So my folks lost their home - How do i protect my OWN house?
Discussion
ooo000ooo said:
One of my sister-in-laws has been living for quite a while in a "fur coat and feck all in the fridge" manner in a lovely big house that's mortgaged to the hilt. She stopped paying the mortgage for 2 months so she could take her family to Spain for a couple of weeks. Currently 4000 in arrears and looks exhausted with the strain.
Other in laws lost their jobs a couple of years ago but had insurance which has paid the mortgage ever since, thanks to the benefits system where they live, they are better off than when they worked.
Mortgage payment protection insurance (MPPI) will only pay a mortgage for a maximum of 24 months.Other in laws lost their jobs a couple of years ago but had insurance which has paid the mortgage ever since, thanks to the benefits system where they live, they are better off than when they worked.
If this really happened "a couple of years ago", they will soon be in deep s
t.vinnie83 said:
Mortgage payment protection insurance (MPPI) will only pay a mortgage for a maximum of 24 months.
If this really happened "a couple of years ago", they will soon be in deep st.
Can't remember the exact ins and outs of it as I don't get involved, b-I-l had a couple of months work somewhere in there which may have extended things a bit for them. Eventually they'll have to get a job/jobs to cover it, both sets of in laws are in massive negative equity which doesn't help.If this really happened "a couple of years ago", they will soon be in deep s
t.2 sMoKiN bArReLs said:
HannsG said:
2 sMoKiN bArReLs said:
They were already living in an empty house? (otherwise they could have sold some stuff to raise a fairly small sum in the scheme of things)
Father is a business man.He owns three houses and one business.
His new business venture messed cashflow...
So. this 400k house was his retirement home and he had family stay their mortgage free if they covered all maintenance and utility bills. This was the agreement and it worked...
He was happy with the arrangement.
Maybe this was the excuse to get the free loading family out???
LeoSayer said:
2 sMoKiN bArReLs said:
Not doubting you old chap. Just seems odd to throw away £350k (or whatever house is worth) for such a tiny sum. You must admit, sounds odd to an outsider!
The bank get their £50k back and the home owners get the residual £350k surely?And don't call me Shirley
A bank would not be able to reposes a house on 4 days notice. These things go through the courts.
I'm with Tonker. If it's a short term situation he's waiting it out. Even if they did reposese they would get some money back - the bank must pay back costs after their costs own are deducted
I'm with Tonker. If it's a short term situation he's waiting it out. Even if they did reposese they would get some money back - the bank must pay back costs after their costs own are deducted
HannsG said:
Even though I offered to take on their mortgage and keep the house in their name. They refused...
Our relationship is very very strained, but their pride and complete blindness to the situation has led the family to this...
The bank has terminated the mortgage and want full amount outstanding paid in 4 days...
He doesn't want you involved because he doesn't want you to know the full story...Our relationship is very very strained, but their pride and complete blindness to the situation has led the family to this...
The bank has terminated the mortgage and want full amount outstanding paid in 4 days...
The OP's story about his Folks is probably only half the story, but his question is "how to avoid losing your home if something goes wrong".
In simple terms - don't be the kind of idiot who buries his head in the sand.
Lenders aren't the Darth Vader of the Banking world. Just prior to the big bail outs they all agreed to a code of practice which in simple terms states that if a customer has a 'unforeseen change in circumstances' (I forget the actual wolly term they use) the bank is duty bound to attempt to be flexible / understanding etc.
If the OP or anyone else lose his job, or business fails whathaveyou, you need to speak to your bank immediately, don't wait until your savings are gone, you've sold the TV and the first red letter lands in your lap - speak to them, they'll send you a simple form to complete - then HONESTLY give them the details of your new income - even if it's JSA, and your fixed expenditure and see what they offer - they won't give you anything for free, but you might find that, for example your mortgage is fixed for x years and cannot be switched to interest only, those rules might be set-aside for a time, or they may even consider a payment that actually doesn't cover the interest for a while - the interest will be added to your outstanding balance, but it's better than asking your Folks if you can move in, with your wife and the kids.
The same it true for all lending, if things go wrong get on the phone to your creditors promptly, even if they're inflexible aholes, they won't be able to lodge a CCJ if you can show the court you've tried to work things out.
In simple terms - don't be the kind of idiot who buries his head in the sand.
Lenders aren't the Darth Vader of the Banking world. Just prior to the big bail outs they all agreed to a code of practice which in simple terms states that if a customer has a 'unforeseen change in circumstances' (I forget the actual wolly term they use) the bank is duty bound to attempt to be flexible / understanding etc.
If the OP or anyone else lose his job, or business fails whathaveyou, you need to speak to your bank immediately, don't wait until your savings are gone, you've sold the TV and the first red letter lands in your lap - speak to them, they'll send you a simple form to complete - then HONESTLY give them the details of your new income - even if it's JSA, and your fixed expenditure and see what they offer - they won't give you anything for free, but you might find that, for example your mortgage is fixed for x years and cannot be switched to interest only, those rules might be set-aside for a time, or they may even consider a payment that actually doesn't cover the interest for a while - the interest will be added to your outstanding balance, but it's better than asking your Folks if you can move in, with your wife and the kids.
The same it true for all lending, if things go wrong get on the phone to your creditors promptly, even if they're inflexible a
holes, they won't be able to lodge a CCJ if you can show the court you've tried to work things out. Ari said:
HannsG said:
Even though I offered to take on their mortgage and keep the house in their name. They refused...
Our relationship is very very strained, but their pride and complete blindness to the situation has led the family to this...
The bank has terminated the mortgage and want full amount outstanding paid in 4 days...
He doesn't want you involved because he doesn't want you to know the full story...Our relationship is very very strained, but their pride and complete blindness to the situation has led the family to this...
The bank has terminated the mortgage and want full amount outstanding paid in 4 days...
Me think's it's the other way round. £50k capital in a £400k house.
If this is what your parents have told you then fine, but it's not right, or at least there is a LOT more to it than this.
The Bank simply would not act in this way if these facts were correct.
I suspect they are just fed up with being dicked around and want your parents to take their business elsewhere.
Edited by RSoovy4 on Friday 13th September 12:35
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