Repossesion help!!!!

[horselover]

Hi i am hoping i can get some advice on here how to move forward i am at my wits end, i have just been informed by my partner we are in court on 22/10 for repossesion of our property, we currently own a public house (in my partners name) we like everyone have been hit by the recession smoking ban etc and have struggled to meet our costs for a while, we called the bank in at the end of last year to negotiate a lower deal on our mortgage so we could afford the repayments, we had been paying £900 a month with £600 coming straight off the loan which was good whilst we could afford it but silly when we were struggling, our buisness advisor came round and basically told us they were not interested in modifying our loan as they were making no money out of it and to change would need to be a new mortgage with higher interest rates he then went away telling us he would be in contact, 6 weeks later he sent us a letter to say he could not help and another part of the bank would be in touch who could deal with the matter further, they did they put it in the hands of a solicitor to go for repossesion which they would hold off with as long as we payed £500 a month and put the biss up for sale and gave them permission to moniter progress, we have not had the £1000 available to be able to put the buisness up for sale and missed 3 of the £500 payments when my partner fell ill, so now they are going for possesion even tho we are now meeting the £500 payments and my partner is still ill, i have 3 children and am now at my wits end any help/ advice be greatly appreciated. Sarah:-(

[ims21]

Thread moved the Repo forum.

 

The guys will be happy to help as soon as they are available.

[Ell-enn]

Hi there, lets see what we can do to help. I assume you have not responded to the court claim ?(filled in and returned the defence form)

If not you will need to get a statement together to hand in to the court before the hearing - we can help you with that.

 

Do you have the letter agreeing to £500 payments?

How much are the arrears?

 

You say you missed payments when your partner fell ill? does he have a job as well as the pub business ?

[horselover]

No have not responded to the court claim as yet as i only just heard this was happening. Yes we have letters from their solicitor agreeing to the £500 payments, without looking to be precise i think the arrears are around £3500. No he does not have a job as well but his illness means he is incapeable of standing behind the bar to work so therefore i had to employ extra staff to cover the shifts i could not meet with hospital appoits and kids etc which ate into the mortgage money and as sods law is you then have a queit few months so was just chasing round in a nasty circle.Any help/advice would be grately appreciated.

[Ell-enn]

Do you want to sell the business?

 

How much are you able to pay each month going forward?

When was the last payment and when would you be able to make a payment?

How long is left on the mortgage?

[horselover]

Hi sorry got caught up with work, we would be happy to sell the buisness and can afford the £500 a month repayments at the moment, we have broke them down into weekly payments to make it easier to manage and are paying them into the bank every tuesday at the moment.

yours sarah

[horselover]

Think there is 10 years left on the mortgage.

[Ell-enn]

If you can get the property on the market before the hearing and show the court some proof of that it would help - is that possible ?

 

Also can you get proof of the payments you have been making every week?

[horselover]

Hi yes all payments are made into the loan account direct at the bank, yes think we can manage to put it on the market even at a reduced rate as we don't mind leaving and calling it a day we just would rather do it on our own terms as we have more equity in the building than the mortgage is, and feel a little hard done by with the bank but guess thats just life

[Ell-enn]

I can help you write a statement for court but you will need evidence that the property is on the market - can you get that from the estate agents tomorrow?

 

Also, you should affix a budget sheet to your statement so the judge can see that you will be able to afford the £500 per month going forward until the property is sold.

 

Take a photocopy of the letter from the lender regarding accepting payments of £500

Take a photocopy of all recent payments under the £500 pm agreement.

 

Once you have all that I can start to draft a statement for court.

[horselover]

Hi i have an estate agent coming tomorrow with a view to putting the property on the market, i have also found the nessacary paperwork and photo copied these i have also photo copied the doctors letters and paperwork regarding my partners illness and hospitalisation, the photo copies for the payments are not very clear as they are taken from the paying in book so were difficult , but i can take the actual book on the day.

Yours Gratefully

Sarah

[Ell-enn]

OK, I'll draft something up for you tonight regarding a statement - can you give me a nudge in case I get distracted on something else.

[Ell-enn]

Hi, I've drafted a statement for you - just need a bit more info :

 

How did it go with the estate agent?

 

Are there any children living in the property?

 

Do you employ staff ?

[horselover]

Hi sorry for the late reply my father had a heart attack early yesterday, i tell you can this month get any worse!!, the estate agent have agreed to put it on the market and have agreed to take half there fee now and half in 8 weeks so that ball is rolling, yes my 3 children live in the property with myself, there is also a single male tenant.He currently employs 4 casual staff at present. Also could you tell me if someone could buy the property off him? not at market value just to cover the mortgage?

Thanks you ever so much cannot tell you how much i appreciate your help.

Sarah

[Ell-enn]

Hi there, I'm sorry to hear about your father - I hope he will recover soon.

 

Do you have any documentation from the estate agent?

 

You asked about someone buying the property from him - have you had a private buyer enquire about this?

[horselover]

Thank you me too he also has severe ms so could be a long road, yes he left us a signed instruction form detailing they would be listing the property for sale, yes my brother approached us and offered to take out a mortgage to clear what was owed to the bank therefore giving us time to sell the property without all the upset but i do know Kevin has a couple of charges on the property so did not know if we would be able to do this?.

Yours

Sarah

[Ell-enn]

Hi there, how much equity is there in the property?

 

I have drafted a statement for you - can you confirm you have a printer and are able to edit Word documents?

 

Also, can you stay on the thread for the next half hour or so ? I am at work at the moment and have a little spare time to get this sorted out as you will need to take the statement and copies of other documents to the court tomorrow so they will be in the file for the judge to see at the hearing on Monday.

[horselover]

OK thats no problem, yes i do have a printer to be able to print out word documents.

The estate agent said to get a reasonably quick sale he would market at £200 000. the mortgage owed up to today is £76 000

Thanks

[horselover]

sorry £76.986.44 with all the interest they have added

[Ell-enn]

OK, Affixed is the statement - you will have to enter the info at the top where there are XXX's (delete the xx's). Print off and get your partner to sign it.

 

Then you need to affix a copy of the following - on the top right hand corner of each document you affix write the Case Number:

 

Letter from lender re £500 per month agreement

Doctor/hospital letter(s) re your partners illness

Proof of recent payments

Estate Agent's documents.

 

This forms the pack you need to take to court tomorrow - make sure everything is stapled securely together (or put in a folder with secure grips so nothing can come apart). You should take a photocopy of it all before taking to the court so that you have a set to refer to in the hearing.

 

Ask at the court if they have any free legal reps on duty on Monday - if so you can ask for their help, they can accompany you into the hearing and support your case.

 

Over the weekend you could work on a brief statement of account for the business take along to the hearing - i.e. takings in - bills and wages out = profit to pay mortgage/household bills etc. just in case the judge wants to see how you will pay the £500 going forward.

 

Any questions just shout.

[horselover]

Thank you so much your help is gratefully appreciated, will take all these documents to court tomorrow, in relation to my other question would we be able to sell just to cover the mortgage or would we also need to cover the ties?

[Ell-enn]

You would need to cover the charges also. However, you might have trouble underselling I think there are some laws against that - you'd need to check with a solicitor. If your brother was borrowing the money against his own property and then lending it to you to pay off the mortgage that's a different thing and you wouldn't need to settle the charges.

[horselover]

thank you

Edited October 18, 2012 by horselover
duplicate mess

[horselover]

ok thank you will have to see how it goes on mon first i guess