House due to be repossessed. What's the best option?

[Emsman]

Ok, it's was going to happen. Have been struggling financially since an accident over a year ago.
Well, I have acrental house, and have got into serious arrears- basically, rent doesn't cover mortgage.

It's due to be repossessed on tuesday- I only know as some post was found when visiting as rental client is in china.

Any advice appreciated. Do I go down the route of iva?

Honestly, any help greatly appreciated

[ringram]

Have you got any equity in it?
Sounds like you need to reduce your outgoings, so being rid of it would be no bad thing.

Citizens Advice Bureau is often recommended.

[markmakak]

Yep - http://www.citizensadvice.org.uk/ - do it NOW.

[davemac250]

Umm, why was the mortgage company writing to you at the rented house.

I hate to be the bearer of further bad news, but if this is due to what I think it is due to it is even more important you get to the C.A.B.

Oh, Soovy will be along in a little while to berate you further.

[SplatSpeed]

bad luck mate

get advice asap

maybe go to any hearing that is called if you know when and where??

you may be able to get a rental agreement with the mortgage company?

good luck!

[Soovy]

Emsman said:

Ok, it's was going to happen. Have been struggling financially since an accident over a year ago.
Well, I have acrental house, and have got into serious arrears- basically, rent doesn't cover mortgage.

It's due to be repossessed on tuesday- I only know as some post was found when visiting as rental client is in china.

Any advice appreciated. Do I go down the route of iva?

Honestly, any help greatly appreciated

FFS how long has this arrears been going on?

It takes a LONG time for them to repo a house.


You do realise that they'll auction it and you'll still owe the shortfall.

[davemac250]

Soovy said:

Emsman said:

Ok, it's was going to happen. Have been struggling financially since an accident over a year ago.
Well, I have acrental house, and have got into serious arrears- basically, rent doesn't cover mortgage.

It's due to be repossessed on tuesday- I only know as some post was found when visiting as rental client is in china.

Any advice appreciated. Do I go down the route of iva?

Honestly, any help greatly appreciated

FFS how long has this arrears been going on?

It takes a LONG time for them to repo a house.


You do realise that they'll auction it and you'll still owe the shortfall.

I thank you.

Now about the undeclared rental property on a occupier mortgage...

[Soovy]

davemac250 said:

Soovy said:

Emsman said:

Ok, it's was going to happen. Have been struggling financially since an accident over a year ago.
Well, I have acrental house, and have got into serious arrears- basically, rent doesn't cover mortgage.

It's due to be repossessed on tuesday- I only know as some post was found when visiting as rental client is in china.

Any advice appreciated. Do I go down the route of iva?

Honestly, any help greatly appreciated

FFS how long has this arrears been going on?

It takes a LONG time for them to repo a house.


You do realise that they'll auction it and you'll still owe the shortfall.

I thank you.

Now about the undeclared rental property on a occupier mortgage...

Emsman - have you been buying to let on an occupier mortgage?

You'd better get some legal advice quick - the lender will hang you.

[davemac250]

Soovy said:

davemac250 said:

Soovy said:

Emsman said:

Ok, it's was going to happen. Have been struggling financially since an accident over a year ago.
Well, I have acrental house, and have got into serious arrears- basically, rent doesn't cover mortgage.

It's due to be repossessed on tuesday- I only know as some post was found when visiting as rental client is in china.

Any advice appreciated. Do I go down the route of iva?

Honestly, any help greatly appreciated

FFS how long has this arrears been going on?

It takes a LONG time for them to repo a house.


You do realise that they'll auction it and you'll still owe the shortfall.

I thank you.

Now about the undeclared rental property on a occupier mortgage...

Emsman - have you been buying to let on an occupier mortgage?

You'd better get some legal advice quick - the lender will hang you.

It looks that way.

Mortgage companies tend to write to the landlord at the landlords address, occupiers at the actual in question house address.

The repo notices appear to have been going to the rented house, ergo it appears the mortgage company feel this is the best place to find Ensman at.

Of course I may be 100% wrong.

[GT03ROB]

Could he plead insanity on account of setting fire to himself at a BBQ?

[Soovy]

davemac250 said:

Soovy said:

davemac250 said:

Soovy said:

Emsman said:

Ok, it's was going to happen. Have been struggling financially since an accident over a year ago.
Well, I have acrental house, and have got into serious arrears- basically, rent doesn't cover mortgage.

