Has the recession effected you yet? (1 Viewer)

[Rich]

Bear in mind that the money you borrowed was not the lender's money, it was a depositors money. The depositor/investor lent it to the bank and the bank lent it to you at a bit higher interest than they paid the investor.

The taxpayer has already bailed out the banks to the tune of billions, leaving future generations to pick up the debt, the investors are now us and we should be setting the banks straight on their repo policies

 

[Vassago]

I'm also losing my house to a foreclosure, but I can hardly blame the economy on that. It's due to my divorce and thus, lower household income. The only way the economy is involved with that is I'm having difficulty selling my house because so many others are in the same boat in my neighborhood because of the economy. I currently have it listed for $50,000 less than I paid for it, and still no offers.

 

[Rich]

I'm also losing my house to a foreclosure, but I can hardly blame the economy on that. It's due to my divorce and thus, lower household income. The only way the economy is involved with that is I'm having difficulty selling my house because so many others are in the same boat in my neighborhood because of the economy. I currently have it listed for $50,000 less than I paid for it, and still no offers.

Can't you take in lodgers if even for a short time?

 

[Vassago]

Can't you take in lodgers if even for a short time?

Nearly impossible really where I live. I've tried with a couple but the money wasn't there. I'm facing doing a deed in lieu at the moment if nothing happens soon on the short sale.

 

[scott-atkinson]

I can't fault your reasoning or the way you feel, but I've seen this before, unless the bank when it sells your house raises enough to clear the mortgage you will still be in debt to the bank

I know that there will be a shortfall, and I plan when the time arises to either declare myself Bankrupt or put out an IVA, either way part of the debt will be written off..

As I said they can whistle for it..

My taxpayers money has gone in to bailing out the banks, so why should I have to pay them twice..

 

[scott-atkinson]

Bear in mind that the money you borrowed was not the lender's money, it was a depositors money. The depositor/investor lent it to the bank and the bank lent it to you at a bit higher interest than they paid the investor.

Who ever I owe the money to, they can go whistle for it.

This Government has already pumped my tax payers money without my blessing into the banks, so damn sure that I aint gonna pay them twice..

 

[Alc]

I am having my House repossesed due to the recession, basically back in the summer the cost of Fuel went through the roof and my travelling costs to work increased by 30% in a matter of months, I defaulted on the mortgage and now they are taking my house.

Luckily I will not be homeless as my family have moved out of the house and now live in rented accomodation closer to my work so less travelling costs, but still cannot pay the mortgage as now have to pay rent.

Oh, well Sh*t Happens...

My deepest sympathy. The fear of something like that happening is always at the back of my mind. Like you say, sh*t happens, but it's still a major hassle, if nothing else.

Good luck getting everything back on track.

 

[scott-atkinson]

My deepest sympathy. The fear of something like that happening is always at the back of my mind. Like you say, sh*t happens, but it's still a major hassle, if nothing else.

Good luck getting everything back on track.

Thanks for the thoughts..

 

[ColinEssex]

Thanks for the thoughts..

Scott - May I ask if you were one of these people that got 120% mortgage?

Col

 

[Rabbie]

Scott, Sorry to hear about your predicament. Hope things take a turn for the better for you and your family soon.

 

[scott-atkinson]

Scott - May I ask if you were one of these people that got 120% mortgage?

Col

I had an 80% mortgage on the property, a second charge which approached 100% and then a third charge which took the borrowing to about 110%.

Irresponsible lending by the third charge company i now feel.

Would be nice if I had things to show for the money, but I have a simple TV worth about £50, I don't even have a stereo system..
Both myself and the wife have newish, but modest cars, mines a Citroen C2, and the wifes a VW Polo.

My borrowing is as a result of this governments policies on penalising the people who work and contribute to the economy.

I borrowed to live...

When the cost of fuel went through the roof back in the summer I simply could not live anymore, so I had to leave the house and find a cheaper rented property..

The government bought the country to its knees, when fuel prices went up they should have reduced the duty on it to offset costs both to Domestic and Commercial customers, but I know that if that would have happened those bloody Green do-gooders would have piped up about destroying the planet.

