Handing keys back

[Scots1]

We have been left with no other option but to hand our keys back to our mortgage company! We can't put it on the market as 1/ it would take too long to sell if at all and 2/ prices have fallen so much where we are, we have a 6 year old 5 bedroom house and would be lucky if we got 160k for it now and we are in negative equity as it is.

 

We have secured a stunning rental home not too far from where we are now, the children are so excited at moving so that part is good.

 

The stigma I am finding hard to cope with, getting "that" notice slapped on the front door and the gossip that follows , I don't want the children to suffer as a result.

 

I am so cross with NRAM for doing this, we are paying our mortgage and extra towards the arrears but that isn't enough we have to get out of the house.

 

So we will move into this stunning rental house and start saving so that in a couple of years we may be able to secure a mortgage again.

[Ell-enn]

If you are paying off the arrears why do you have to leave the property? has there been an eviction notice issued or a court hearing ?

[Scots1]

If you are paying off the arrears why do you have to leave the property? has there been an eviction notice issued or a court hearing ?

We got a stay of eviction back in Feb (I posted about it on my other thread) and anothe court date was set of 2 weeks ago, judge sided with NRAM saying we had broken agreement so they could proceed with eviction

[Scots1]

We had agreed to pay of the arrears then in Nov/Dec last year we were victims of fraud, a payday loan company sent a wages arrest on my husbands wages leaving is very short of money. When we called the court who has issued the arrestment they had never heard of us, the case file number didn't exist and the "judge" that signed the letter didn't exist!!!! The"company" have since had to appear in front of the court of session in Edinburgh!! NRAM said that as their was just enough money left in our acc to pay the mortgage we should have done that but by not doing so we broke the prior agreement. WE informed them of everythin but they still started eviction proceedings

[Scots1]

should have also said that we hadn't used nor heard of the payday loan company.

 

We just don't see that we have any other options at all than to either hand over the keys or let repossession go ahead (we will have moved out by then) . I am worried sick, not eating or sleeping, trying to sort out schools/transport/after school care for the children. NRAM say the hardship team are there to talk to but all they want is an offer to pay back the arears but we were already paying extra

[BornThisWay]

Scots please don't give up. Ell-en will advise on how to defend your case but all I can say is that I have been to court on about 5 or 6 occasions over the last few years to keep my home. I have always tried to stick to arrangements but one stumble and Accord would go back to court.

 

I have despaired, not slept, not eaten, cried, but I am still paying the money back and in about 4 months it should all be repaid. I have gone without everything - no car, no holidays, little food, no luxuries, not paid non essential bills, but it can be done.

 

Judges need the full facts and to see that you are doing your very best. Are the arrears enormous? Most judges will not turn a family out of their home unless the situation is utterly hopeless and without being alarmist I think two years is very optimistic to get another mortgage. It is likely to be 6 years minimum and they will sell the house cheaply and pursue you for any shortfall.

 

Please listen to the advice you can get on here, take a deep breath and see if there is anything which can be done. Very few cases are utterly hopeless and with the help of the experts on here you might have a chance.

[Scots1]

but the judge has already sided with NRAM, we were being represented my Shelter Scotland and they have said that it isn't worth putting an appeal in. Arrears are 9k which includes the unsecured element of our mortgage.

[BornThisWay]

I confess I don't understand how the law works in Scotland but this all sounds incredibly harsh from an English perspective.

 

The arrears don't sound insummountable by any means so I am wondering why Shelter have effectively given up on your behalf? And you have a genuine reason for part of the problem with the payday loan issue.

 

I don't mean to poke my nose in but I know how catastrophic a repossession can be on a credit record and I know that judges evict as a very last resort, particularly where there are young children.

 

That said, at the end of the day as long as you have your health and your family, you can make a new life for yourself. If you have been battling this for a long time I know that you can just run out of the will to go on.

[Scots1]

This has only been going on since Feb when the original eviction notice was for. I don't understand why NRAM are being so harsh on us especially when we have been paying extra to the arrears, we even offered them an extra 2k at the end of this month on top of our normal payment but that was refused at the last court date 2 weeks ago.

[BornThisWay]

To my eyes Scot that just makes no sense whatsoever. You clearly are able to service your debt and pay extra, I simply don't know why you would be evicted if that is the case.

 

NRAM are one of the lenders who are desperate to offload their mortgages which are, or have become, sub-prime and unfortunately when you get into arrears you become like a leper as far as they are concerned, even though they are making decent profits out of you still. They are scared to death of defaults and not getting their money back, although the ridiculous thing is that forcing a sale now will ensure they do not!

 

From what I have learned on here from the experts, judges do not want to evict. I therefore cannot understand why the one who ordered the eviction sees no hope in your situation. Would it be worth appealling just to see if someone more understanding handles the next case?

[Scots1]

We don't understand either, I have read so many cases where people go on like this for years yet one court hearing and we are out. I just don't know where to turn and my husband now just wants rid of this house

[Scots1]

Another update

 

My husband finally managed to get to speak to some one at NRAM today and they have said we can either pay just over £900 a month and try to sell the property in 3 months (never going to happen) or pay £1200 a month to start paying off the arrears which we are going to do, it will be tight but we will manage. WE are terrified that NRAM move the goal posts again though! A letter is being sent out stating the above options. I am going to squirrel away 5k into a bank acc should any hard time arise. So we are cancelling the rental property we had found, husband still wanted to send the keys back but surely what we are going to do is better than having a repossession hanging over us.

 

Maybe in the coming days I will be able to eat and sleep again!

[BornThisWay]

This is certainly a strange case Scots.

 

Having secured an eviction NRAM are now backing down again? And why on earth did Shelter give up so easily, telling you that it was not worth appealling?

 

Anything is better than handing the keys back. It would have been years before you would have got a mortgage again in the current climate and meanwhile you would have been wasting rental money.

 

Would you not be better off paying the £5K you have off the mortgage? That way you would be in a more comfortable position as regards the arrears and it might get them off your back for a while!!

[Scots1]

No idea why Shelter where like that. When my husband spoke to nram yesterday it turned out they had made several errors in our expenditure form and even said they thought it looked unusual but they didn't contact us!!! How ever it is sorted now. For the mean time we would rather pay the increased amount and have the 5k in an account as backup should we have a month where money is very tight so we can say use half from our bank and half from the savings, that will take us through to next year when husbands next annual bonus is due (it was late this year) when we can then give them a lump sum.

 

For the moment we are just happy that we don't have to pack up and go, we can and will get through this x