Coast claim for Possession - old Welcome secured loan - Disc'd once - now another N24/N11R - help ***Resolved***

[unclebulgaria67]

Get on the phone tomorrow to the mortgage company that has the first interest in the property. They should have a team that deals with such issues and they may already know about it.

 

Value of property ( quick sale) ?

 

first mortgage amount ?

 

Second loan amount ?

 

Do you have other debts ? If so what are these ?

 

Suggest that you take up Councils offer to at least look at housing options ?

[unclebulgaria67]

So mortgage + secured loan debt is £220000 compared to a quick sale value of £250000.  

 

With all of the costs that will be added, and a  much reduced sale price if they sell after repossession, any equity could be wiped out, with the possibility you could owe a debt.  If you think a quick sale would achieve £250k, I think the amount they would sell it for may be considerably less than this.

 

Have you discussed this with the mortgage company ?

 

It might be worth contacting the Housing charity Shelter to see if they can help you ?   

 

https://england.shelter.org.uk/housing_advice/repossession

 

I think you should fight to stop the repossession and part of this may be offering a bit more than £20 to cover the arrears, if you can.  And may be the mortgage company might be willing to help, as they might think it is  not in their interest.   

 

Ell-enn is much more knowledgeable on this topic.

[unclebulgaria67]

Given the current circumstances with Government suspending the housing market, I wonder whether Courts would be accepting repossessions anyway.

 

It cannot be in anyones interest for such a process to be happening now.

[unclebulgaria67]

Why don't you engage with Coast and see what help they will offer you ?

 

If you don't engage with them, then I can see them using this against you, if this went to Court.

 

Is there a way you can downsize/move to cheaper Housing area and enable equity to be released ?