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The Masked Tulip

Repossession Advice

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This from over on the MSE forum. I wonder just how many people are in the same situation? Trying to sell for a few years, non-mortgage debt on top?

Hi,

We are way behind with our mortgage repayments due to losing my job, not entitled to any goverment scheme.

The mortgage lender has given us until the end of the month to sell via ourselvels, otherwise they will begin repossession actions.

My partner and I have other unsecured debt, are we best looking at handing the keys back and going for a IVA or bankrupt?

If we let the lender repossess the house via the courts when do they stop adding fees and intrest to the account?

When they reposses it or when it is sold on?

Any advice is great

http://forums.moneysavingexpert.com/showthread.php?t=2694745

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It's grim, how many others are in this position ?

The answer to the question when does the lender stop adding fees and interest ?

Answer when the house is sold , then if any short fall the add interest to that and chase you for the debt's , very grim.

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It's grim, how many others are in this position ?

The answer to the question when does the lender stop adding fees and interest ?

Answer when the house is sold , then if any short fall the add interest to that and chase you for the debt's , very grim.

You do wonder just how many are in this position in the UK?

Brits put on a public face but you would expect, by now, to be hearing much more anecdotal evidence.

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It's grim, how many others are in this position ?

Surely you mean great? And hopefully lots in this position. The crash we all waited for isnt going to happen without a lot of misery and suffering. How could it? :D

Or did you think that somehow prices were going to halve and everyone be happy and safe?

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I like MSE it's good to see how things are on the frontline of the market.

I read a thread the other day where someone was trying to switch agents. The new agent told them they would only take the property on if the knocked 15k off the asking price. The vendors said no how about if we knock £5k off? To which the EA said he would think about it :lol:

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Surely you mean great? And hopefully lots in this position. The crash we all waited for isnt going to happen without a lot of misery and suffering. How could it? :D

Or did you think that somehow prices were going to halve and everyone be happy and safe?

No im not sick in the head like yourself, I beleive that there will be a house price correction and there will be much misery and suffering but i don't get a h--d on like you do over peoples misery.

By the way judging by what you write on here , I dought that even if houses half you will ever buy , something about what you say does not ring true, you put yourself up as some high flyer , well surely a high flyer with big bucks earnings would have bought a house and made up any losses with their earnings . That's the way high flyers do things . They earn so well and know that their own worth will ride any storm ( no pun intended ) . They would not waste time waiting for a crash and would see losses on the value of their house better than dead rent money. How come you never bought pre boom ? did you not see where things were heading ? you could have bought and then sold at the top , or are you not that clever ?

A couple of your post's in the past have show contempt for people who rent for ever , yet you rent yourself.

Where im sitting i win either way , traded down no mortgage no rent. Prices drop i trade back up as the gap has got smaller in the unlikely event of them rising this place my deposit for the next and last house rises can make up the difference with money saved during the wait from having no rent or mortgage to pay . You should try it sometime .

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No im not sick in the head like yourself, I beleive that there will be a house price correction and there will be much misery and suffering but i don't get a h--d on like you do over peoples misery.

I have a massive lob-on for their misery. After all, they have collectively put me through misery for the last decade. Screw them. I cannot wait for more repossessions.

From what you have said, looks like you are one of those to have made money out of pwoperdy too. I detest this.

Burn baby burn!

Edited by rolf

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The misery and suffering will actually be prolonged and made worse by government policy of trying to kick the can down the line. States by their nature can sort of get away with deferring stuff into the longer term, individuals can't.

People who were on the borderline or below it will be able to cling on for a bit longer and get even further into debt before things come to a head. Others will be suckered in to paying stupidly high prices as they believe that the market isn't about to fall - and then trapped in negative equity.

There will have to be all out inflationary policy to 'support' property asset prices and indeed the markets in general. Works very well for the government too as they are a massive debtor and stand to have their debts reduced by inflation. Might be a good time to consider the worth of having actual cash savings and move your wealth into inflation-proof assets because the government will pursue policies which penalise creditors and reward debtors.

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I have a massive lob-on for their misery. After all, they have collectively put me through misery for the last decade. Screw them. I cannot wait for more repossessions.

From what you have said, looks like you are one of those to have made money out of pwoperdy too. I detest this.

Burn baby burn!

What a strange attitude.

