Mortgage Rescue Scheme is 'underspent'

[victoria_siempre]

Hi guys

 

I have just been informed about the above so it is well worth applying if one meets the criteria;

 

"

What is the Mortgage Rescue scheme?

 

The Mortgage Rescue scheme is a government scheme, which is run by your local housing authority - the organisation that manages housing for your council. If you are eligible, you could get financial help to stay in your home. You make your application for help from the scheme to your local council.

 

• Find your local council
  

 

The Mortgage Rescue scheme is only available in England. Separate schemes are either in place, or being developed, in Scotland, Wales and Northern Ireland. Search your local council’s website for more information about these schemes.

 

• Find your local council
  

 

Who can get help from the Mortgage Rescue scheme?

 

To be eligible for the scheme your household must include someone in 'priority need'. This could be:

 

 

• a pregnant woman
  
• someone with dependent children
  
• someone who is vulnerable because of old age or a physical or mental impairment
  

You’ll also need to meet the following criteria:

 

• your household earns less than £60,000 a year
  
• you don’t own a second home, including a home abroad
  
• the value of your mortgage (and any loans taken out against your home) is less than 120 per cent of the value of your home
  
• the value of your home isn’t higher than certain levels set for each region – ask your council about the level for your area"
  

http://www.direct.gov.uk/en/HomeAndCommunity/BuyingAndSellingYourHome/Mortgagesandrepossessions/DG_174005

x

 

 

vic

[rdm2006]

it took me 2 years to go thru this process but i got there in the end lol

[Wintry]

Hi

 

Its a good scheme in principle, and has been a godsend to people who got and get there so to speak.

 

As the previous poster has said, cases can drag on and on though and lenders have been known give it a grilling sometimes at possession hearings etc

 

I dont think it helped at all when the criteria was changed, but thats how it is sometimes.

 

Maybe the rules will be relaxed a little and secured lenders can play their part.

 

Still got to be worth serious consideration though if your home is at serious risk in my opinion.

 

Have you got any latest stats on this or further info on the underspend vic?

[victoria_siempre]

Hi Wintry

 

"

There is currently an under spend in the overall national funding

available for mortgage rescue cases, with almost half the budget for

the

financial year 2011/12 remaining unspent, and providers reporting a

significant decline in the numbers of cases referred for rescue."

 

x

 

v

[Wintry]

Hi vic

 

Thank you for that

 

Oh dear, it was predicted though by some (if the figures are accurate of course as I have not seen them officially myself yet)

 

Vic, I have attended numerous court possession hearings involving one or two of these last year where on occasions we felt a bit like outlaws and not people who were trying to implement a well principled goverment funded initiative to keep genuinely struggling families in their homes and have had to work hard to get the DJs decisions despite the objections of certain lenders legal representitives.

 

Some of the other obstacles put in our way so to speak and were they came from I wont put up on here for confidentiality and other reasons, but believe me it has been an eye opener.

 

People at the coal face and those who are not or maybe think they are perhaps describes it well.

 

If you are looking in you probably know where I am coming from. We are still waiting for the reply by the way.

 

Still, the MRS has got to be worth serious consideration every time for those where homes are at risk in my opinion.

 

Lets see where this goes from now, hopefully very well in the long run.

 

These are my opinions based on genuine experience and if anyone wants to challenge them that is OK by me.

Edited January 17, 2012 by Wintry

[42man]

I remember in 2010 the reports were that only a miniscule amount of people had applied successfully for this.....but what worries me most is that the lenders include GE Money, GMAC, Kensington Mortgages, and since this was announced in 2009 several of these companies namely GMAC and Kensington had huge penalties imposed on them by the FSA, both for the unfair way they handled people in arrears......

 

http://www.fsa.gov.uk/pages/Library/Communication/PR/2010/065.shtml

 

http://www.fsa.gov.uk/pages/Library/Communication/PR/2009/147.shtml

[Wintry]

Hi 42 man

 

Thanks for that

 

Think we and others had a previous word or two so to speak on this here -

 

http://www.consumeractiongroup.co.uk/forum/showthread.php?293333-Mortgage-rescue

[onestressedwoman]

MORTGAGE RESCUE SCHEME my eye !!!!!!!!!

 

Any advise gladly welcome have an appointment tomorrow !!!!!

 

Approached my local council with request of help with shortfall until August when my husband re starts work

Filled in financial statement all looked good and sent it to them as the girl had not contacted me and wasn't returning my call I managed to get to speak to her on Friday she answered the phone whilist eat (pet hate of mine ! ) to tell me I had enough income to cover mortgage payments ???????

With £385 left over ??????? So I asked her to explain to me where this money is she refused to discuss it and told me to wait for a letter gob smacked I waited for her to email it to me

 

COULDN'T BELIEVE MY EYES hae a look at this

 

Priority debts TV License How about WATER

 

I telephoned immediately to appeal to manage of section who eventually took my call but didn't really want to speak to me under duress she has booked an appointment to see me tomorrow.