I have ranted too much

 

[scott-atkinson]

Scott, Sorry to hear about your predicament. Hope things take a turn for the better for you and your family soon.

Thank you for your kind words...

We are better now, but simply waiting for the wolves to appear at the door..

 

[ColinEssex]

Scott, I understand and agree with you.

Just been hearing on the BBC that 45,000 homes will be reposessed in 2008 rising to 80,000 in 2009.

However, they did say about the governments help packages to stop this - like a mortgage holiday, paying interest only for a while etc etc

Does any of that help you?

Also if your house is sold, will it cover the outstanding mortgage debt? I hear in some cases it falls well short and does not solve the problem.

Col

 

[scott-atkinson]

Scott, I understand and agree with you.

Just been hearing on the BBC that 45,000 homes will be reposessed in 2008 rising to 80,000 in 2009.

However, they did say about the governments help packages to stop this - like a mortgage holiday, paying interest only for a while etc etc

Does any of that help you?

Also if your house is sold, will it cover the outstanding mortgage debt? I hear in some cases it falls well short and does not solve the problem.

Col

Col,

The government scheme will not help me and frankly it wouldn't have done anyway, the details of it have not yet been released but knowing this goverment it will be means tested to the point where only the people on less than 10k income would benefit.

My court hearing is on 24th January for the repo, I am not contesting it, I will be glad to see the back of it.

Yes there will be a heavy shortfall, chances are the property will be sold at auction at a much reduced cost, and I will be left with the shortfall.

But I have been told by a debt charity, that if it is sold for a ridiculously low price I can contest the shortfall as they have a duty of care to me to sell the property at a reasonable price based on market conditions.

The property was bought in 2008 for 240K, the surrounding area has dropped by about 18%, therefore a reasonable price would be around 190K.

Either way, whatever shortfall is left becomes a non-priority debt such as a credit card debt, and can be negotiated to small payments schemes or written off with either Bankruptcy or an IVA.

I have looked into this extensively so as to protect my family, once their are no assests they are very limited as to what they can do.

I work full time and earn a good wage, therefore it is not in the creditors interest to make me Bankrupt as I would lose my Car, which is allowanced through my work and would consquently lose my job, which means that they would get nothing and the debt would be written off, it is in their best interest to negotiate with me that they will get all or least a majority of the debt owed back to them.

 

[ColinEssex]

All I can say is it's bloody horrible, you tend not to realise when you see it on the telly, but when it's someone you know it brings it home what a ghastly business it can be. Good luck mate and try to have a reasonable christmas.

I've got some vodka if you fancy a snort or two and a mince pie.

Col

 

[scott-atkinson]

All I can say is it's bloody horrible, you tend not to realise when you see it on the telly, but when it's someone you know it brings it home what a ghastly business it can be. Good luck mate and try to have a reasonable christmas.

I've got some vodka if you fancy a snort or two and a mince pie.

Col

From one Essex boy to another Essex boy, thanks mate, sounds like a blinding idea...

 

[Rich]

From one Essex boy to another Essex boy, thanks mate, sounds like a blinding idea...

Move all your valuables into a relatives house, if the baliffs come knocking and there's nothing at your house to be had then, tough!

 

[scott-atkinson]

Move all your valuables into a relatives house, if the baliffs come knocking and there's nothing at your house to be had then, tough!

As long as you don't invite them in they have no powers, unless a court order is issued.

As soon as you invite them in they can come back at any time and gain entry to your property.

The Debt charity has told me that they will not take anything worth less than £100 pounds as it will cost them more to sell it than what they would make on it.

 

[chergh]

It's not entirely true that you have to invite them in. Bailiffs can only use "peaceable means" to enter your house on their first visit, so this means if a door is open or even a window they can enter your house. Have a look at http://www.payplan.com/debt-library/bailiffs-bailiff-law.php for more info.

Good luck for the future.

 

[Alc]

It's not entirely true that you have to invite them in.

Yes, that's vampires.
We're talking about the other set of blood-sucking creatures.