It's due to be repossessed on tuesday- I only know as some post was found when visiting as rental client is in china.

Any advice appreciated. Do I go down the route of iva?

Honestly, any help greatly appreciated

FFS how long has this arrears been going on?

It takes a LONG time for them to repo a house.


You do realise that they'll auction it and you'll still owe the shortfall.

I thank you.

Now about the undeclared rental property on a occupier mortgage...

Emsman - have you been buying to let on an occupier mortgage?

You'd better get some legal advice quick - the lender will hang you.

It looks that way.

Mortgage companies tend to write to the landlord at the landlords address, occupiers at the actual in question house address.

The repo notices appear to have been going to the rented house, ergo it appears the mortgage company feel this is the best place to find Ensman at.

Of course I may be 100% wrong.

On the money.

Emsman, in all seriousness mate this is quite a serious issue and you need to get some proper advice quick. Effectively you've been committing fraud.

I assume you've been declaring the rental income and paying tax on it? Haven't you?

Edited by Soovy on Wednesday 27th October 17:20

[hornetrider]

Uh-oh.

On the upside if the rent isn't covering the mortgage then he won't be owing the revenue anything

[ringram]

Depends what they find after a 3 month audit of his last 10 years earnings etc...

[BrabusMog]

More to the point, what about your tennant? Does the repossesion just give the bank a sitting tennant or are they going to get turfed out because of your lack of being able to deal with a situation?

Regardless of what has happened in the past year or so you should not have been burying your head in the sand.

Edit to remove random punctuation.

Edited by BrabusMog on Wednesday 27th October 17:44

[Soovy]

Emsman mate, go and see a solicitor quick. You're going to get bullyrammed here.

[Emsman]

Thanks so far folks.

Basically, bought the house from my brother, lived there a year or so, moved out, it stood empty for a while.

Rented out to a mate- rent doesn't cover mortgage.

Bad credit mortgage- ex left me in tatters financially.
Shortfall with charges etc has built up hugely.
Now got letter for repo on Tuesday.

Ironically, waiting for a life policy to be paid owing me £6k, which is being cashed to cover shortfall.

Final irony, back at work now to cover mortgage.

Parents can't afford the 6k I need to pay them, and it can't go on a credit card.

So, do I go for iva and pay off?
I'm stting it to be honest

[HereBeMonsters]

Emsman said:

Thanks so far folks.

Basically, bought the house from my brother, lived there a year or so, moved out, it stood empty for a while.

Rented out to a mate- rent doesn't cover mortgage.

Bad credit mortgage- ex left me in tatters financially.
Shortfall with charges etc has built up hugely.
Now got letter for repo on Tuesday.

Ironically, waiting for a life policy to be paid owing me £6k, which is being cashed to cover shortfall.

Final irony, back at work now to cover mortgage.

Parents can't afford the 6k I need to pay them, and it can't go on a credit card.

So, do I go for iva and pay off?
I'm stting it to be honest

Back of Private Eye? Always people asking for short term cash for these sorts of things. I'd lend it to you if I had it.

[Gargamel]

Emsman said:

Thanks so far folks.

Basically, bought the house from my brother, lived there a year or so, moved out, it stood empty for a while.

Rented out to a mate- rent doesn't cover mortgage.

Bad credit mortgage- ex left me in tatters financially.
Shortfall with charges etc has built up hugely.
Now got letter for repo on Tuesday.

Ironically, waiting for a life policy to be paid owing me £6k, which is being cashed to cover shortfall.

Final irony, back at work now to cover mortgage.

Parents can't afford the 6k I need to pay them, and it can't go on a credit card.

So, do I go for iva and pay off?
I'm stting it to be honest

They probably don't want your house, ring them or see them, talk to them and see if you can work out a deal on the outstanding debt. You are going to get raped if they re possess, as they will knock it down and chase you for the rest

[Emsman]

Very kind offer, and the eye idea good, but looking at tuesday.

Took eye off the ball somewhat (and fking foolish I know) but post hasn't been working here properly for ages- apparently the fact the lender sent post is sufficient.

Can't get hold of anyone at cab, and due to being skint until first paycheck can't afford a solicitor.

Is bankruptcy an option?

[hornetrider]

Speak to the lender now you are back at work, they could be flexible. I frankly don't believe the BS about post being unreliable and neither will the lender, they've heard it all before.