Could really do with some advice please!!

[Windywoo]

I try to make this as brief as possible!

 

Firstly, we owned our house outright, the mortgage was paid up in 2007!

 

My OH, because he had some commitments which needed addressing decided to remortgage our home in October 2011, this was with Satansbank, I was not very keen on the idea, but went along with it, and the mortgage is in his name only!

 

Being self employed, payments from customers were, and still can be sporadic, and he fell into arrears twelve months ago. The lender took him to court but as he was able to pay all of the arrears off, the hearing was adjourned indefinately!

 

He fell behind again, but have managed to pay a vast proportion of the arrears off, but it was fast tracked to court on 2nd April, whereby the lender has a 28 day possession order which my OH agreed to. He agreed to pay a sum within 14 days, which I have done this morning, and the rest (one CMP within the 28days which I will do on Friday), thus bringing the account up to date and the next payment due on 28th, all negotiated with the help of the duty solicitor.

 

Now, what I am concerned about is, because there will be no arrears on 30th April, will the order still stand - I realise they cannot go for eviction, but it's like a dark cloud hanging over your head, worrying, that put a foot wrong and they can issue a warrant!

 

The ironic thing is, the mortgage was taken out over five years, we are over half way through, and the house is worth 10 times more than is outstanding. Is there anything we can do to sort this out, it will be over my dead body, these vultures will get my house!

 

Satansbank are the absolute pits to deal with, as is their solicitors HL interactive.

[AndyOrch]

Hi Windy

 

So ideally a suspended possession order is the key

 

When possession cases come to court lenders usually ask for a "28-day possession order". This will entitle the lender to repossess the property after 28 days. If the lender's case has been put together properly, and nothing is said on behalf of the borrower, the judge will usually grant this. However, the judge does have a wide range of powers which allow him to postpone possession either by adjourning the case, by granting a possession order for a longer period or by granting a suspended possession order.

 

To make a suspended possession order the judge has to be satisfied that the borrower can pay at least the monthly instalments due under the mortgage plus an additional monthly sum to clear the outstanding instalments, or arrears, over a "reasonable" period. The judge will want to know about a borrower's income and expenditure so that he can decide what is fair in the circumstances. He will need to strike a balance between what the borrower can afford and the lender's entitlement to get their money back.

 

Regards

 

Andy

[Windywoo]

Thanks for your quick response Andy,

 

So what we are saying is, because there will be no arrears, we have to take it back to court to get the order varied?

 

I think we may get a solicitor to sort this out - 29 more payments and it's finished with!

[AndyOrch]

Yes if at all possible.