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anyone ever had a house deliberately repo'd cos you didn't want to live there anymore?

30 replies

chuggabopps · 27/04/2010 18:33

I know it sounds mad, but my house has been up for sale for three years now, with no intrest.

It is a joint mortgage between me and my ex husband who moved out approx 6 weeks after moving in 4 years ago, (we are now divorced).

I have just come out of work, and want to move closer to my family and get a new job there. Its about 70 miles away.

I called the mortgage lender and so far, as the account has never been in arrears, they aren't willing to give me any advice other than "keep making the payments"- but really I won't be able to if being out of work carries on more than a fortnight or so..

please can anyone suggest how I can move out of here?

OP posts:
EricNorthmansmistress · 27/04/2010 19:43

Seems like the house hasn't sold because Ex's family are making it so - move to another agent and get it on the market properly. You need to find out if he will be jointly liable for any excess you owe on the mortgage if it doesn't get cleared in the sale, ie will they chase him too, or just you? It may be difficult to sort that out. You may find you end up paying it back, but the bank must be reasonable and maybe you can make a sensible repayment plan with them. It will make you broke for a while but better than losing your credit rating for a long time.

bran · 27/04/2010 21:54

The reason I was asking about the divorce settlement is that I was wondering whether your ex would use this as a way to control you, ie is it possible that if you do find a buyer he might refuse to sell his share. I'm a bit worried that as you feel he wouldn't agree to you letting the house he might also not agree to selling it. Is he under any legal obligation to allow you to sell?

You say the asking price is calculated on what you need to pay off the mortgage and costs, but how does the asking price compare to other houses on the market? Buyers obviously won't care how much money you need, only with getting the best value for their money.

ruddynorah · 27/04/2010 22:04

eh?! the agent is to do with your ex?

ditch the agent. you don't normally pay anything til it's sold so makes no difference. put it up with someone else.

as for the asking price, well it shouldn't be based on settlement fig etc, it should be a figure that will make it sell. otherwise there's no point at all.

ageing5yearseachyear · 28/04/2010 13:41

blimey

what a nasty situation to be in- but it sounds like you are really ready to move on and take control of the situation.

as others have said- take some action and get new agents round- it is free advice if nothing else- get at least 3 and take into account their view of how much it will sell for. you might be suprised.

once you know how much it is likely to sell for get hold of the building society/bank and tell them what is happening. you will not have been the first in this situation.

take advice from citizens advice re ex-h's responsibility for the house.

dont do anything rash- put yourself firmly back in the driving seat. you need to come out of this in the best possible way. Credit rating isnt more important than happiness but bear in mind you will be credit checked if you want to rent a new home nearer to family.

ACrazyWoman · 28/04/2010 16:31

Definitely get a new agent, but be careful when choosing as some estate agents (as you are probably aware) are owned by a parent company so even if you chose a new estate agent they could be part of the same company as your existing agent IYSWIM and you ex could still influence. Perhaps choose 3 independent estate agents.

You need to ask for honest feedback from the agents and find out what people think about the house and change things if you need to. Get a friend who has a house that you think is really smart and ask them to tell you what they think is scruffy and what they would change, as long as it?s cheap then do it.

Can you afford to pay the mortgage until the house is sold? If not, be careful, lenders will smile sweetly and let you pay less each month. Then still repossess you if long term you can?t make the payments.

Frankly I think your ex sounds like he is being a major shit, you are paying the mortgage, he doesn?t want you to sell because house prices are low at the moment, so I?m guessing he wants you to wait until prices rise and he can get half of the equity. I?d call his bluff and say you are going to stop paying the mortgage and tell him (as long as it won?t put you in physical danger) that you have passed his address to the lender as he is jointly liable.

If you are having problems meeting your mortgage payment each month you lender might agree to you selling at a lower price (it saves them a lot of work) but be careful about doing this if you will need to claim any housing benefit to help with your next move. They will still chase you for the outstanding debt but if you haven?t got any money they can?t chase very hard and you don?t need to give them a forwarding address.

Renting IMO is just putting off the problem, the house will always be part owned by your ex and at some point (unless you are ever wealth enough to buy him out) you will have let go of the house. Renting is great if you can get enough rent to clear the mortgage and still afford to fix things is they go wrong. Generally the maths used to calculate would indicate that if you have little or no equity in the property you would not be in a position to do this (sorry, bit harsh perhaps, but if the house eventually gets repossessed then it?s better to have it happen without a tenant in there.)

A good credit rating is useful, but it?s not much good on its own and if you are not enjoying life because you hate where you live! I?d have a good go at selling, but if it doesn?t work, I?d either try building a life where I was and accept the situation or forget the house and move on.

If you decide to stop paying the mortgage and be repossessed you need as many of the following as you can:
A bank account that you money is paid into that is not the same bank that your mortgage is with.
Someone who will be happy to go as a guarantor for the house that you want to rent.
A deposit so that you can private let.
?and don?t go for voluntary repossession and hand the keys back, you might need help with housing benefit, you don?t want them to try ad say that you made yourself intentionally homeless.

Being repossessed is a huge thing, but it?s not completely the end of the word and you can recover from it even though it takes a bit of time, but you definitely need good family support and good information (if you have to pay for it, don?t trust it). I don?t think anyone would ever say that they got repossessed on purpose but there comes a point where you have to move on and let it happen?definitely have another go a selling with a none ex partner connected agent though?

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