Oct
27
how can can i hold off a repossion order for 6 months?
By
the mortgage company got a repo order (28 days) because i had a buyer for my house,but the day after the buyer started being silly and i think he has gone.i now feel i can just make the normal payments plus a bit extra towards arrears. i need the mortgage company to accept this amount just long enough for me to get to feb when the redemtion runs out so i can remortgage or sell without a loss/ccj. how can i hold them off?
Sell House Quick
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6 Comments
April 22nd, 2009 at 11:56 pm
Approach the mortgage company with your offer and see if they accept. Don’t say it’s just for the 6 month period as they are more likely to accept your offer if they think it’s going to be a long term arrangement.
April 25th, 2009 at 6:01 am
The mortgage company is concerned that you will build up losses & they will lose money. If you can explain what has happened & show them what you are doing about it in a way that they will get their money then you may be OK. If you can clear some of your arrears this would help.
April 26th, 2009 at 6:29 am
You need an attorney NOW. Once the repo has begun, there is little chance of staving off and certianly NOT until next February. Consult legal counsel.
April 29th, 2009 at 5:58 pm
Most lenders will do anything reasonable to stave off a foreclosure. On the other hand, they are going to want some evidence that you can now make the payments, and why you can make it now when you couldn’t before. They are also likely to ask you to agree that if it doesn’t work out, they can proceed from this point without starting the process all over again.
If you cannot persuade them voluntarily, a lawyer may be able to, but that’s likely to cost you more than just letting it go. Once the Notice of Default hits, the lender generally has the right to demand you bring the obligations fully current in order to rescind it. Not to mention thousands of dollars they have already dinged you for being in default.
Note: If you’ve got 120 days late, the chances of you refinancing on better terms than you have now is small.
May 3rd, 2009 at 5:37 am
Get someone to negotiate with the lender for you if you aren’t able to get anywhere directly. I have someone that I can refer you to if you are interested. No matter what you do, you should sell that house before the redemption period ends if you have equity. If you don’t have equity, you might as well live rent free until the end because paying them now is like throwing money away unless you can work out a forebearance or something like that. You’re technically still liable for the shortgage between the loan amount and the loss from the sale of the foreclosure and you can look forward to receiving a 1099-A for the “gain” from the foreclosure, which is the difference between the amount you owed and the amount the home was sold for if the lender loses money and they usually do. This doesn’t apply if you had a bankruptcy.
May 5th, 2009 at 4:43 pm
I am a mortgage broker, my advice would be to contact your solicitor and ask them to contact the lender on your behalf and offer your solution of paying the mortgage and some of the arrears. As a short term solution, if you are not already doing it - you could switch your payments to interest only to help the cash flow (not a recommended long term solution). If you have equity in your property you could always look to remortgage now and pay the early repayment charges,(you would have had to pay these if you sold the property) or if thats not an option you could look at a secured loan. I would be happy to try and help if I could - I have my own company and if you wish to discuss this further you could contact me at
Good luck