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.

@Laureltime Thanks for the explanation, what a horrible mess. If her husband was capable of forging her signature, it’s quite possible that he may have used the house as security. ☹️

I'm thinking there will be little you can do.

Your only saving grace may be if you didn't sign the loan document, and your signature was forged. That would make the security fraudulent as you need all signatures of the joint owners of a property for a lien to be made upon it.

However if you did sign for the loan then thats it, you borrowed the money permitting a charge to be placed on the house as security. The lender can quite legitimately act to recover their losses.

Sorry, probably best to start making preparations to move out.

Point is you don't have 100% equity, taking a loan secured on the house is exactly the same as a mortgage (but with none of the relative protections and probably a much shorter repayment terms and higher interest), a note is placed on the land registry giving your lender the right to £200K plus interest and charges of the value, you have not repaid, so they can legitimately take action to recoup the loan.

Presumably the lender has a high court writ to cease the house, which will then be sold to satisfy the debt, all the lender will be interested in is getting their share back, so sadly they tend to sell at knock down fire sale prices. You should end up with the balance.

Will that balance get you something as a roof?

But that would have come out in the legal proceedings. If she chose to reveal that.the legal proceedings are complete. It likely took a couple of years from start to finish min, her husband has been declared bankrupt,so his house has to go to service the debt, im very surprised she’s not also bankrupt.

op, I’m really confused about what you’re posting,particularly that you have only now just sought legal advice,that cannot be correct.

if 200 is the absolute total debt and includes any personal debt like credit cards, cars, mortgage defaults etc you might walk away with 150k. You can then look to buy a shared ownership and if you both work then pay the small rent. You can then take your pets.

but you must know it’s done. You cannot raise 200k with one or both of you bankrupt and on a low income in your late 50’s in 3 weeks, I hope he’s another job now. But it’s not possible

I think if he’s forged your signature then you haven’t signed away half of the prosperity - have you looked into this?

Potentially, if the signature was forged then the charge is not valid (as you need all owners consent for a charge to be placed on a jointly owned property) which would mean that, possibly, the loan security is not valid.

That could, if true, forstall proceedings, but the loan company would just go after it again.

But to me it's too late in the day, if its three weeks, its been rubber stamped by the courts, only a lawyer could see if it could be stalled, and few lawyers will want to be involved where there is potentially no money to get paid.

A plot of private land and a mobile home would be my best suggestion, low running costs, no rent, low rates.

my signature was forged several times.

This is a police matter.

I'm so sorry you are going through this. People you trusted fucked you over.
You WILL get through this. You need to get angry and in touch with your inner woman warrior. Good luck!

@Pleasehelpmesavemyhome did you manage to get any legal advice today?