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Repossession???????????
As like most people the credit crunch is hitting hard. I am thinking about just letting my house go and not pay any of the mortgage, and to be honest i wouldn't be bothered going through repossession proceedings.Can I contact my mortgage company and tell them just to go ahead and take the house without dealing with court etc.Also my mortgage is 95% the value of house plus a unsecured loan at the same rate as my mortgage so in total it makes up 100% mortgage, so if they took/repossessed my house would i owe them any money.The mortgage company is Northern Rock(who it has to be said have been very fair to me up to this point) and i have had the deal 3+ years...Only serious answers please...
Going through a fairly similar situation with Northern Rock - speak to them, you may well be surprised with the options they give you.
If you "gave" the house back on a 100% mortgage, you would probably owe them money, yes... initially they will charge you for all the administration involved in selling the property... and they charge top dollar, secondly, they will take, basically, the first decent offer made - so it wont necessarily be the 100% value of the property you are after... probably nearer 75-80% of the value you put on it. Finally they will then charge you for the missed payments while the property is selling - which isnt an immediate transaction. So you will be left with around 25-30% of the value of your property outstanding, this is based on my similar situation.
NR are very much open to coming to an agreement that is within your means, no doubt you are out of your fixed term, so long as you have an income and can pay somethnig - which you would have to pay if you left anyway (for a rented home) then they should accept it while the troubled times are with us. They will want to review it regularly (every 3 months or so)... but they do seem quite affable, to me anyway. It is not really in their interest to repossess particularly at the moment, given the housing market - they really will bend over backwards to try to keep you in the house and paying something.
If you move out, you still have to pay rent somewhere - so figure it out from there. If you are unemployed, you will not be able to claim housing support on a mortgage, though your Job Centre should be able to tell you about the upcoming schemes for help with this. They do not kick in until you have been out of work for 3 months and I must admit I do not yet know the full ins and outs of that scheme as yet (to be fair I don't think they do either), but you have to sort something out. If you are in work, then you have to pay rent for the new place - offer Northern Rock the amount you would have to pay for the rental place - it is a start at least... and you get to keep the home, leaving will cost a whole lot more.
Finally - if you are absolutely out of options... stay put until they kick you out... seriously, you don't really have any other choice - if you're f***ed then you're f***ed anyway.... at least get some free living out of it... not that it is free... they will charge you for it anyway, whether you are int he house or living elsewhere!!! Just make sure you have an exit plan as and when you need it... somewhere to go, somewhere to put your things, etc. Who knows, when it goes to court, you may have a sympathetic judge who will make the mortgage company come to an agreement - seriously, last as long as you can, you never know what "announcement" is round the corner... they started printing new money yesterday, who knows what will happen tomorrow!
Come to some affordable agreement, head down and wait it out... get advice, CAB, JSA, DWP etc and who knows what will...repossession?
7 years ago a freind and his wife had there house repossessed 3 years ago he paid a settlement to the bank now the banks lawyers are after her taking her to court for money pay up or intrum order can they do this
FIrst of all, nothing stays on your credit for 40 years, unless it is a longtime, open, and good standing line of credit. A bad debt by law is only allowed to be on there ofr 7 years. Secondly, if the debt was paid by settlement, then there is no debt left to collect.Where are Repossession Auctions in the North East of England?
I am in the north east and I am looking to see if there are any repossession auctions in Teesside Wyreside or Tyneside, well anywhere near.
Cheers
Yes I already tried that but to no avail and no I am not cashing in other peoples misery! I am trying to buy my brother items back and I heard they are being sold in the north east. Dont be so quick to make a judgement like that.
Have you tried any search engines ie: google,yahoo etcShould I buy a car which is categorized as a finance repossession?
Should I buy a car which is categorized as a finance repossession?
I checked this preowned car, and AA said there is an existing finance agreement against the car, which is a hire purchase.
I told the dealer, and he said this is a finance repossession. He said the finance company has cleared the car.
Obviously I will speak directly to the finance company. But do you think it is advisable to buy this type of car? It is a Nissan Almera, so quality-speaking, it should be good.
If there is an existing finance on the car, the dealer should not be selling it. The finance should have been cleared up by the repo and the car should have a clean title now.
There's nothing wrong with buying a repo. It's like any other used car. Some uninformed people might advise against it because they think such cars have been abused by the owners, knowing that they are going to lose the car. This is rarely true. The repo usually comes on quickly, in a matter of a couple of months, so there is little time to abuse the car. It wouldn't be smart anyway, because the car would sell for less at auction, and they would owe a larger balance on their loan after the repo.Can I find these repossession homes before they are taken away by the mortgage company? How?
How do I find properties that are about to be taken away by repossession from the Mortgage Company before it happens? Is there a legal process that must be taken before that happens? Can I contact the homeowner prior to the repossession?
