Repossession

[Pleasehelpmesavemyhome]

Please be kind as I am hanging on to life by a thread.

In three weeks our home will be repossessed and I cannot let it happen. Somehow I have to raise 200K. I am beyond devastated and do not know where to turn.

We have no mortgage and 100% equity but we took out a loan against our house for a business we lost in 2020. I did not want to buy the business but was pressured very heavily by my DH. I was pregnant with DC2 and he said if I did not agree we would not be able to afford to live on his wage.

The business was between four of us but because the loan was under joint and several conditions, we are being repossessed as we have no mortgage and they do. I was kept in the dark throughout and never told anything. A second 12K unsecured loan was taken out just before the business folded which I knew nothing about and it was this that made my DH bankrupt. I know during the course of the business my signature was forged several times.

My mental health has been horrendous and I have not been able to deal with this mess at all but I now know that I cannot continue to deny what’s happening. I have let my children down so badly. How can I save our home because the alternative is unthinkable.

What does your solicitor say?

Forging your signature is a crime.
You should go to the police.
In your place I would be getting a divorce tbh.
I am sorry, you must be devastated.
You should get this thread moved to Legal. You will get some better advice on there.

@Eyesopenwideawake
We have only just asked advice and are awaiting a reply on Monday. I know I am very stupid.

I have let my children down so badly

Your husband has let your children down so badly.

@Eyesopenwideawake
i agree but must take responsibility for doing nothing. I have been frozen with fear since the business folded. Not really sure how I have functioned. My kids are 17 and 21 btw

@endofthelinefinally
I think it’s too late! I just have to get the repossession stopped somehow.

How do I move it to legal. Struggling to even follow how mumsnet works tbh

Click on report under your original post. A box comes up asking why you are reporting. Just type in " please move thread to Legal section" then click send or submit. Not sure what the button says.

@endofthelinefinally
Thank you so much.

Have you got any way of raising so much so quickly? It is a hell of a lot to borrow, beg or steal.So unless you have access to substantial funds, I'd concentrate on the legal advice you're given and on lining up accommodation. Will you be divorcing?

I am so sorry your husband has done this to you and your children.
Similar thing happened to a friend of mine about 20 years ago.
She divorced her husband, claimed benefits, managed to move herself and 2 small children into a tiny flat, got a job.
It took years, but her life was better eventually.
She realised she would only be able to save herself and her dc if she didn't have her untrustworthy husband pulling them all down.

@JeandeServiette No way at all but I cannot lose our home. If I do my DH will have finally finished us off. I have to stop it and get more time.

@endofthelinefinally
Unfortunately I am 58 so do not have the years ahead of me to improve my life. My DH has ruined our lives and I cannot let him do this to us. I have to get the money /repossession stopped somehow

I’m so sorry OP and I know you are desperate to keep your house but how realistic is that?
I know it’s easy for me to say but it’s just a place, your home is where you live with people who love you. Your H is awful and this might be the chance to get rid of him.
Perhaps your energy would be better put into making plans for moving forwards

I am so sorry OP. I wish I could think of something but I have no legal qualification. How old are your dc?

@endofthelinefinally
So much had happened over the years and I cannot allow him to go this to us. So much more to the story (not drip feeding but it would take me days to explain it) We really have to save our home. There is no alternative. I have no idea how but there has to be a way. If I can survive 30 years with DH I can do this. I just need a lightbulb moment.

Do you have an income now ? Any chance of mortgaging the property ?

Sounds like you're hoping for a miracle solution. In all likelihood that doesn't exist so you may be better off putting all your mental & physical energy into what will happen next. Do you have alternative accommodation lined up?

Go to the police and report the fraud.
Go to Citizens Advice and get debt advice. Tell them about the fraud/financial abuse.
Let them liaise with your mortgage company and anyone else who you owe money to.

So it was 15 years or so that your dh bought the business? Do you have a job or a pension or any other assets? So you personally have any ongoing liability for the business?

Do you have any pensions? Could be £££ tied up in those and you are old enough to get them?

Do you have any rich relations who can lend you £200k? Some one you are due to inherit from perhaps?

Not many people do.

OP - please take some deep breaths. Courts don't automatically grant repossession orders on the first hearing (which I assume this is?). Talk to a solicitor, or a couple if you can, tomorrow and find out exactly where you stand and what your options are. Clearly it won't be possible to repay the full debt but there will be choices. Maybe CAB can also help you.

sorry you are going through this.
How much equity do you have in the house?

Would the fact that your signature was forged halt the repossession?

I hope you have kicked your H out.

This. Best starting to prepared OP. You are
not going to magic up £200k.