I'm am facing repossession, advice needed please

[agile]

I split up with my girlfriend a while ago & my financial situation has got worse. My house which is up for sale @ £76 (worth about £70k-£76k). I have arrears both on my mortgage & secured loan. I have been to court about the mortgage, but I just can't keep up the promised repayments & the morgage company (mortgage express) are going to apply for repossession again (they have done so already but filled in an N244 form & attended court). The secured loan is also in arrears (Blemain finance) are also going to press for repossession. I know the housing market is tough out there & it may take some time to sell even If I reduce the price.

 

 

I owe...

£30,500 Mortgage

£22,500 secured loan

 

£25k unsecured loans

£7k friends & family

 

 

Its really getting me down, im getting letter phone calls daily & I'm very tempted to just hand the keeps back, as I've not had a decent nights sleep in month (I have already got another place to stay)

 

Should I...

 

1) Let it get repossessed, I realise it then goes to auction & gets sold for a price lower than its actual value. Obviously I need 53k to pay mortgage/secured loan, but what ever is left, it will not be enough to pay 32k unsecured debts.

 

2) Go bankrupt

 

3) Sell to one of these 'sell your house fast companies' I realise these companies will pay well under the market value. maybe 205 - 25% less

 

4) Lower the price with the estate agents, but even If I sell it tomorrow it could still take 3 months for a sale to go through. I don't know if I can hold out for that long

 

5) Sell house & go down the IVA route

 

All I want to do its get rid as soon as possible, but take the best solution at the same time

 

 

Any advice welcome as I'm running out of time before i'll get potentially evicted, which will force me to take option 1

[ims21]

Thread moved to the Home Repo forum where the guys will be happy to help as soon as they are available.

[agile]

thanks

[agile]

anybody?

[DonnaDay]

Sorry this is a little late to your post reply. I hope you managed to sort things out. Just in case anyone else stumbles across this post I thought I would tell you of my experiences with these companies/sharks.

 

Just to give you a little background, myself and my husband were splitting up. He had started drinking a lot and had lost his job. Depression was creeping in. Our house had been on the market for 19 months and we had only had 3 viewings. I had changed estate agents and this hadn't made much difference. The house was shabby to say the least but I had spent all of our savings on paying the mortgage so didn't have any cash available for doing up my house.

 

I checked a number of companies for prices online and got a varying amounts offered to me. They ranged from 60% to 75% of the original valuation. I think I made the mistake of using a bad Agent as the first price was definitely over valued. The second agent valued the property at 90% of the first valuation. It still didn't sell and I had to make some tough decisions. I opted to sell my house for cash and I got 75% of the original asking price which left me with enough money to make sure me and my son were safe. The money was cleared with in 17 days.

 

Lessons to be learnt. Make those home improvements straight away to try and attract a buyer.

If your Agent isn't any good, get rid of them straight away before your situation gets desperate.

[Lea_HTH]

House is up for sale for 76k and mortgage and secured loan are 53k?

 

There's enough equity in the house for you to reduce the price a little for a quicker sale. If you get an offer in writing then you can submit that to court should one of the mortgagees go for possession (there's obviously already at least one suspended possession order on the property as you've made a stay application).

 

You don't need to worry about the unsecured debt - that will currently have no bearing on the property. Try to re-negotiate lower payments to all your unsecured debt in order to be able to meet the secured loans on the property.

 

Have you done an income and expenditure form? If not, go to the sticky thread created by Ell-enn at the top of this forum and download it. Fill it in and then post it up so I can take a look and make some suggestions as to what can be reduced.

 

Do you have any children? Are you disabled, or vulnerable in any way? Elderly? There are schemes available that may be able to help you via the local authority, but you do need to meet particular criteria to qualify for this help.