Mortgage Company
Discussion
My sister has fallen 2 months behind on her mortgage.
She is paying every month but had slipped a few times earlier in the year.
She is over paying each month to catch up too.
The mortgage company are threatening to go for possession of property.
The case manager keeps talking about my Sister's kids and asking if this is the way she wants to bring them up etc etc.
Two things I'd like to know.
1. What is the likelihood of a judge ordering possession seeing as she is making regular payments that are more than her monthly payment?
2. Are they allowed to talk about the children like this?
Any help appreciated as she is worried sick!
She has tried calling CAB but they don't seem to be open until the new year.
She is paying every month but had slipped a few times earlier in the year.
She is over paying each month to catch up too.
The mortgage company are threatening to go for possession of property.
The case manager keeps talking about my Sister's kids and asking if this is the way she wants to bring them up etc etc.
Two things I'd like to know.
1. What is the likelihood of a judge ordering possession seeing as she is making regular payments that are more than her monthly payment?
2. Are they allowed to talk about the children like this?
Any help appreciated as she is worried sick!
She has tried calling CAB but they don't seem to be open until the new year.
Who the hell does the case manager think he is to cast thoughts as to other peoples morality?
Would suggest she requests all correspondence is in writing as the case manager isn't exactly helping the situation.
As far as anything constructive goes...I can't offer any further thoughts, but I'm disgusted by the case manager's "people skills"
Would suggest she requests all correspondence is in writing as the case manager isn't exactly helping the situation.
As far as anything constructive goes...I can't offer any further thoughts, but I'm disgusted by the case manager's "people skills"
musclecarmad said:
paoloh said:
My sister has fallen 2 months behind on her mortgage.
She is paying every month but had slipped a few times earlier in the year.
She is over paying each month to catch up too.
The mortgage company are threatening to go for possession of property.
The case manager keeps talking about my Sister's kids and asking if this is the way she wants to bring them up etc etc.
Two things I'd like to know.
1. What is the likelihood of a judge ordering possession seeing as she is making regular payments that are more than her monthly payment?
2. Are they allowed to talk about the children like this?
Any help appreciated as she is worried sick!
She has tried calling CAB but they don't seem to be open until the new year.
its only 2 months which isn't much now she is overpaying - can't she clear the 2 months or you help her so it doesn't have to go that far?She is paying every month but had slipped a few times earlier in the year.
She is over paying each month to catch up too.
The mortgage company are threatening to go for possession of property.
The case manager keeps talking about my Sister's kids and asking if this is the way she wants to bring them up etc etc.
Two things I'd like to know.
1. What is the likelihood of a judge ordering possession seeing as she is making regular payments that are more than her monthly payment?
2. Are they allowed to talk about the children like this?
Any help appreciated as she is worried sick!
She has tried calling CAB but they don't seem to be open until the new year.
I think he can talk about the kids like that - he is trying to get her to pay etc - he hasn't said anything rude.
2 months mortgage payments can't be more than a few grand, could you not lend her the money if she is now overpaying and you are confident of getting it back
Over paying by about £250 a month.
I have a young family myself and have had some large expenditure recently and am simply not in a position to help.
paoloh said:
My sister has fallen 2 months behind on her mortgage.
She is paying every month but had slipped a few times earlier in the year.
She is over paying each month to catch up too.
The mortgage company are threatening to go for possession of property.
The case manager keeps talking about my Sister's kids and asking if this is the way she wants to bring them up etc etc.
Two things I'd like to know.
1. What is the likelihood of a judge ordering possession seeing as she is making regular payments that are more than her monthly payment?
2. Are they allowed to talk about the children like this?
Any help appreciated as she is worried sick!
She has tried calling CAB but they don't seem to be open until the new year.
As long as she keeps paying as much as she can and keeps the dialogue going with the Mortgage company she will be OK. The outstanding will have to be made up eventually though.She is paying every month but had slipped a few times earlier in the year.
She is over paying each month to catch up too.
The mortgage company are threatening to go for possession of property.
The case manager keeps talking about my Sister's kids and asking if this is the way she wants to bring them up etc etc.
Two things I'd like to know.
1. What is the likelihood of a judge ordering possession seeing as she is making regular payments that are more than her monthly payment?
