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caro50
Starting Member
United Kingdom
10 Posts |
 Posted - 13 November 2009 : 14:50:50
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Have just read a thread thats making me very very worried about going BR next week.
Me and husband assumed our house was safe as we are 15-20k in neg equity, and have never been late or missed a payment.However our mortgage payments are high - £1400 and our monthly income is £2600 ? We have 1 18month child and 1 on the way and its a 3 bed house ?
If the PR asks us to sell and rent will there be anything we can do ???? Really couldn't cope with having to sell our precious home and rent at this stage in pregnancy .
any advise welcomed Thanks |
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Richard P
Senior Member
United Kingdom
1701 Posts |
Posted - 13 November 2009 : 15:24:05
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Hi Caro
dont panic.
The OR will make you sell your house if their is money in the property in order that the or can distribute the equity amongst creditors.
The Or will look at your outgoings, the mortgage to see if extra cash can be freed.
in your circumsatnces it is likely that you can justify a 3 bed house but is the 1400 comparable to similar properties to rent in the area.. if similar properties are available for rent at say 400 unfortuantly you can see why the OR would encourage you to move .. BUT i think that you have a year (not certain) to find alternate accom. ( i know that you would be hard pushed to get rabbit hutch for 400 in your area but using the figure to emphasise a point)
caro, preganacy should be an enjoyable time, please speak to one of the experts and put your mind at rest. get the questions answered..
reading your text I am not certain that you need to go BR yet. DO NOT RUSH into BR get advice and make certain that you and your expert are controlling the situation not an unknown party.
then when everything is in the right order and BR is appropriate for you, then go BR
regards Richard |
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Richard P
Senior Member
United Kingdom
1701 Posts |
Posted - 13 November 2009 : 15:52:53
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Hi Caro
Richard P again, please do not think that i am judging or knocking, I am definatly not, i have sat here thinking if i will add further comment. I make these comments because i want to offer encouragement and help.
I have seen a friend go into BR unprepared and it took a long time for him to get it sorted out afterwards
I have read through your postings, i am concerned that you may be setting yourself up for failure or further problems in the postings that you have submitted you have too many loose ends.
caro, i can only encourage but please speak to one of the experts, tell them everything and let them help you to position yourself better.
in a previous posting you mentioned the local press your expert will know of certain circumstances that will stop your BR being listed in the press.
as stated i have posted this second entry thinking of your best interest, if i come accross as harsh or not supportive, i apologise.
What part of Brisslte you be from ? I had family in westbury -u- T and Downend.
warmest regards Richard |
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In 2 Deep
Junior Member
United Kingdom
161 Posts |
Posted - 13 November 2009 : 16:09:22
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Caro,
YOU MUST SPEAK WITH A FORUM EXPERT before going any further with your BR. As Richard states, the OR can force your sale if you can rent a 3 bed cheaper than your current mortgage commtiments. That said I do believe Reviva who post on the forum, have had a lot of success in situations of this nature - so do not give up hope.
Please post back once you have spoken or emailed an expert, and advise on the outcome.
The best of luck.
Treat EVERY Penny as a prisoner. |
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caro50
Starting Member
United Kingdom
10 Posts |
Posted - 13 November 2009 : 17:08:36
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can I just ask how do you know that they can "force' you to sell? Do you have experience of this ?
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RHB
Senior Member
1159 Posts |
Posted - 13 November 2009 : 17:38:56
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| When you go OR yourt interest in your house automatically goes to the OR. They have 3 years to dispose of the property & their job is to realise whatever money they can from you. |
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chester2005
Average Member
United Kingdom
786 Posts |
Posted - 13 November 2009 : 17:46:02
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after BR the OR has 12 months to decide what to do then 3 years to implement his decision ie. appoint a trustee if the case demands it
Dave
Don't worry or know that worrying is as effective as trying to solve an algebra equation by chewing bubble gum.(Baz Lurman)
RevivaUK helped me through it all i can't recommend them enough!! |
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in a panic
