Will try to make it short as possible.(posted 7908 days ago)52 Years of age, I was made redundant several months ago, third time in 3 years. Always had a decent salary (£45k/year+), but had many debts and lousy with money/saving etc.
First National Mortgage Company/Davis & Co have issued repossession proceeding and this will be hear at court for first time on 10th September. The arrears are £6,000. I had held off doing anything as I had hoped to have another job by now and then agree a repayment plan with the court, but this has not happened yet and may not happen before 10th September so can't put proposals forward.
Total outstanding Mortgage to First National is £41,000 (including £6000 arrears) and there is a secured loan to iGroup of £17,000. Total £57,000.
I have hurridly put the house on the market at a knock down price of £95,000 and most probably already have a buyer.
As you can see there is £35k+ equity in the house.
It will take the usual weeks to finalise the sale/exchange/complete and this won't be before the 10th.
My main question is what can I do on the 10th to make sure I can be allowed to sell and repay the mortgage, and don't lose the equity or let First National get am immediate reposession order.
I spoke to David & Co and they won't stop the proceedings unless I have exchanged contracts.
Any advice or similar cases would be appreciated.
Thanks Chris Barlow