repossession

vertico

hi all
need help here, i am struggling badly with my mortgage repayments and am in serious arrears. i got a letter today saying if i dont pay arrears within 10 days that they will start legal proceedings to repossess.. the mortage is in my name only but the deeds are in both mine and my partners name,my solicitor said that this was a mistake on his part and wants me to sort it out by taking my partner off the deeds or he will get in trouble too. he also told me that he no longer has imdemnity insurance. what i need to know is can the bank repossess my home while my partner is still on the deeds??

krd

You can't get legal advice here.

But my advice to you, which isn't legal advice, is not to panic.

Over a hundred thousand people have stopped paying their mortgages completely. If you think you're overwhelmed by your mortgage, the banks are overwhelmed with people in the same position as you.

If you want to try hanging onto the house, try to pay at least a token towards the mortgage. Talk to the bank. Write letters. The lower you are as priority for repossession the longer it will take for them to get around to you. With the scale of the mortgages in default. That could take years.

Your solicitor could be in really big trouble. If he has no indemnity insurance he might lose his house too.

vertico

hi krd
i have been paying about 300 monthly it should be 1400ish,and ive already been on interest only.why would the solicitor lose his house?

Milk & Honey

vertico wrote: »

hi all
. he also told me that he no longer has imdemnity insurance.

He shouldn't be in practice if he doesn't have professional indemnity insurance.

You need to talk to the bank and put the facts on the table and be straight with them. Then work out what is reasonably possible for you to pay in your current circumstances.
If its a reasonable amount and you can hold out prospects of things improving, if you get a job or something, then they will hold off. If you refuse to talk or they think you are being devious or playing with them, then they will likely start proceedings.
Remember, if they reposess, they will get probably half what the house was formerly valued at so they would probably prefer another solution.
You also need to look at your situation. In some cases it might be better to let the house go cleanly, especially if the bank writes off the remainder of the mortgage.

krd

vertico wrote: »

hi krd
i have been paying about 300 monthly it should be 1400ish,and ive already been on interest only.

I think you're doing well. It shows you're making an effort.

why would the solicitor lose his house?

When you get another solicitor to screw him in the *** for messing up the conveyancing.

But this adds a useful dimension to your situation. The bank does not want to get tied up in an ugly and expensive mess. Ultimately, you're looking for a deadlock - a Mexican stand off. Since, your solicitor has made a mess, that could become very messy for the bank too.

Think of the Serengeti. The mortgage defaulters are like deer, a massive herd of anxious creatures, and the banks are like hungry lions. The lions wait all day, lazing in the sun, yawning and licking their lips. They squint and judge the herd. They're looking for the least troublesome lunch. Once they think they've found what they were looking for, they make their move. And it's a marvellous sight, if you've ever seen any of those nature documentaries - a 100,000 mortgage defaulters galloping wild over the plain -running for their lives - eyes spinning, nostrils flaring. The lions land their prey and feast. The herd of deer return to tranquil grazing. The hyenas arrive - and patiently wait their turn to on the left overs. The vultures circle gracefully in the air - once the hyenas have had their fill, they will have their chance to pick the bones clean.

The point is. The lions cannot eat all the deer - and the most awkward deer survive.

Something tells me, your solicitor is already lion lunch.

krd

krd wrote: »

Something tells me, your solicitor is already lion lunch.

If the lions go for the solicitor they will go for you too. They won't do half a case, and won't leave you alone if they think you are using an error by the solicitor to evade payment to them.

Either way, you have to meet them and discuss. They will be reasonable if you are straight: they have no other option.