Re-possessed houses are normally shown under the classified section in the local paper inviting offers, but you can approach the owner, don't think there is a law against it.
The woman across the road from me sold hers privately before she had it repossessed. As long as the owner pays the amount owed when it is sold that is.Does a Suspended Repossession order stay on the property?
Once you've cleared all the arrears?
We went to Court last summer as we'd fallen into arrears with our mortgage. The Judge granted a suspended repossession order.
We've since cleared all the arrears off but the mortgage Co says the Order still stands even though the account is now bang up to date. Is this right? Sounds wrong to me.
A suspended repossession order is basically a final warning (a yellow card, if you like), and means that if you fall behind with your mortgage payments again, your home will almost certainly be repossessed.
If the judge made a suspended possession order, you can stay in your home as long as you keep to certain conditions. The conditions should be explained in the order, but if it isn't clear, get advice. In many cases, it will say that you have to pay a certain amount off your arrears each month and keep up with your ongoing mortgage payments. When you have paid off the arrears, you simply need to continue to pay your normal monthly payments when they are due.
If you don't keep to the conditions of a suspended possession order, you can be evicted very easily. For example, if you miss even one payment, you r lender can apply for a bailiff's appointment straight away. There isn't normally another hearing and you may only get a few days' warning before the bailiffs arrive. If you receive a letter from the bailiff, get advice immediately. There may still be time to stop the eviction.
If you think you are likely to have problems sticking to the conditions of a suspended possession order, you should contact your lender and/or get advice immediately. Don't put off dealing with the situation, as your lender (or other creditor) may be able to evict you very quickly if you don't come to an agreement.
Even if the situation seems hopeless, an adviser may be able to help you find a solution. For example, if you have lost your job it may be possible to get the conditions of the order changed to make the repayments more manageable. If you want to change the conditions of an order, you will need to apply to the court and may have to pay a fee. However, if you are claiming benefits or have a low income you may be able to get help with these costs.House Repossession, how many months do they give you to pay your mortgage?
I've just found out my sister and her husband haven't payed there mortgage for 3 months now, does anybody know how many months till it will be repossed if they continue not to pay there mortgage?
Thanks in advance!
it varies from lender to lender and state to state laws. But if after 90 days down they will generally get a notice of default in the mail that is when foreclosure proceedings will start. it could take 30-90 days before that actually takes place and the sheriff puts them on the curb. They may want to work out a forbearance agreement with the lender to get caught up or file a chapter 13 to get caught up over the next 5 years or just go through the processAm I better to hand house back before repossession and bankruptcy?
In a couple of months time im going to have to go bankrupt. I have now moved out of my mortgaged house and live in rented accommodation. Am I better to leave it for the mortgage company to repossess, wait until bankruptcy or Hand the house back to the mortgage company.
Any advice would be great
Thanks
Can you not put the house up for sale, even though you don't make a profit it will delay the mortgage company from repossessing it if it is up for sale- several years ago when my marriage ended I was unemployed when ex left, benefits paid a certain amount amount of it but because it was a high mortgage it was short each month, ex was suppose to pay the difference but did not, this went on for a few years until the building society said they were going to repossess it, I put it up for sale which delayed repossession, in the end after arrears were paid and mortgage and lawyers fees we got around £1000 each. In the UK if you declare your self bankrupt or IVA it doesn't affect your mortgage, my friend had a mortgage and went bankrupt and kept her home?What are the repossession laws of South Africa for cars?
My brother's car was repossessed a few months ago and was then sold after being kept in storage. They now want him to pay a fee that is double what the car is worth and is even more than what they sold it for. Can you please assist me in finding the laws that are necessary for our understanding of this situation and to find out if they are just trying to scam us.
Call the leinholder and see if you can work out a way to restore the loan, and they may not put a repo on your credit. You may need to get another loaner, but try your best to get the vehicle back. If you fail to do so, they can auction it off, put a repo on your credit and still bill you for any amount of the loan you owed that the auction price didn't cover and yes they can tax you on it.
Also, it is very hard to get a good rate loan after you have a repo on your credit.
CONTACT YOUR LOCAL DMV OFFICE, THEY WILL BE ABLE TO ANSWER ANY AND ALL OF YOUR QUESTIONS AND AT THE SAME TIME YOU WILL BE GETTING THE CORRECT ANSWER TO YOUR QUESTION.All of these repossession questions that I have are in the UK. I want to be able to find the repossessions.?
I want to be able to find the repossessions prior to the auction in the UK, namely London. Does the mortgage company post a public notice prior to the repossession? Can I contact the homeowner prior to the auction?
They don't advertise that they are repossessions. They do not need to post a public notice....the reason they do this is so they can get the best price...if they said it was a repossession they may not get that price. The Estate Agent cannot even tell you legally if it is a repossession