repossed help
 

hi we are all moving to Oz in late November myself, my wife and our 2 daughters ! counting the days now....and then this
2day we are at our lowest point !!! 2nd time the sale of our house has fallen throu :curse:

come Jan 09 ...our payment shoot right up , and with us moving in November meeting this payment is not no an option nor is renting it out..

so we have decided to let them reposses the house !!! mates tell me not to let this happen and sit it out , we got 5 years to enter Oz, so whats the rush

its pretty rough where we are !!! ok 4 me ...but am i wrong for wanting a better lifestyle for my daughters

What to do :confused:

also does anyone know if this would affect my getting a house out there ?

this is my 1st post and i read alot on this forum which has been a great help over the years , so no haters please ...just after alittle advise

NO WE ARE NOT RUNNING AWAY

Re: repossed help
 

Hi , thats really tough, not sure that I can offer any advise, just wanted to wish you luck.

I would try to avoid repossesion if you can. Theres got to be a buyer out there for you.

Good Luck

Re: repossed help
 

Have you thought about using one of these companies who gauruntee to buy your house quick? We used one when we came to Oz. We didnt get the full value, but they came through ok

Re: repossed help
 

Looks like you are in a tough place. I hope you manage to sort yourselves out.

Reduce the price of the house to attract a buyer. You might not make much money on the place but at least it will be sold and you can move with a clean slate.

Good luck.

Re: repossed help
 

If they reposess the house and then sell it at a forced auction you could still be liable for the debt owing being the price difference between what they sell at and what you owe. And they will not care about the price they sell at really they want to get rid of the property not sort out your debt to your best advantage.

That may be an awful lot of hassle trying to sort that one out from Australia.

Please go and see someone to talk this through now. The people telling you to wait and ride it out are your friends. Citizens advice should have some leads about the best people to talk this through.

You do not know if Australia is going to be the answer for you and your family and like some people you may find the need to return to the uk. Don't burn bridges on your way out however desperate it may seem now.

I understand the frustration and the feeling that the solution is on the horizon in the form of emigration but you really will just take your problems with you in some form or other.

Wishing you the best of luck

Re: repossed help
 

Yeh we got a quote when we were first moving to oz, they rip you off!!!

Saying that the market is at the very low point at mo, we want to return but looks like we are gonna have to rent it out for about 5 years:eek: just hoping we can get back on the housing market in oz.

I read the papers today, first time for ages, God doesnt it make you feel depressed, even Woolies are expected to go into a recession,...

HELP!!!!!! is all I can say at the moment...

If its that bad let it go and be repossessed, you are stuck in a deep dark corner, try again, but remember if you come back to UK I think they will eventually catch up with you!!

Do you have enough funds to get you up and running in Oz, if so just try it and see what happens.

I probably get shot down for this as well but we've been back not even a year yet and are finding it really depressing here:( I think UK is very much on a downward slop) You cant help but listen to all the negative things here it really does get on top of you after a while, all this pressure on the kids doing well at school (which is a laugh) even my 10 year old is beginning to get worried about her 11 plus !!!

Sorry Im pissed and FED UP!!:o:o

Re: repossed help
 

Hi,

So sorry to read this. I know the feeling well, our sale fell through three times, and in the end we left with it 'sold' but not finalised. Those were a terrrible few months, but it came right for us in the end.

I'm with the others who are saying don't walk away without selling. The bank will not make ANY effort to get what the house may be worth, and they will expect you to make up the short fall.

Why don't you contact one of the companies stormyweather suggested and see what they'd offer for your house and then decide if you could accept their offer? (Although, I have to say I wouldn't sell to one of those companies.)

Have you validated your visa? If not, would you consider validating to allow more time for your house to sell?

Whatever you decide to do, Good Luck!

M

Re: repossed help
 

Repossession is not a good idea. You will have 7 years bad credit rating should you return to the UK.

I would suggest the best thing you can do is go and talk to your mortgage lender. Unfortunately people leave it too late to do this by which time they have passed the point of non return.

Talk to your lender, they may be able to come up with an option to reschedule your payment plan based on the the fact that you are trying to sell it.

Good luck to you and your family.

Re: repossed help
 

Do they?

They take your property off your hands and they are the ones who then need to try to sell it in the "real" market, taking the risk of a loss + costs of ownership until that point.

Your property, like any asset, is only worth what someone else is prepared to pay for it.

Re: repossed help
 

I wouldnt say these companies rip you off, we got offered the full asking price of our house but the buyers couldnt sort out the mortgage they wanted.
We ended up taking a £20k loss on our house after asking a 'company' to buy it, it paid off the mortgage but we have ended up stopping in the UK another year to save up the £20k we lost.
I would say drop the price sell the house and save up.

If you let the Bank take it, say you owe £130k on the mortgage, the house goes at auction for £80k, the bank will probably come to you for the other £50k.

Re: repossed help
 

Please could you tell me who you used. We are not at that stage just yet but if the visa comes we will need to come out in November for my OH to start his job. I would prefer to sell than rent so this may be an option for me.