2. Are they allowed to talk about the children like this?
Any help appreciated as she is worried sick!
She has tried calling CAB but they don't seem to be open until the new year.
No Judge in the land will sign the order as long as she is seen to be making an effort, and is catching up, on payments.
I am no lawyer but I would assume any court would accept £250 per month as appropriate payment against the debt rather than possession.
Failing that,can she not just pay off the old missed payments and skip one of the current payments so at least the debt isn't old?
Re: the kids thing. Im sure theres no law against it but it is pretty f
king shameful.
Failing that,can she not just pay off the old missed payments and skip one of the current payments so at least the debt isn't old?
Re: the kids thing. Im sure theres no law against it but it is pretty f
king shameful.I know people who have gone an entire year without paying the mortgage before it even went to court.
However, at £1400 a month for the mortgage, two months arrears and trouble you say she's had in the past year it could be the mortgage company see her as a huge risk and want to recoup some of their money ASAP.
However, at £1400 a month for the mortgage, two months arrears and trouble you say she's had in the past year it could be the mortgage company see her as a huge risk and want to recoup some of their money ASAP.
blindswelledrat said:
I am no lawyer but I would assume any court would accept £250 per month as appropriate payment against the debt rather than possession.
Failing that,can she not just pay off the old missed payments and skip one of the current payments so at least the debt isn't old?
Re: the kids thing. Im sure theres no law against it but it is pretty fking shameful.
I'm not sure that's how payments work but I'll ask her.Failing that,can she not just pay off the old missed payments and skip one of the current payments so at least the debt isn't old?
Re: the kids thing. Im sure theres no law against it but it is pretty f
king shameful.The guy asked all casually the names of her kids and now mentions them by name....
As you say, shameful way to behave especially as she is making an effort and is making payments.
No mortgage company is going to ask for repossession if she is still paying, especially if she is paying back what is owed AND she has kids.
The mortgage company knows that if they go for repossession, it will be a HILL of work for them, and (as has been said), no judge is going to allow them to be kicked out if they are showing real progress with repaying the outstanding debt. Making the kids homeless for a couple of grand, which is being recouped - it won't happen.
The case manager is probably getting pressure, and is simply a bit of a tosser. If I was her, I'd make a note of what is said and when, and when the debt is repaid then put in a formal complaint. Behaviour like that may or may not be against the rules, but is certainly not on, and his superiors need to know about it.
Oli.
The mortgage company knows that if they go for repossession, it will be a HILL of work for them, and (as has been said), no judge is going to allow them to be kicked out if they are showing real progress with repaying the outstanding debt. Making the kids homeless for a couple of grand, which is being recouped - it won't happen.
The case manager is probably getting pressure, and is simply a bit of a tosser. If I was her, I'd make a note of what is said and when, and when the debt is repaid then put in a formal complaint. Behaviour like that may or may not be against the rules, but is certainly not on, and his superiors need to know about it.
Oli.
Oakey said:
I know people who have gone an entire year without paying the mortgage before it even went to court.
However, at £1400 a month for the mortgage, two months arrears and trouble you say she's had in the past year it could be the mortgage company see her as a huge risk and want to recoup some of their money ASAP.
Sadly i fear this is closer to the truth than you realise. AFAIK if you get into arrears, then the company are within their rights to forclose on your account(its usually in the small print of the contract), however i do understand what people are saying about it being disgusting actionsHowever, at £1400 a month for the mortgage, two months arrears and trouble you say she's had in the past year it could be the mortgage company see her as a huge risk and want to recoup some of their money ASAP.
snowy slopes said:
Oakey said:
I know people who have gone an entire year without paying the mortgage before it even went to court.
However, at £1400 a month for the mortgage, two months arrears and trouble you say she's had in the past year it could be the mortgage company see her as a huge risk and want to recoup some of their money ASAP.
Sadly i fear this is closer to the truth than you realise. AFAIK if you get into arrears, then the company are within their rights to forclose on your account(its usually in the small print of the contract), however i do understand what people are saying about it being disgusting actionsHowever, at £1400 a month for the mortgage, two months arrears and trouble you say she's had in the past year it could be the mortgage company see her as a huge risk and want to recoup some of their money ASAP.