I visited a friend at the weekend. He works in IT in the private sector, she worked for the same company but was recently made redundant - they are expecting a baby. They can just afford their mortgage payments and bills on one salary but have no money at all left over at the end of the month.

Their crime was buying a small starter home, for £150k, on a newish estate about 2 years ago and losing a job due to a company "downsizing".

That is hardly a declaration of warfare on you or anybody else.

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I have a massive lob-on for their misery. After all, they have collectively put me through misery for the last decade. Screw them. I cannot wait for more repossessions.

From what you have said, looks like you are one of those to have made money out of pwoperdy too. I detest this.

Burn baby burn!

You sad man , there will be no burn baby burn for me , no mortgage no rent i won't burn .

" from what you have said looks like you are one of those to have made money out of poperdy too. I detest this "

Oh how f--king sick , you jealous little man , like many i went to work bought a flat , paid the mortgage , the place went up i moved on , when the job went i traded down.

Time effort and earning a living got me to where i am and you detest that , diddimms thats life many have done it and you detest them . Wake up grow up sort yourself out man.

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You do wonder just how many are in this position in the UK?

Brits put on a public face but you would expect, by now, to be hearing much more anecdotal evidence.

Going slightly off topic, a lot of posters on the Irish boards are discussing coming to the UK to go through bankruptcy. In Ireland it can take 20 years to come out of bankruptcy, whereas in NI and the UK it can be done in 12 months.

So you think you've got it bad over there..........

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What a strange attitude.

I visited a friend at the weekend. He works in IT in the private sector, she worked for the same company but was recently made redundant - they are expecting a baby. They can just afford their mortgage payments and bills on one salary but have no money at all left over at the end of the month.

Their crime was buying a small starter home, for £150k, on a newish estate about 2 years ago and losing a job due to a company "downsizing".

That is hardly a declaration of warfare on you or anybody else.

Yes it WAS a crime....perpetrated by stupid buyers buying in to the hype.

buyer beware is the key...buyers often think the worst wont happen to them...it can and it does.

I wouldnt wish financial troubles on anyone, but in this economy where booms are encouraged, there are going to inevitably be victims.

IMHO, mortgages should be BANNED on private residential premises.

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I visited a friend at the weekend. He works in IT in the private sector, she worked for the same company but was recently made redundant - they are expecting a baby. They can just afford their mortgage payments and bills on one salary but have no money at all left over at the end of the month.

Their crime was buying a small starter home, for £150k, on a newish estate about 2 years ago and losing a job due to a company "downsizing".

More lambs to the slaughter , their future is likely to be debt servitude or bankcruptcy it's their call ...............

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reading that MSE thread, it seems that many respondants STILL beleive that possession wont happen, that SOMEONE, the court, the government, anybody, is going to RESCUE them.

Its pathetic.

Debt kills...why dont people realise this?

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Let's face it HPI/HPC is a highly emotive subject so I can understand feelings on both side of the argument. As the saying goes 'you can't make an omelette without breaking eggs'. It's inevitable that some will suffer just as some benefited. Long term however I think whatever comes after the crash will be better for most.

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More lambs to the slaughter , their future is likely to be debt servitude or bankcruptcy it's their call ...............

I'm not so sure.

A £135k mortgage on a joint £38k income was no problem, now that the earnings have dropped to about £22k it is a struggle

Their mortgage is relatively small (about equal with renting the place) and if interest rates are held low they'll be fine, they are both hard workers too so should be OK.

Other friends of mine who have a currently overinflated income (both civil service high flyers with no idea of what normal incomes are and wanting to start a family so about to have a big income drop) are about to take on £580k of mortgage over 2 properties. They were complaining the mortgage company were doing some "ridiculous" stress tests of interest rates reaching 7% and only being able to rent out the property for 10 months out of 12. Now they are the ones who'll be f*cked!

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I'm not so sure.

A £135k mortgage on a joint £38k income was no problem, now that the earnings have dropped to about £22k it is a struggle

Their mortgage is relatively small (about equal with renting the place) and if interest rates are held low they'll be fine, they are both hard workers too so should be OK.

Other friends of mine who have a currently overinflated income (both civil service high flyers with no idea of what normal incomes are and wanting to start a family so about to have a big income drop) are about to take on £580k of mortgage over 2 properties. They were complaining the mortgage company were doing some "ridiculous" stress tests of interest rates reaching 7% and only being able to rent out the property for 10 months out of 12. Now they are the ones who'll be f*cked!

