***Ell-en*** please help urgent advice needed

[web2005]

Thanks Ell-en, newstarter. Not any option left for me. I will see if I can manage to pay £2200 this month. Will contact local council to find if I am eligible for any help from them.

Edited May 25, 2010 by web2005

[caro]

I'm sure this must all sound very black to you web, but there could also be some positives to letting your house go.

 

1. No more continuous worry for you about where the next payment will come from.

 

2. No more continuous worry for your wife about where the next payment will come from.

 

3. Obviously I don't know the agreement that you have with your sister, but it costs a lot to bring up children, and do you really want to rely on her to help you keep a house you can't afford at the moment?

 

4. The need for a better earning job won't be quite so crucial. You have a good income and could live comfortably within it in a decent rented property until things pick up both for you and the economy generally.

 

5. You won't have to worry about maintaining a rented property.

 

6. I go back to point 1 because I can't emphasise it enough - the worry will be pretty much gone.

 

I agree with Ell-enn that you would be best to put it on the market yourself and try to get court permission to sell it yourself to ensure the best price.

 

I very much fear that if you continue as you are, you will simply be prolonging the agony instead of taking what could be a positive step to a new phase in your life.

 

Please give this serious consideration. People are more important than bricks and mortar.

[newstarter]

Caro makes some good points here Web B.M are not the easiest company to deal with,and with you being over 23k in arrears b.m would not negotiate with you.Better a voluntary sale than a repossession at least you would get the full market value thansay 80% minus costs and maybe a shortfall at the end to worry about.

[web2005]

Thanks all again. May be this sounds silly but I feel like giving up to sale will be not fighting and easily giving up. I know next 15 months are going to be difficult for me but if I survive somehow by maintaining payments it will pay me in the end. Once I have sold this property it will be nearly impossible for me to be on the property ladder again. I dont think I will manage to buy house in the future considering amount lenders ask for deposit.

 

I know its impossible to nagotiate with BM thats why I have decided to pay them what they are asking for. I will try to do some part time work to earn extra money plus my wife will start looking for job.

[caro]

Trying to keep your home isn't silly at all. It's natural. If you can do it that would be great. I wish you the very best of luck and hope that your application is successful.

[web2005]

hi, I am back again. I managed to pay them this month the normal monthly payment of £2213.

 

Can I ask you a quick question? I asked BM to send me the account statement as I wanted to confirm they didn't add any charges to the account. From statement, I have calculated the arrears should have been £21381. BM always told me arrears are £23596.09. There is difference of extra £2215 added to arrears.

 

I know not huge difference but I think £2215 could be the charges added to arrears. Do you guys think it is legal for BM to add £2215 to the arrears? Is this something that can go in my favour?

 

You guys have been very helpful. Please help agian. Thanks.

[newstarter]

Hi Web i have been away for a couple of days so only just saw your post.Right plese forgive my straight talking here i dont usually word posts so bluntly but im afraid you have to wake up and smell the coffee here.You took out this mortgage in May 2008,your currently around 23,000 in arrears,your mortgage payments are 2213 per month,you have to stand back here and take a good hard look at the facts.Your drowning in a sea of mortgage debt and thats without taking into account other debts you may have.Think about this,you have just made this months payment,nothing off the arrears,B.M just wont stand for that,to be honest Web this mortgage is driving you towards bankrupcy.Any judge in any court in the land would see that you simply cannot afford to keep this up,even a lender friendly judge would probobly put you out of this misery by finding for B.M at a court hearing.You say you come out of the fixed rate in 17 months time,this means that you could add another,8k on to the arrears you already have if your current payment history is anything to go by,believe me no judge would stand for it.At the moment all you are doing is delaying repossession by B.M and the longer this goes on the greater your arrears becomes.Worst case senareo is that you could be paying back a shortfall for a property you no longer own.Please think long and hard before you go on with this struggle to keep your home and if its really worth it.Im just worried that the hole you are in is getting deeper and deeper and that soon there will be no way out,however if you do decide to struggle on and fight,then i along with others will be here to help you give it your best shot,sorry if im being negative Web but i think sometimes you have to know when to throw in the towel and to be honest i think its time you thought about selling on the open market.

[Crapstone]

I'd do the same with that amount of arrears, throw in the towel, sell and get a good nights sleep at last. It's great to think you have so many years ahead but what happens when the interest rate goes up? You aren't in a stable enough position to show affordability in the long term and your track record over just a few years is poor.

 

I looked at a version of your budget sheet and it didn't add up. Too many rounded figures to the £00's and not enough honesty. It may look good to you..and show commitment to pay as much as you can but to me it shows that you are living a lie in not putting anything aside for birthdays or Christmas. Even if it's true you are existing and not living, and what for? BM and a pile of bricks! That's not a life.

[newstarter]

Crapstones,s right Web i have looked at your budget sheets times,at best they are optomistic,at worst dellusional.An experienced judge would see through those figures in seconds.Also just think about this,a 1% rise in the base rate would tear your income and expenditure to shreds.What you need to do here is act fast and put your home up for sale then you have a chance of fighting any eviction order on the basis you are selling on the open market,B.M might play ball with this option,or a judge may suspend as long as you take with you proof that the house is up for sale.As Crapstone says,at least you would be able to sleep at night.

[pompeyfaith]

selling is also now an easier option and more buyers with the banning of HIPs

[newstarter]

Good point Pompeyfaith those packs in my eyes were just a revenue raiser.

[littlemonstersmum]

I was following this thread with interest but all seems to have gone quiet.

 

Just wondering if you got the arrears issues sorted so you could stay in your home?

[web2005]

Hi All,

 

I am back for the update. I managed to make all normal monthly payments for last 6 months. After 6 normal payments bank has capitalised all the arrears and cancelled the suspended repossesion order. I feel much better thinking only 9 more payments and I will be out of high rate fixed interest.

[caro]

Thanks so much for that web. I'm so pleased things are going well for you, and I'm sure that others going through repossession issues now and in the future will get comfort from knowing that there is light at the end of the tunnel.

[Ell-enn]

That's good news - I hope you can now relax. Well done for proving to them that you can keep a consistent payment record

[newstarter]

Good news web i wondered for some time how you were getting on thank goodness your seeing some light at the end,it always gives me a lift to see another person or people save their home.