As long as what the OP has told us is correct, all should be OK. As long as your Sister (?) does not fall further behind, makes up the payments and keeps the mortgage company in the loop.
All will be OK......it is never in anyones interest to repossess a property. I have worked in the industry and 10 years ago had a property repossessed....I didn't heed my own advice!
OK from a lender's point of view they have a loan book. They have to keep that loan book in check by meeting targets on delinquency rates (defaults and arrears). They HAVE to keep this down otherwise it gets very costly for them and they HAVE to ensure that they have a sound loan book to stay in business. That is why the case manager will be putting the pressure on at the moment. I think 3 months arrears is when things get real messy. Is there no way that the arrears can be capitalised, i.e. added to the loan?
Also which lender is it as that may have some bearing on how they will act? As you already know the reason these banks have needed to be bailed out is because of people defaulting on debt, so they are naturally worried about arrears. We won't touch anyone in current arrears unless they are below 65% LTV and meet other criteria as well.
ETA I take she has a high LTV?
Also which lender is it as that may have some bearing on how they will act? As you already know the reason these banks have needed to be bailed out is because of people defaulting on debt, so they are naturally worried about arrears. We won't touch anyone in current arrears unless they are below 65% LTV and meet other criteria as well.
ETA I take she has a high LTV?
Edited by Road Pest on Tuesday 29th December 17:06
Road Pest said:
OK from a lender's point of view they have a loan book. They have to keep that loan book in check by meeting targets on delinquency rates (defaults and arrears). They HAVE to keep this down otherwise it gets very costly for them and they HAVE to ensure that they have a sound loan book to stay in business. That is why the case manager will be putting the pressure on at the moment. I think 3 months arrears is when things get real messy. Is there no way that the arrears can be capitalised, i.e. added to the loan?
Also which lender is it as that may have some bearing on how they will act? As you already know the reason these banks have needed to be bailed out is because of people defaulting on debt, so they are naturally worried about arrears. We won't touch anyone in current arrears unless they are below 65% LTV and meet other criteria as well.
ETA I take she has a high LTV?
Loan was with GMAC but now some outfit called Webb Resolutions.Also which lender is it as that may have some bearing on how they will act? As you already know the reason these banks have needed to be bailed out is because of people defaulting on debt, so they are naturally worried about arrears. We won't touch anyone in current arrears unless they are below 65% LTV and meet other criteria as well.
ETA I take she has a high LTV?
Edited by Road Pest on Tuesday 29th December 17:06
Property worth Circa £300k, loan is £250k
paoloh said:
Loan was with GMAC but now some outfit called Webb Resolutions.
Property worth Circa £300k, loan is £250k
GMAC are mentioned in this article. Property worth Circa £300k, loan is £250k
http://news.bbc.co.uk/1/hi/business/8433362.stm
That would explain a lot. Sub Prime lender, high LTV. Probably have an horrific loan book. I've seen a sub prime loan book recently and it was littered with cases like this, I'd say at least 90% of it was not remortgageable (Is that a word?).
All that doesn't help, but I'd definately advise she talks to someone like CAB pronto and get some sort of inside knowledge on how to protect herself. That is not meant to panic you, and the situation on face value shouldn't warrant possesion being sought by the lender and is more than likely just scare tactics. At a guess they will employ more underhand tactics (like the kids thing) than main lenders due to the state of their loan book.
All that doesn't help, but I'd definately advise she talks to someone like CAB pronto and get some sort of inside knowledge on how to protect herself. That is not meant to panic you, and the situation on face value shouldn't warrant possesion being sought by the lender and is more than likely just scare tactics. At a guess they will employ more underhand tactics (like the kids thing) than main lenders due to the state of their loan book.
a boardman said:
paoloh said:
Loan was with GMAC but now some outfit called Webb Resolutions.
Property worth Circa £300k, loan is £250k
GMAC are mentioned in this article. Property worth Circa £300k, loan is £250k
http://news.bbc.co.uk/1/hi/business/8433362.stm
musclecarmad said:
paying £250 back means she will catch up within a year so they prob won't go for repossession as if they do it will almost certainly sell for less than she owes so they will have lost out on that property and also it shows up as a major default on their loan book.
she should hopefully be ok - i hope whatever made her to miss her payments is now in order. If she has income protection it may be worth paying more to get a shorter deferred period on it - pm me if you wish so that if she is off work through illness etc then it pays out instantly as she may be up st creek if its not.
