Repossession

[Tengu]

My friend is on the verge of this;
Im wondering if there are any other options. I think they should be trying to sell...but selling a 2 bed house in Maltby isnt easy.
Has anyone any suggestions?
(Mods please feel free to correct spelling of title; I am tired.)

 

[rik_uk3]

If its been repossessed Tengu I don't think they are allowed to sell it, its no longer theirs. Very sad position for anyone to be in, my sympathies go to them.

If its still theirs they and there is good equity in the property they could try one of the companies that offer 'up to' 80% of the house value which may give them some money to walk away with after paying off the mortgage.

 

[Karl82]

Tell them to seek legal advice and to contact the local council as some local council's offer help.

 

[Tengu]

Thanks for the advice.

Its a shame as they are very well trained and have a good work ethic; Why cant they get a job?

If anyone out there needs someone who specialises in HandS, has 20 years millitary experience in Logistics and who will get the job done three times over, (Oh, and would relocate) then feel free to ask.

 

[Barn Owl]

They need to get advice from citizens advice i'd say.

 

[TeeDee]

If they have sufficent equity within their property ( How long have they lived there is normally a good indicator ) they do have options. Depending on which lender they are with ( is it a high street lender or a sub prime one? ) will give an indication of they ae paying a normal interest rate or an inflated one.


If they have other debts ( most likely in Repo cases ) they will need to ascertain if they are secured or unsecured debts upon the house ( ie Credit card debts are normally unsecured ).

All of this matters if they wish to try to self-rescue. There are companies that are out there that will happily purchase the house and then rent back to the seller for the long term ( known as a 'RentBack' ) or they could opt for a quick sale and move on.
The reason they may want to 'rentback' is if they are on a sub prime mortgage , after rent back they can possibly find themselves paying far, far less as renters.


If you wish to Tengu, PM me. I have a few days off and can look into it, although I've been out of the loop for a while.

 

[Wayland]

They need to get advice from citizens advice I'd say.

Ditto this, it should be the first point of call when trouble like this starts.

It may be too late now but still worth a try.

 

[NS40]

I'd echo the suggestion to get along to citizens advice or the local councils debt management advice (if they have one) pronto.

Avoid debt consolidation companies like the plague...they make a lot of money and the people they make it from are the folk who already don't have enough. Some of the quick house sales or equity release companies will also pay them a pitiful amount for their house so it's worth doing the math to work out how much they would stand to loose by this option.

If they end up having to go through the bankruptcy or trust deed (IIRCit may be called something different in England & Wales) they may be able to keep the house in certain circumstances if they have dependents but not always guaranteed.

It's rough and a long haul...I've been through it a few years back...but you can recover from it.

 

[Tengu]

Thanks guys, but she says none of those are any use to her; the house is on a Buy to let morgage (She lost her tentants and moved in, but as she has no income the company wouldnt change the morgage to an ordinary one.) and she has no rights

What to do?

 

[TeeDee]

Thanks guys, but she says none of those are any use to her; the house is on a Buy to let morgage (She lost her tentants and moved in, but as she has no income the company wouldnt change the morgage to an ordinary one.) and she has no rights

What to do?

I just want to recap , to get the details correct.

Property she is now living in is On a Buy-To-Let Mortgage product.
She has no day to day income ( No Job? )
Where did she live before she moved into this BTL property?
Do you know which Mortgage company she has the BTL property with?
And they have refused to change it to a standard mortgage ?