House Repossessed

[repossessed]

Anyone managed to negotiate with their lender to get their house back after a repossession please?

Advice for family member not me.

I've read that this rarely happens even if you pay all fees and arrears.

Negotiations with lender aren't looking good despite money to pay arrears, £9k fees and 3 months advance mortgage as requested.

They say that upon looking at income and expenditure form after bills there isn't much to live on.

I'm not sure whether they are really prepared to consider an offer or it's all for show and really the house will be auctioned ASAP.

Any help or advice would be very much appreciated please. Again this isn't for me but a family member who put their head in the sand for too long.

Also - the mortgage company has said they won't send emails discussing the offer only letters but if you've been evicted and have no fixed address where would they send letter to. Also you can't rely on a phone call as things get misinterpreted.

Does this sound right please - that they can refuse to email you?

I've only known someone get the house back after paying off the arrears once. The bank agreed because the house had lost a lot of value due to being in a rough area and a break in when it was unoccupied. They would have lost more money selling it. If they feel they can get the money back selling then I would imagine they would prefer that option.
Your relative needs to have a care of address so they can receive mail. I don't know if it's legal to refuse to email but I'm struggling to see how it would be illegal iyswim.
Sometimes it's best to cut your losses and let the repossession go ahead. But without knowing more it's difficult to say.
Have they spoken to CAB?

Many thanks Lagatha it's much appreciated.

It is entirely their fault.

Mortgage is £927 a month. Self employed so not constant salary.

House bought for about £220k in 2005. They still owe around £150k. Zoopla says house worth £270k but it's not.

22 people viewed last year when it was for sale at around £230k and no offers made. It's not a great house.

Relative let eviction process proceed and didn't stop it or defend themselves.

Day of repossession proceedings they phoned mortgage company (not a mainstream company) to pay arrears of 4 months and was told £9k of fees now applied too which needed to be paid.

They didn't have the money for fees so Court proceedings went ahead.

They should've got legal advice - they didn't so we are where we are.

They now want 3 months upfront mortgage plus the fees so £15k in total due plus decision on income and expenditure sheet submitted.

I've read reviews about this company and they're not great. I don't know whether the offer is real or for show.

I suspect that they'll come back and decline offer we make today.

Just wondering whether another offer can be made so even if gets back in house could try to sell it themselves.

CAG not been contacted - advise it?

Thanks again

Which lender is it?

The concern will be the income and expenditure form because if there isn’t evidence that your relative can afford it or shows a possibility of similar circumstances occurring again then they could refuse in regards to risk and/ or the Treating Customers Fairly legislation.

A lot of banks refuse to discuss via email for multiple reasons - there’s no signature, it’s not seen as secure enough, it’s a security risk for their systems and it would cost them money.

I’d totally recommend the CAB.

Thanks everyone.

Offer with lender was declined. Only full redemption of mortgage accepted.

I'll call their property team tomorrow with my relative to find out about next steps.

When will house be put on market - how long will it stay on market before auction.

My concern is that it was up for sale for 6 months last year 22 viewings and not a single offer so they may wait a long time for an offer and if any received they will be rock bottom.

House in good area but it was a large house that was divided so weird arrangement downstairs. Plus next door to a pub and no back garden so not great for families.

I know my relative will be liable for mortgage and fees til sold plus house will fall further into disrepair.

I'm just trying to salvage something anything positive from this.

I'd love for them to get something from the house they worked their socks off for but ultimately couldn't keep.