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CJC
Starting Member
United Kingdom
6 Posts |
 Posted - 05 January 2010 : 06:35:20
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| Made BR July 09. Have family home and Buy to Let which Mum lives in. Family home 50K neg equity,(being repossessed) BLT 3K neg equity. Aug 09 OR says no payments to be made to mortgage companies. 23 Dec 09 get letter from OR wanting to appoint third party to receive monies for mortgage. Previously had letter asking if I want to buy BI and recently also early discharge. No communication from OR for months till now. Mum been paying rent direct to mortgage company as did not want to be evicted. Now OR finally asking for the money after five months. What is my position? Giving up family home but want to keep BTL to keep roof over 75 year old Mum. |
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RHB
Senior Member
1159 Posts |
Posted - 05 January 2010 : 07:25:30
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| I would ring them up & find out. |
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CJC
Starting Member
United Kingdom
6 Posts |
Posted - 05 January 2010 : 08:51:03
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quote:
Originally posted by CJC
Made BR July 09. Have family home and Buy to Let which Mum lives in. Family home 50K neg equity,(being repossessed) BLT 3K neg equity. Aug 09 OR says no payments to be made to mortgage companies. 23 Dec 09 get letter from OR wanting to appoint third party to receive monies for mortgage. Previously had letter asking if I want to buy BI and recently also early discharge. No communication from OR for months till now. Mum been paying rent direct to mortgage company as did not want to be evicted. Now OR finally asking for the money after five months. What is my position? Giving up family home but want to keep BTL to keep roof over 75 year old Mum.
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CJC
Starting Member
United Kingdom
6 Posts |
Posted - 05 January 2010 : 08:53:07
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| No offence, but if it was that easy I would have done it months ago. It takes at least ten days for the OR to call me back. It has taken them five months to decide to appoint a third party. As I'm in negative equity, why appoint a person who will want paying? I really would like to make a complaint about how my case has been handled! |
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Jane.l
Average Member
511 Posts |
Posted - 05 January 2010 : 09:02:02
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This is confusing.
If both properties are in neg equity, why has the OR appointed a Trustee? I presume this is what has happened, I though this only happened in properties with equity
I owned one house in neg eq when I went bankrupt, the OR just told me to leave it for NR to repossess, which I did, the OR wanted nothing to do with it |
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CJC
Starting Member
United Kingdom
6 Posts |
Posted - 05 January 2010 : 09:10:04
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| I'm glad I'm not the only confused person. Northern Rock are in the middle of reposession proceedings but the Buy to Let mortgage company is happy to carry on as the payments have been made despite the best efforts by the OR to get me to lose this one also. I have had various heated discussions with the OR trying to get them to decide to do something instead of just leaving me high and dry. Can I complain to the court about my treatment? Where can I get free advice - got small income protection policy - but not enough to pay mortgage on family home. Don't tell me CAB. Got 80 year old advisor last time - no help whatsoever. |
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Jane.l
Average Member
511 Posts |
Posted - 05 January 2010 : 09:41:43
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Are you currently in the process of buying the beneficial interest in the BTL property?
I wonder, and I am no expert, but as the OR has 3 years to deal with a property, I wonder if he is trying to keep hold of the BTL one in the hope that it either has some equity now or may gain some very soon
This is the only thing I can think of, but as I say, I am no expert, hopefully one of them will reply to this thread later on |
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RHB
Senior Member
1159 Posts |
Posted - 05 January 2010 : 12:52:28
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| There is no time restriction for them to deal with the BTL so I suspect this is the problem. The onus on the OR is to realise money for your creditors remember. 3k isn't a great deal of money & there is the possibility that this could change. Could your mum maybe write expressing her concerns about the situation & maybe offer to buy the BI if she has the 3000 to spare? |
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CJC
Starting Member
United Kingdom
6 Posts |
Posted - 05 January 2010 : 19:13:07
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| I finally got to speak to the OR late today after leaving messages from 23 Dec 09. I asked why they wanted to appoint a third party to deal with the payments and they blamed the mortgage companies for not replying for five months. Funny how I have spoken to them twice a week for five months. The OR told me they did not have any contact numbers or account numbers for my mortgage accounts. That's strange, they were all on my bankruptcy forms. Long and short of it is they have not done anything about the BI buy back until they heard from the mortgage companies. Now they tell me they have heard, they can provide early discharge and I can buy the BI for £1 plus solicitors fees. As the family home is in the middle of being repossessed, with £50k negative equity, NR can have it!!! Hopefully light at the end of the tunnel now. Beware multiple property owners if going for bankruptcy, mortgage companies don't apparently like talking to the OR!!! My two mortgage companies have been excellent. They say 'its good to talk'. They have both tried very hard to try to work out a solution to keep both houses. Shame one will bite the dust.... |
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debtinfo
forum expert
2826 Posts |
Posted - 05 January 2010 : 20:21:59
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basically the OR will have been waiting to see if the mortgage company want to appoint an LPA receiver to collect the rent directly. Which is a complectated situation for them and one they take an age to decide. If they dont the OR is quite within their rights to collect the rent for the benefit of the estate not the mortgage company. Although the OR could offer the property back to you, they are under no obligation to do so at it is not the family home, they also do not have to offer the reduced legal fees that they do for the family home.
Although i understand you wanting to secure you mothers property (as any moral person would)the facts are that it was a business property, that business is now bankrupt and the OR has an obligation to get the best outcome for the creditors, regardless of personal feelings |
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CJC
Starting Member
United Kingdom
6 Posts |
Posted - 07 January 2010 : 09:18:19
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| Thanks for the latest comments. The OR seems to be happy to transfer the BI on the BTL back to me. No mentioned of price for solicitors fees yet, but even if I have to pay full price it would be worthwhile. I leaves me with a foot on the property ladder and when my Mum moves into sheltered accom or (hopefully not for a long time) dies, I have somewhere to retire to. Just to clarify, I have been subbing the BLT mortgage for the last three years, so I have not been making any profit on the deal. It has only been the last few months when my fixed rate deal finished that the rental income actually pays the mortgage payment. Maybe that is why the OR is letting me keep one house. I just hope all the paperwork gets sorted out fairly quickly. OR mentioned about 10 weeks. I'll keep you posted. Thanks for all comments so far. |
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Made BR July 09. Have family home and Buy to Let
