I'm going to lose my house.

[Desperatelystupid]

Regular poster but have changed my name for this.

DP and I have been extremely stupid and got way behind on our mortgage payments, we now realised how stupid we have been and have decided to move, pay back all the money we owe and then rent for a while to get ourselves stable again. However, we have been threatened with repossession, so does this mean we can't seel our house and they are just going to take it off of us?
I have written a letter to the mortgage company grovelling and apologising, expaining our situation and that we will sell the house and give them what they are owed ASAP, however, I don't know if this is going to work.
I am loosing sleep over it now, I am so terrified we are going to lose our house, I keep dreading coming home in case the locks have been changed and everytime a car we don't recognise pulls up we are scared witless.

Please someone tell me if i am going to be able to sell my house and give back what is owed. And i really don't need to be told how stupid we have been as we already know that.

Is your house on the market now? If you can sell it before court procedings prevent you from doing so, you can give back what is owed.

Have you sought legal advise?

If not, please head down to your local CAB today!

Its going on the market today.
Will legal proceedings stop me from being able to sell it then?

It depends how far along the procedings are. Does the mortgage company know you are trying to sell? It's more cost-effective for them if you sell it and pay them back than to go through the courts to repossess and then have to re-sell it themselves. They may be willing or able to make a deal; that's why it's so important you know where you stand legally.

Please see about getting some legal advise asap.

hi
a lenders concern is that they won't get their money back and so there first reaction is repo. can you start repaying some of arrears now?, regularly, until sale. contact CAB, but may have to talk to lenders arrears people. if you do, best arguement is to start repaying arrears - a house will generally sell for more privately than at auction, but lender most bothered if amount owed is close to market value. Sorry, best wishes.

Message withdrawn

Hi

I don't know about the legal situation but we made the same decision as you eighteen months ago, sold our house and rent now. We got a bigger house, and when i got accepted at Uni we could move easily, plus we paid off every penny we owed (a lot- DH had gotten ill and didnt work for 9 months over a year), and had some money over too.

The down side is that every six months to a year we have to find out if the landlady wants to rent again (she did today- thank God!), which makes me especially feel very insecure, and we can't decorate etc. Plus having an sn kid, every time he damages stuff we have to replace ASAP.

I do have the occasional 'what if'... moment, but the reality is our life quality is much better now, and this large rented house is so much better suited to our needs. It was a good, if painful, decision.

get loads of adivice first, gets lots of valuations (ours varied by tens of thousands, yet we got an offer on the highest quote within 2 days), and be careful with your landloards... our first was a dodgy b*stard.