£1400 per month is a big big mortgage - will they let her go interest only so she can clear the arrears quicker? can she legally have a payment holiday (i presume not) as she would prob have done this? she may be able to increase the mortgage term to lower her monthly repayments and then overpay more.
its worth speaking to the lender
oh i presume she is younger than 50 but if she is over 50 she can take some money out of her pension to help the situation and give her some money in cash savings - min age at which you can touch your pension goes to 55 in april so if between 50 and 55 its time to act here.
Good luck
She is 28.she should hopefully be ok - i hope whatever made her to miss her payments is now in order. If she has income protection it may be worth paying more to get a shorter deferred period on it - pm me if you wish so that if she is off work through illness etc then it pays out instantly as she may be up s
t creek if its not.£1400 per month is a big big mortgage - will they let her go interest only so she can clear the arrears quicker? can she legally have a payment holiday (i presume not) as she would prob have done this? she may be able to increase the mortgage term to lower her monthly repayments and then overpay more.
its worth speaking to the lender
oh i presume she is younger than 50 but if she is over 50 she can take some money out of her pension to help the situation and give her some money in cash savings - min age at which you can touch your pension goes to 55 in april so if between 50 and 55 its time to act here.
Good luck
Edited by musclecarmad on Tuesday 29th December 17:59
A friend has suggested that she ask them to capitalise the outstanding, she is going to call them and see what they say.
She is self employed and the recession hit her hard, things are looking up on the financial front and she is slowly getting back on top of things.
They have also managed to add £1300 in fees for 2 missed payments.....
paoloh said:
musclecarmad said:
paying £250 back means she will catch up within a year so they prob won't go for repossession as if they do it will almost certainly sell for less than she owes so they will have lost out on that property and also it shows up as a major default on their loan book.
she should hopefully be ok - i hope whatever made her to miss her payments is now in order. If she has income protection it may be worth paying more to get a shorter deferred period on it - pm me if you wish so that if she is off work through illness etc then it pays out instantly as she may be up st creek if its not.
£1400 per month is a big big mortgage - will they let her go interest only so she can clear the arrears quicker? can she legally have a payment holiday (i presume not) as she would prob have done this? she may be able to increase the mortgage term to lower her monthly repayments and then overpay more.
its worth speaking to the lender
oh i presume she is younger than 50 but if she is over 50 she can take some money out of her pension to help the situation and give her some money in cash savings - min age at which you can touch your pension goes to 55 in april so if between 50 and 55 its time to act here.
Good luck
She is 28.she should hopefully be ok - i hope whatever made her to miss her payments is now in order. If she has income protection it may be worth paying more to get a shorter deferred period on it - pm me if you wish so that if she is off work through illness etc then it pays out instantly as she may be up s
t creek if its not.£1400 per month is a big big mortgage - will they let her go interest only so she can clear the arrears quicker? can she legally have a payment holiday (i presume not) as she would prob have done this? she may be able to increase the mortgage term to lower her monthly repayments and then overpay more.
its worth speaking to the lender
oh i presume she is younger than 50 but if she is over 50 she can take some money out of her pension to help the situation and give her some money in cash savings - min age at which you can touch your pension goes to 55 in april so if between 50 and 55 its time to act here.
Good luck
Edited by musclecarmad on Tuesday 29th December 17:59
A friend has suggested that she ask them to capitalise the outstanding, she is going to call them and see what they say.
She is self employed and the recession hit her hard, things are looking up on the financial front and she is slowly getting back on top of things.
They have also managed to add £1300 in fees for 2 missed payments.....
The problem is, if she fell into arrears two months (and £2800 is quite a lot of money) then is it likely to happen again? With a mortgage of £1400 it's only going to take a couple of missed payments before the arrears become unmanageable.
If it does go to court, it's likely they'll look kindly on her but she'll probably have to agree to a figure on top of the £1400 to go towards the arrears, which then means she has to commit to paying over £1400 every month. Is she going to be able to do this and stick to it? What if business goes tits again? If she falls behind on the court order then I think this puts the mortgage company in a better position for repossession.
On another note, where the hell did they get £1300 in fees from?
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