 

The girl who wrote this letter to me states that she has been informed 4 bed not 3 makes me laugh I telephoned to tell the because 4th room was purpose built for me to sleep in when I can't get upstairs which I will soon have to share with my son.

 

comments about claiming on my Life insurance to pay mortgage shortfall ha ha its life insurance !They have told me to rent this room which along with my downstairs bathroom were purpose built to aid my disabilty maybe I should sleep in the bath they said wouldn't affect my benefit rubbish!

 

As I have this appointment tomorrow I am hoping someone has some wise advise for me.

 

OSW

Edited March 19, 2012 by onestressedwoman
added info

[42man]

Record the meeting on your mobile phone.....

[onestressedwoman]

42 Man will do

 

Am I required to inform her that I am recording ?

 

Also can you see the doc's I've up loaded when I try to open them they are tiny ?

[onestressedwoman]

Who can get help from the Mortgage Rescue scheme?

 

To be eligible for the scheme your household must include someone in 'priority need'. This could be:

 

 

• a pregnant woman N/A
  
• someone with dependent children (met)
  
• someone who is vulnerable because of old age or a physical or mental impairment (met)
  

You’ll also need to meet the following criteria:

 

• your household earns less than £60,000 a year (met)
  
• you don’t own a second home, including a home abroad (met)
  
• the value of your mortgage (and any loans taken out against your home) is less than 120 per cent of the value of your home (met)
  
• the value of your home isn’t higher than certain levels set for each region – ask your council about the level for your area (? where do I find this info)
  

[onestressedwoman]

Duplicate post

Edited March 19, 2012 by onestressedwoman
DUPLICATE POST

[Wintry]

Hi

 

There does not seem to be much news or latest info around of late on the Mortgage Rescue Scheme, maybe they are still reckoning up the rumoured millions of pounds underspend and wondering what to do with it.

 

The scheme is still available and has to be worth consideration in my opinion, not sure some of lenders are fully entering into the spirit of the thing yet though, mind you its only been going around 3 years so perhaps they will eventually get round to it (just a starter for 10 and not objecting at possession hearings might help / reduce the pressure on those facing losing their homes a little)

 

The April 2012 guide below might give people applying or considering an application some insight into the 'behind the scenes' mechanics of it all so to speak (knowledge is power in this game I always say)

 

http://www.wmrhf.org.uk/documents/Mortgage%20Rescue%20Scheme%20Information%20Guide%202012-13.pdf

 

It has to be said though, that this scheme has been a godsend to a significant number of people - lets hope this number continues to rise.

 

Anybody any recent experiences on this scheme to share on here?

Edited May 18, 2012 by Wintry

[Wintry]

Hi

 

A recently published leaflet on the Mortgage Rescue Scheme (at least I think its recent), sorry to say that it looks basic stuff to me with none of the contentious issues really getting much coverage.

 

http://www.communities.gov.uk/documents/housing/pdf/2156883.pdf

 

Rumour has it that this scheme is so underspent (millions) that it may be extended by using the existing funding.

 

Applications way down too so I hear.

 

Not much in depth information around either really in my opinion given the length of time this scheme has been operating.

 

Shocking really in an age of funding cuts and given the need.

 

People facing losing their homes is not a game of figures & statistics, it is all too real for them.

 

Sorry guys, but I do speak from genuine experience

 

Nobody seems to listen to the people at the coal face until its too late, theres a whole real world out there.

 

Its been a godsend to some mind and has still got to be worth serious consideration for anyone facing losing their homes, yes, it has to be.

 

Best guide & information Ive seen by far below

 

http://www.wmrhf.org.uk/documents/mortgage%20Rescue%20Scheme%20Information%20Guide%202012-13.pdf

 

Free housing & homelessness info & help below

 

http://www.nhas.org.uk/

 

http://www.shelter.org.uk/

 

If you you are facing re-possession / eviction, get help ASAP / maybe ask away on a forum like this (always check time limits) dont wait you may have a number of options.

 

Again my opinions

Edited June 16, 2012 by Wintry

[victoria_siempre]

Hi Wintry

 

As always I admire your spirit and your soul; some folk giving Lady Bountiful Citizens’ Advice may rarely have experienced the fecundity regarding which they advise their maids.

 

I find that a loan was generally taken out for improvements or essential repairs.

 

x

 

v

[Wintry]

Hi Wintry

 

As always I admire your spirit and your soul; some folk giving Lady Bountiful Citizens’ Advice may rarely have experienced the fecundity regarding which they advise their maids.

 

I find that a loan was generally taken out for improvements or essential repairs.

 

x

 

v

 

Hi vic

 

Good stuff again vic, its the truth

 

I had to look up what fecundity meant though if I am honest.

 

I am truly flattered and honoured.

 

You know how the old saying goes ..."no man is bigger than the excuses he makes to his wife"

 

How are you anyway, not heard much from you lately?

 

x

[victoria_siempre]

Hi Wintry

 

I suppose it’s ebbs and flows, if colleagues are not here I assume they elsewhere.

 

I came here in my darkest time with about 55k accounts with the devils and in despair. Since witch (sic) took advice from NDL (who advised me to pay nothing) and informed my tactics and strategy from CAG. So I am still here and suspect that I am of like mind to thee.