Let's hope that the couple with the small house get through it , we don't want them to be h--d on fodder for the sick people who get joy out of others misery. After all they just want a roof over their heads. You said it youself to buy is about the same as renting so they were better off buying if they can keep the place than renting for ever.

The second couple are the one's who if they end up f---ked are a different kettle of fish , but some on here do not understand that , they just want to see everyone fu--ed and then hope to get joy from picking over the bones of their lives like vultures.

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I'm not so sure.

A £135k mortgage on a joint £38k income was no problem, now that the earnings have dropped to about £22k it is a struggle

Their mortgage is relatively small (about equal with renting the place) and if interest rates are held low they'll be fine, they are both hard workers too so should be OK.

Other friends of mine who have a currently overinflated income (both civil service high flyers with no idea of what normal incomes are and wanting to start a family so about to have a big income drop) are about to take on £580k of mortgage over 2 properties. They were complaining the mortgage company were doing some "ridiculous" stress tests of interest rates reaching 7% and only being able to rent out the property for 10 months out of 12. Now they are the ones who'll be f*cked!

this is the problem with joint income criteria....its risky.

Sure the main earner could also lose their job, but from 4 times joint is a bit different to 6 times main. And for many couples, this situation is inevitable, even without unexpected unemployment.

Much lending in the UK is STILL SUBPRIME....thats why THEY need to keep rates at stupid low levels...

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Welcome to the house price crash.

The glamorous days of 2% MoM falls, bank bailouts, bank runs, mortgage relief schemes etc are over, now we have a long, slow, grinding HPC to play out with reposession misery for loads.

Its ******ing grim, and it's all the housing bulls fault.

Edited by pete.hpc

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Going slightly off topic, a lot of posters on the Irish boards are discussing coming to the UK to go through bankruptcy. In Ireland it can take 20 years to come out of bankruptcy, whereas in NI and the UK it can be done in 12 months.

So you think you've got it bad over there..........

How would that work then? You mean a citizen of Eire and not NI?

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This from over on the MSE forum. I wonder just how many people are in the same situation? Trying to sell for a few years, non-mortgage debt on top?

http://forums.moneysavingexpert.com/showthread.php?t=2694745

I wonder how long this process takes on average ie from getting behind with repayments, being given a deadline to sell, repo proceedings, up until the actual repossession? Presumably, quite a while (couple of years?) - if this is the case, could we expect to see a backlog of repos in the near future? Also, I wonder if, now prices have begun falling again, lenders will try and speed things up to cut their losses whilst the houses are worth more?

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What a strange attitude.

I visited a friend at the weekend. He works in IT in the private sector, she worked for the same company but was recently made redundant - they are expecting a baby. They can just afford their mortgage payments and bills on one salary but have no money at all left over at the end of the month.

Their crime was buying a small starter home, for £150k, on a newish estate about 2 years ago and losing a job due to a company "downsizing".

That is hardly a declaration of warfare on you or anybody else.

There's the problem, right there.

If there was a shortage of places to rent in the UK, they would have had my utmost sympathy. As it happens, there isn't a shortage and ultimately, it has proved a very costly mistake for them. I don't relish that, but them's the facts.

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There's the problem, right there.

If there was a shortage of places to rent in the UK, they would have had my utmost sympathy. As it happens, there isn't a shortage and ultimately, it has proved a very costly mistake for them. I don't relish that, but them's the facts.

But, as yet, it hasn't been a costly mistake.

The house is still valued at what they paid for it and they've paid less in mortgage interest than the equivilant rent would have cost them.

If it falls over the next 10 years to be worth say £100k then they'll have lost:

£50k in equity and all the money that the mortgage interest has cost them (about £4k per year averaged out unless rates go well above 5%) so a total of £90k.

If they rent for the next 10 years then they'll have lost all the money that they've paid out in rent - at £750 per month that too comes to £90k.

Edited by Timak

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I have a massive lob-on for their misery. After all, they have collectively put me through misery for the last decade. Screw them. I cannot wait for more repossessions.

From what you have said, looks like you are one of those to have made money out of pwoperdy too. I detest this.

Burn baby burn!

++++++++++++++++++++++++++++++++++++1 :lol::lol::lol:

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  • 259 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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