If you would rather PM me with the company details then please feel free to do so.

Thank you
Nikky

Re: repossed help
 

Get some legal advice as quick as possible! Avoid repossesion.
also try to negotiate with your lender.

Most companies who guarantee to buy your house are looking to get it well below market value. they may allow you to rent it back from them which sounds appealing but they can evict you in six months by serving a section 21 notice without needing any legal reason to do so. Beware of these companies, I have experienced many horror stories first hand.

At least if the bank get it they MUST sell it at market value. The fact that the market is very low at the moment is on one hand to your advantage because the banks will be reluctant to take that asset knowing the state of the market. however on the other hand, as someone has already pointed out you will still be liable for the repayments untill the bank has agreed a sale with a third party, given the current the market you could get evicted and still be liable for the payments for another 12 months!!

As someone who (in the UK) used to sucessfully defend repossessions in court, I can assure you that there are many ways of avoiding repossession depending on your circumstances, the level of arrears, the value of the property and your ability to repay the loan within the loan period(i.e not nessarily meet your monthly repayments) Additionally, Court action being commenced by the lender is not a guarantee that the lender will get your house. Even if proceedings haven't started yet get advice. get it quick!

First call CLS direct on 0845 345 4 345 ask to speak to a housing legal advisor.

The operator will ask about your finacial circumstances and do a means test for legal aid.

If you qualify for legal aid they will put you through to a qualified legal advisor.

Before you phone you may want to check out this calculator to see if your eligible for legal aid.

http://www.communitylegaladvice.org....calculator.jsp

read the page, click start calculator at the bottom of the page. On page one check the Help at Court box and go to page two.
Before they do put you through ask if they will connect you to Derbyshire Housing Aid. (tell the operator they gave you advise previously on an UNRELATED matter such as welfare benefits advice and you would prefer to speak with them)
DHA are probably the best organisation who provide housing advise services through the CLS helpline. ( I used to work for them so I may be a touch biased)

Also, if you used the calculator and you were not elgible on your actual income and gave the operator lower figures for the legal aid means test when you get put through to the advisor you should simply explain to the legal adviser (not the helpline operator) that there is a temporary 1 month drop in your income (making you eligible for legal aid for just a few days-how very fortunate you were to seak advice at just the right time!) and your income will resume at the normal level from next week. the advisor can then advise you properly based on your actual level of income.

As a rule the CLS helpline service will not be able to represent you in court but they can do the legal preparation and forms to enable you to put your case yourself, or with the help of the in court free advise service (if available in your local county court) or with the help of a local legal advise provider who they can refer you to.

The advisor will provide you with a client care letter which will be a detailed written summary of your courses of action, legal arguments and chances of success. this alone coul be useful evidence at a hearing if you have to represent yourself. The fact you have sought legal advice (even if not eligible for legal aid) shows the court that you doing your utmost to resolve the issue.

If you dont qualify for legal aid go to this web site.

http://www.clsdirect.org.uk/en/direc...torysearch.jsp

enter your postcode
check the housing box below and click search

and you will get a list of solicitors and agencies that can help.

From personal experience most Citezens Advice Bureau's are not that hot on reposession they tend to be a much more generalist advice agency, but they are free no matter what your income level. If they offer to help you on legal aid however or hold a CLS housing advice contract then they should be reasonably competent.

Local Law Centres tend to be better and will sometimes provide representation to those who are not eligible for legal aid. realistically you need specialist advice from a legal aid provider who has a housing advice contract. (even if you are not eligible for legal aid, a provider who holds a Housing advice contract with the CLS will be suitably qualified to give you the best advice).
Strictly speaking legal aid on a face to face basis on repossession is done on a differnt legal aid eligibilty rules and diffent type of public funding contract however the calculator above will give a reasonable accurate indication of your eligibility.

Finally I must add that the above post IS NOT INTENDED AS LEGAL ADVICE IN ANY JURISDICTION. just in case you mistakenly formed any impression that I still practise Law in the UK. I dont. this is just some hopefully helpful signposting and inside information as to legal aid eligbility.

If you want to PM me I may be able to give you some further signposting with a little bit more information ablout your circumstances.. Good Luck!

Re: repossed help
 

Not entirely true: any other "asset" like a car, TV etc then yes: but houses usually have to be bought with borrowed money and the lack of willing lenders distorts things.

Re: repossed help
 

Mmm an interesting, if pedantic observation,, but aren't most cars and TV's also bought on credit. just look at the panic that sets in when there is an interest rate rise!!

any asset, product or service is only worth what the market demands given the supply. that is not to say that you wont find it cheaper or that you will not pay over the odds! there are millions of distortions within any market.

within the context of the thread however JAJ's remark is spot on!

Re: repossed help
 

To the OP - stop posting on here and get some serious advice as to your position. Repossession of your house could leave you in a much worse legal and financial situation than you appear to think.