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NRAM repossession on my house


beero7
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Hi all,

 

I'm looking for help, Last august (2012) my house was repossessed by Northern rock asset management (NRAM).

 

After a very long fight over arrears Nram got the their repossession order enforced and my wife and 2 boys plus my self had to move out.

 

this was the final nail in the coffin for my marriage and we moved to separate houses.

after 2/3 months our house was sold by auction for £30000 less then the market value.

 

Brings me to my help, we are now being pursued for £18694.18 and I would like some help fighting this.

 

I know many people will say that its my debt and I should pay it back but if I'm honest I don't feel responsible for it and nram owe me not the other way round, We had our house on the market and had interest even a offer (although rediculas) which we was told by NRAM that it was not good enough as there would still be a shortfall of £2000- £3000.

 

Now I know I am not going to ever see money back from nram but I want to fight the money they claim i owe them.

 

What would be the steps I would have to take?

 

Kindest regards.

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Hello there.

 

Sorry to learn about the situation. We come across cases like this quite often, I can certainly appreciate your frustrations. All lenders have an obligation to treat their customers fairly in accordance with the 'mortgage conduct of business rules'. Here are a few of the key points which could raise a challenge, I think a couple may apply to you:

 

•The house was sold for a lot less than the market value at the time of sale.

•The house was not marketed well enough to obtain the best price.

•You arranged a sale which was refused by the lender, but after repossession the house was sold by the lender for a much lower price.

•If the house stood empty for a very long time, you may be able to argue that the mortgage company should have rented it out and therefore off-set possible rental income against the shortfall balance.

•Check who bought the property. Your lender should not have sold it to a related company

 

The rules say that all lenders must obtain the ‘best price that might reasonably be paid’ when they sell your house. If you do not think they have done this, it might be possible to dispute the amount they say you owe. You have six years from the date of sale to make a claim against the lender. You will need proof to support your case, such as valuations for your house at the time. Any complaint would need to be directed to NRam first, if they do not resolve the complaint you can then take it to the Financial Ombudsman Service.

 

Are you now in rented accommodation? Have you other debts?

 

Best wishes,

 

Seq

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Hi

 

We are almost at this position with nram ourselves, our date for us and our 4 children is the 27th Nov next week). We have a property group making an offer to nram which being honest is a great offer, not too much less than market value and we would be willing to arrange a payment plan for the short fall. If nram refuse and auction the property it will sell for 40-50k less than the offer they are being given yet we have a strong feeling they will refuse it, they are nasty people and pray on people. We fell vivtim to fraud last year which left us unable to pay our mortgage for a couple months, we were honest with them and told it was ok and we could repay the arrears. Then in Feb we got an eviction notice which we got stayed but when it went to court the judge sided with them and a mandate put in place. WE then arranged to pay extra on top of what we were paying and all fine until last Monday when we got a second eviction notice!!! Fortunately we have found a beautiful home to rent and are moving this weekend and we hope and prey this offer to purchase is accepted but we doubt it. If it isn't we will dispute things when they come to us for the short fall!!

 

I hope you get this sorted, this is a horrid stressful time, I for one have got very ill over it x

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Thanks for the replies,

 

Yes we have both moved to separate places and renting privately.

 

What would be the first port of call for me? all we seem to of had from nram is a couple letters saying the outstanding balance and to call to discuss, then a couple letters from a debt recovery agent 'Allied' chasing

the money.

 

Also stay strong Scots1

 

any help would be truly appreciated

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Hi there, send them the affixed letter by recorded or special delivery. Write your name and address on the back of the postal order then photocopy both sides and keep in a safe place with a copy of the letter.

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