Repossession - Action Plan

[The Watcher]

A friend and neighbour is facing repossession, and it looks as if she won't be able to save the situation.

 

Some of us got together last night to discuss the situation and see what we could do ... one possibility under serious discussion is that we - (as a community) set-up a company and buy the house ourselves and rent it back to her.

 

Whilest brain-storming we came up with quite a few very constructive ideas. One was that while the house is empty we all tend the garden - as a tidy garden will benefit us all. (What is the new owner to do? Complain to the police that we have cut the lawns and tidyied the borders LOL ?)

 

Another idea was that if we see anyone viewing the property we pop round and make sure they are fully aware that they will NOT be welcome ! (None of us will be too pleased if a similar neighbouring house is bought at a knock down price when others are struggling to pay their bills). We also think its important that the message gets across that if people repossess - they will have difficulty disposing of the property.

 

We're also thinking of launching a website to collate ideas and encourage others. If anyone has any other suggestions please list them here, or let me know if you'd like more info when the website is launched.

[Guest Old_andrew2018]

A friend and neighbour is facing repossession, and it looks as if she won't be able to save the situation.

Hi are you sure she that she can't avoid repossession, could you not get her to post on the site there may be someone who has worked through a similar situation and can advise.

Some of us got together last night to discuss the situation and see what we could do ... one possibility under serious discussion is that we - (as a community) set-up a company and buy the house ourselves and rent it back to her.

Well what happens if in the near future one of the shareholders themselves need to sell their house or their share in this co-operative, or your friend for some reason needs to move.

It does sound good, although you will need to consider how the capital would be raised, and how to spread the liability.

 

Whilest brain-storming we came up with quite a few very constructive ideas. One was that while the house is empty we all tend the garden - as a tidy garden will benefit us all. (What is the new owner to do? Complain to the police that we have cut the lawns and tidyied the borders LOL ?)

 

Another idea was that if we see anyone viewing the property we pop round and make sure they are fully aware that they will NOT be welcome ! (None of us will be too pleased if a similar neighbouring house is bought at a knock down price when others are struggling to pay their bills).

 

How could you do that without offending an individual, or face legal action from the seller, or even criminal charges if they could prove harassment.

Who knows someone will buy for the hell off it, then what all out war!.

 

We also think its important that the message gets across that if people repossess - they will have difficulty disposing of the property.

The mortgage company would really not be too concerned, how would you get the message across.

 

We're also thinking of launching a website to collate ideas and encourage others. If anyone has any other suggestions please list them here, or let me know if you'd like more info when the website is launched.

 

Sorry to sound negative, I seen friends, and neighbours close to being evicted, some have worked things out sadly some haven't.

Regards

 

Andy

[The Watcher]

Hi Andy

 

We are still looking at options but she now has no income, so I don't really see how the Court could let her keep the house.

 

The company would be no different from any other company - shareholders will be able to sell and buy shares within the group when it suited them.

 

Regarding putting off potential buyers - I think it would only be neighbourly to "check" who was visiting the property, don't you? When you discover its a potential buyer they can be made to realise that the previous occupant was well liked etc? I think there are "ways" to get the message across !

 

Sorry to hear that some of your friends have not worked things out - maybe they would have done better if they had NOT kept things to themselves?

 

With the explosion of debt about to hit Britain - something I have been warning of for some time - everyone will be in the same boat.

 

As for the website - you may be right ... but there are plenty who come on here and discuss their debts / bailiffs / repos etc .... so why would people not also go to another self-help site?

[Guest Old_andrew2018]

Hi Andy

 

We are still looking at options but she now has no income, so I don't really see how the Court could let her keep the house.

I still think she might get advice, if she posted on this or another site.

The company would be no different from any other company - shareholders will be able to sell and buy shares within the group when it suited them.

I was thinking in terms of repayment; for example if some "shareholders" themselves fell onto hard times.

Still as you have discovered by thinking out of the box, you can find unique solutions to a problem.

Regarding putting off potential buyers - I think it would only be neighbourly to "check" who was visiting the property, don't you? When you discover its a potential buyer they can be made to realise that the previous occupant was well liked etc? I think there are "ways" to get the message across !

 

Sorry to hear that some of your friends have not worked things out - maybe they would have done better if they had NOT kept things to themselves? I'm not sure that they kept things to themselves, they simply ran out of options its was sad we miss them, although you try to keep in touch it rarely happens.

With the explosion of debt about to hit Britain - something I have been warning of for some time - everyone will be in the same boat.

 

As for the website - you may be right ... but there are plenty who come on here and discuss their debts / bailiffs / repos etc .... so why would people not also go to another self-help site?

My statement, "The mortgage company would really not be too concerned, how would you get the message across", meant what actions could your group employee that would be effective.

I see no problem with the site, I would also argue that you won't see as many trolls as some other sites have.

 

Good luck with what ever your group decide, who knows if this works out, another house could be purchased.

 

Regards

 

Andy

[The Watcher]

Remember the "shareholders" would have put-up their cash at first (just like buying shares) and if they wanted to sell them they would have to find a buyer.

 

My statement, "The mortgage company would really not be too concerned, how would you get the message across", meant what actions could your group employee that would be effective.

 

If the MC got the message that people were being "put off" from buying cheap properties then they may not repossess as many (as getting a bit of cash from the existing person would be better than having an empty house, and no income at all).

 

It would be slow to start with - just as banks took little notice of the first few who claimed back bank charges - but when that became a flood .... ?

 

Its just an initial thought. Like you say these are strange times and you have to "think outside the box". I think the message board (on the site) could generate other ideas that we can try out too.