repossession looming mortgages 1 ltd ***Suspended***

[rocketsgal]

We received a notice for repossession from peterborough county court which was dated 16th july 2013,

 

on saturday 21.11.15 with repossession date 7.12.15 by mortgages 1 ltd,for arrears off around £2000, my husband receives esa benefits which is paying the interest on the mortgage plus he pays £25 extra every week,

 

he telephoned them yesterday (24.11.15) and the woman told him she'd post out a earnings and expenditure form, but i don't think it will arrive and get back to Them before the 7th december,

 

she told him to print off an N244 form and arrange a court hearing to try and get it suspended and in the meantime she would talk to her advisor to see if they would allow us the time to try and sell the house instead, but when he phoned them back today, they totally denied saying anything like that at all and that they were repossessing the house as planned.

 

My point to all this is that we didn't get any warning about this and she said thst as it was first applied for in july 2013 and had been suspended, that they weren't required too inform us that they had reapplied for repossession even though the payments have never been missed,

 

sorry if this is a bit long winded but we're reaĺy worried that we won't have enough time to try and stop all this happening before the baillifs arrive on the 7th, any advice gratefully received, thanks

Edited November 25, 2015 by honeybee13

[honeybee13]

Hello and welcome to CAG.

 

I'll move your thread to the repossessions forum and leave you a link to follow. Others should be along later to advise.

 

Who is the lender please?

 

My best, HB

[mikeymack2002]

Can you please add some white spaces and paragraphs to make it easier to read thanks..

[rocketsgal]

Lender is mortgages1 ltd

[rocketsgal]

Sorry i'm new to this so please bear with me lol

[honeybee13]

Sorry i'm new to this so please bear with me lol

 

I've added some spacing to your post.

 

HB

[rocketsgal]

Hi hb is there a link for me to follow my thread please

[honeybee13]

Well, you're posting on it, but here's one.

 

http://www.consumeractiongroup.co.uk/forum/showthread.php?456145-repossession-looming&p=4826634#post4826634

 

HB

[rocketsgal]

sorry hb still finding my feet lol

[citizenB]

Someone will be with you as soon as they can. Have you read round some of the other threads in respect of repossession ?

[Ell-enn]

Hi, we can help you with your N244 application, will check in with you again in the morning

[rocketsgal]

yeah i've been reading and printing off everything lol, we're so deflated by it all that right now we're ready to just walk away from it all.

 

Mortgage company aren't willing to help in any way shape or form, and to be honest, i'm beginning to hate this house.

[rocketsgal]

i will be at work till one today so will check back here when i get home, thank you

[Ell-enn]

Hi, just need a bit more information.

 

1. Is this an interest only or repayment mortgage

2. How many years are left on the mortgage?

3. How much is the monthly payment and how much is the benefits office paying

4. Is the mortgage joint?

5. Are there any children living in the property ?

[rocketsgal]

Hi

Ell-enn the mortgage is an interest only mortgage with 16 years left to pay, monthly amount is £401.36,

£272.00 is being paid by benefits plus we pay £100 ourselves per month

It is a joint mortgage with no children

[Ell-enn]

OK, so there is a shortfall on the monthly payment each month - you would need to pay £129.36 just to keep the payments at the contractual level. This means the arrears are not reducing but increasing by £9.36 each month.

 

Do you work ?

[AndyOrch]

Hi, we can help you with your N244 application, will check in with you again in the morning

 

Click on the link to download the N244

 

http://www.consumeractiongroup.co.uk/forum/showthread.php?406095-LEGAL-N244-Application-Notice-**Correct-as-at-Sept-2015**

[Peterbard]

Hi

 

You say this is an interest only mortgage. Do you also have an endowment insurance which you are paying in order to settle the principle on completion ?

[Rocco17]

Hi rocketsgal. Not sure if you are still following this thread? Am so sorry to hear of your situation.

 

As has been said, you aren't paying the arrears off or the contractual monthly payment right now. The usual first option would be to offer the monthly payment plus something towards the arrears. Was this something that was agreed in the original suspended order in 2013?

If you can manage this (by going through your income and expenditure and making a realistic offer) then you may be okay.

 

If you really cannot pay even the monthly payment then your best option is probably to submit the N244 form and ask for time to sell the house yourself.

 

Another thing that might be an option, depending on your circumstances, is the government Support for Mortgage Interest scheme, whereby the government will pay your mortgage interest if you are in receipt of certain benefits. I don't know the details of the scheme, or your details, so have no idea if you are eligible, but it's just another potential option.

[Peterbard]

There were a lot of these mortgages taken out in the mid to late 2000s. the idea was that you took a separate endowment policy which paid off the principle of the loan which matured coincident with the agreements termination but unfortunately many people defaulted or terminated the insurance for various reasons and thus at the end of term were unable to pay the original debt.

If this is one of these agreements, the court will look at if there has been any arrangement made to settle the debt at the end of term. If there hasn't they are unlikely to let the payment of the interest only continue.

[citizenB]

DB, it was my understanding that the providers of interest only mortgages were to ensure that there was an endowment in place that would repay the principle at the end of term.

[Peterbard]

DB, it was my understanding that the providers of interest only mortgages were to ensure that there was an endowment in place that would repay the principle at the end of term.

 

Yes unfortunately this was only at the onset of the loan, many just stopped paying and left the endowment either paid up or un-claimable because there was insufficient funds in the pot.

 

Many stopped paying the premium when they were struggling because there was no immediate sanction for doing so. Sometimes the interest rate would increase and the balance of the unpaid interest would be lumped on top of the principle(refinanced).

[rocketsgal]

no as i was sorting out. my mistake. i,m dumb at paper work..

[rocketsgal]

hi i,ve spent 2 days on the phone going round in circles, i read on here somewhere they couldnt repossess under 2,000 in arrears, because i,d like to print it off for court paperwork.. i,m disabled and trying my hardest to sort. i rang their solicitors to ask for all documentation, yes they said @£10 per doc, as how many was told at least ten, told them bluntly if i had that amount of money i,d pay it to my Morgage ya con artists. call ended bluntly..

[AndyOrch]

" i read on here somewhere they couldn't repossess under 2,000 in arrears "

 

See post #11...but I thought that was in connection to a landlord serving a section 8 notice ?

 

Andy