 

The whole taking Greek is interesting; Dave and George seem to argue that we amortize gradually through monetization that destroys savings yet Angela disagrees.

 

For myself, I felt strongly only once harassed by bankers (social reality creates class consciousness); in short I was selfish in my understanding.

 

x

 

v

[Wintry]

Hi Wintry

 

I suppose it’s ebbs and flows, if colleagues are not here I assume they elsewhere.

 

I came here in my darkest time with about 55k accounts with the devils and in despair. Since witch (sic) took advice from NDL (who advised me to pay nothing) and informed my tactics and strategy from CAG. So I am still here and suspect that I am of like mind to thee.

 

The whole taking Greek is interesting; Dave and George seem to argue that we amortize gradually through monetization that destroys savings yet Angela disagrees.

 

For myself, I felt strongly only once harassed by bankers (social reality creates class consciousness); in short I was selfish in my understanding.

 

x

 

v

 

Hi vic

 

Once again you demonstrate that you are a class above others.

 

Im hooked to be honest, love anything original and unique and its the characters that always make the difference.

 

x

[MargaretB]

Can I tell my story, please? I am not surprised the scheme is underspent since I had never heard of it and neither had anyone I have spoken to. I have had to give up my job for health reasons and as I am 64, I have my pension. I am a widow with a mentally disabled son, and the mortgage has got behind. I am in receipt of a grand £100 per month pension credit toward a £500 per month mortgage.

 

Anyway, back in May my lender wrote to offer to fast track me on to the mortgage to rent scheme. This is the first time I had heard of it. I agreed and they emailed my local authority, who sent me an appointment for the next day. All went well, I was told I was eligible and there was enough money, but I needed a letter from the lender confirming that they had exhausted all options. I wrote straight away to ask for this and received absolutely nothing. I wrote again in August and again have had no reply. I have been paying what I can, but have had nothing from the lender about the accumulating arrears except a monthly statement.

 

The man from the housing department said they would have to go for repossession before they could do anything, and this they have now done with a hearing set for 12th November. I shall be ringing the council tomorrow to see if they have heard anything, as it all seems a little odd to me. Not like the lender to ignore my letters, and neither is it like them to ignore missed payments. Is it likely they have been in touch with the local authority direct, or am I living in fairy land? I shall find out tomorrow and I shall go see citizens advice tomorrow as well.

 

I don't know if the time it has so far taken has gone toward the application process or whether I have to start all over again.

[kinkie tinkie]

Margaret B; your mortgage rescue advisor should communicate with the lender now; they need to deal with the repossession as well, as it wont go ahead while you are under mortgage rescue. good luck

[Wintry]

Hi

 

Got a call yesterday from someone yesterday telling me that 'ministers' have extended the deadline for new applications to the Mortgage Rescue Scheme for a further 12 months taking it up to March 2014 however I have not seen this publicly confirmed anywhere at the time of writing this.

 

I dont know if there is another underspend or what yet, but it makes you wonder (tens of millions last time I understand)

 

I dont really see much up to date information around about this scheme and it would not surprise me if applications are down again, if so then its incredible stuff really given that funding is tight everywhere, and where is the up to date information on this scheme?

 

Still, it has to be worth serious consideration if people are at risk of losing their homes in my opinion as it has worked for a lot of people

 

Relatively new Citizens Advice Bureau section on the Mortgage Rescue Scheme below that I know has been written by people that actually advise face to face on the scheme and has attempted to put all the available information under one roof so to speak and may help people considering or currently ongoing with applications -

 

http://mymoney.nedcab.org.uk/moneyadvice/mortgagerescuescheme.asp

[42man]

This was the last report - http://www.insidehousing.co.uk/tenancies/-mortgage-rescue-scheme-overspent-and-missed-goals/6515649.article

 

Also when you consider the companies backing this such as Swift Advances, Capstone, Capquest, Paragon and Kensington you see what a nest of vipers are behind it. (a few searches on these forums will tell you what these companies are like to deal with).

Edited November 3, 2012 by 42man

[Wintry]

Hi 42 man

 

The scheme has helped a lot of people stay in their homes and has has been a godsend to some of them.

 

On the other hand I could tell you some stories about the scheme, but I would probably have someone trying to make complaints against me again, they got nowhere last time though and they can try again if they like, no problem

 

I have been to court many times with people applying to this scheme and can hardly remember an occasion where the lender / acting rep / solicitor has not objected (sometimes vigorously it also has to be said) to the application, its been a joke really as the DJ has agreed to the adjournment on every occasion, now what does that tell you?

 

Its supposed to be set up to help people stay in their homes and they basically have to be at the last stages of losing it to apply, this is part of the eligibility criteria.

Edited November 3, 2012 by Wintry

[42man]

I agree it no doubt does help a number of people.....I would like to hear from somebody who has had this made available to them.

[Wintry]

Hi

 

I would also be interested in the latest stats on applications and success rates, shhhh though I would not want to upset some people in the CAB, heaven forbid, no!!