Hi,
Would anyone have any experience of the length of time from first demand of repayment of the full amount to final repossession?
We have a completely unsustainable mortgage and are now in survival mode to try and get together enough funds to enter the rental sector. It's a sub prime mortgage which has been taken over so there is no expense to the taxpayer. There value of the property would be enough to more than double the price that the vulture fund paid for it. No point in us posting figures as they are bonkers at this stage.
I just need to know how long we have, in the worst case scenario, to finally try to look after ourselves as best we can.
Thanks in advance
I am sure that we qualify for a split mortgage but they say we are not eligibile. O
I see you believe you should be able to manage a split mortgage.
If so (hang in) .
When you put in figures as per Brendans advice , you will get AAM,s unbiased advice.
If it looks like you can support split , you can pursue from there.
We are very wary of submitting figures as we are sure boards like this are being monitored and we could be identified. We did call up the documentation and they are decidedly dodgy in certain respects. Currently they are being examined by legal council as our solicitor deems them to be void. (if only!) I have lost over 4 stone so far after throwing every penny we have at this thing and I can appreciate why some people feel like ending it all.
Thanks all for your support so far, it's being a huge help. Whatever the outcome I'll post the details here in the hope that it may help others.
Time;I am currently wading through an affidavit from Pepper. Some very interesting stuff in it.
Subprime lenders usually only have a handful of cases on the go at any one time. It is entirely possible they could identify the case from the figures quoted.
.
Time;Gerry, It seems to be a claiming affidavit from someone in Pepper in support of their claim. Everything is "I believe this" and "I am told that" etc.
The most interesting thing so far is that Pepper is really GE Capital Woodchester, all they did was change the name. So there are no deeds of assignment whatsoever.
Can't speak for the sub primes, but from my own experience and knowledge of bank operations this is just not happening. There is no way that Banks (sub prime or otherwise) are telling people to monitor sites like AAM. despite what many may think, there is no benefit to be gained by a Bank in doing this and virtually no way of identifying specific clients.We are very wary of submitting figures as we are sure boards like this are being monitored and we could be identified.
Hi Dave
I think you should start a new thread in the Case Study format.
As it's been bought by a vulture fund, you may well get a deal to write off the shortfall.
You may be able to do a deal on your other debts.
or you may be able to string it out long enough for property prices to recover.
But I think it's worth setting out the figures to get some views on your options.
Brendan
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