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| The independent answer to your debt problems | login join |
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caza
| 26-09-2008 12:04 PM |
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Joined: 13 Jul 2008 Posts: 7 | Hi my sister remortgaged her house over 8 mths ago and unfourtuntaly her marriage has now broken down. She has tried her best to keep up with the large payments but can no longer and will be due to fall in to arrears, the company she is with are not very helpful so she has resigned her self that the house will be repossed. Can you plse give me some information as to what happens with this and do they force her out of the house before it is sold. Any info given would very much be appreciated. |
| DW George | 26-09-2008 06:09 PM |
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Joined: 01 May 2007 Posts: 195 My Profile | Hi Caza Does your sister stay in Scotland? Is the house in joint names? Has she tried to sell the house? Has your sister explained her situation fully to the mortgage company? Perhaps she could get a mortgage holiday, reduced payments or switch her mortgage to interest only. It's my turn to ask the questions. :) The process is that they will either put a charge (England) or an inhibition (Scotland) on the house. This basically means that she cannot sell the house without the creditors having first call on the equity. If the creditors move for repossession they'll not throw her out in the street but give her a reasonable time, to find a new place. I know it's a difficult time of the year to sell at the best of times but with the credit crunch it's hard to second guess what the banks will do. I'll try and get some others (Paladin) to give their tuppence worth. George |
| paladin | 26-09-2008 06:26 PM |
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Joined: 06 Jun 2007 Posts: 99 My Profile | Hi caza How is it going? How did you get on with your debt problems? I think it would be a good idea for your sister to check out this website http://www.home-repo.org/ if she is going to lose her house. It has good tips and advice. P |
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caza
| 27-09-2008 01:01 PM |
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Joined: 13 Jul 2008 Posts: 7 | Hi thanks for both replying. Yes my sister lives in scotland, the house is in joint names but the Husband does not care what happens to the house. They poss have no equity in the house and mortgage is well over £1000 each month so even interest only she would not be able to afford. They have no debt just the Mortgage payments. This will be the 1st mth she will fall in to arrears. The company she is is with is Future mortgages and all letters written have been lost and she has asked time and again to re send the same info she has already done and no use speaking with there customer service department as they just ask her to put this in writing. Me myself am still awaiting on my trustee applying for my sequesrtation, not heard a things yet. |
| helpmenow | 30-09-2008 09:41 AM |
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Joined: 15 May 2007 Posts: 38 My Profile | Hi caza I am a bit late coming to this thread but here is my tuppenceworth. Your sister is best rid of him, bailing out of her like this. I think your sister should just hand the keys back or sell the house, any deficit will then become an unsecured debt. You should encourage your sister to write to Future as a letter tends to attract more a more positive response. Caza, in England you can apply for your bankruptcy have or can you do this? HMN |
