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LynnA25

Suspending Eviction Order

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Our interest-only mortgage with GE Money expired last year and as we were unable to pay off the balance or remortgage,

the Court granted a 56-day possession order in April 2015.

 

 

A week or so before the court hearing we put our property on the market for £385,000.

 

 

We have since received a date for eviction (28th July).

 

 

On receiving this notice, I called GE Money and explained that the house is for sale

(we'e since reduced the asking price to £335,000 as there has been little interest).

 

 

They said that if we managed to find a buyer and exchange contracts, they would call off the eviction.

 

 

Do you think it's worth us completing a N244 form and asking the judge to suspend the eviction on the grounds that we are trying our best to sell the property?

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You would probably obtain more money for the sale selling it privately than letting the bank repossess it.

 

http://england.shelter.org.uk/get_advice/repossession/going_to_court/what_the_court_can_do

that link gives some details.

 

I am guessing that if you can show the court your house is for sale with an expected completion date, the court would allow you.

 

As your mortgage was interest only, it may be worthwhile investigating if your mortgage was mis-sold to you.

There is a lot of info on google showing mis-sold interest only mortgages.

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Lynn have you tried equity release? If you have a relatively small loan to value, and are in your 60s or beyond, it might be possible to swap your mortgage for an equity release plan. Could be worth looking into if you particularly want to stay in your house.

 

 

And yes it makes sense to ask a judge for his opinion. In my experience judges are much nicer and fairer people than mortgage companies. :)

 

 

Mis-selling is a bit of a long shot since you have to prove you were not made aware that you would need a mortgage repayment vehicle. Did you have one and cancel it at some stage?

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Our interest-only mortgage with GE Money expired last year and as we were unable to pay off the balance or remortgage, the Court granted a 56-day possession order in April 2015. A week or so before the court hearing we put our property on the market for £385,000. We have since received a date for eviction (28th July). On receiving this notice, I called GE Money and explained that the house is for sale (we'e since reduced the asking price to £335,000 as there has been little interest). They said that if we managed to find a buyer and exchange contracts, they would call off the eviction. Do you think it's worth us completing a N244 form and asking the judge to suspend the eviction on the grounds that we are trying our best to sell the property?

 

Worth trying, especially if you can show you're proactively trying to sell. Have you had any viewers, and if so, what feedback have you had.

 

I've seen some worrying reports on equity release schemes and would advise caution before resorting to this.


 

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yes agree proceed with EQ release with extreme caution.


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