account with Future, they accepted my reduced offer of £200 per month for 6 months which is good, in the acceptance letter Wallers have said that they can only accept the offer for 6 months as my account with Future is 'due to expire next month' Does anyone know what this 'due to expire next month' means?? Thanks

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