Help what should i do

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I own a house in Hull, i currently live in London, i bought the house 8 years ago with my now ex partner. I have taken resonsibility for the property. I have been letting the property for the last 6 years, however now due to the fact that the Letting Agent did not inform me of a leaking gutter, my tenant has left and my house has become uninhabitable. I have the council chasing me for unpaid council tax (apparently if a house is not occupied for more than 6 months then the tax is still due on it) a total of 950 the damage to the property caused by the previous tenant and the leaking gutter totals approx 1000. I had the house valued last year, it is now only worth 8000 before it was damaged. I paid 27500 for the house with a mortgage of 26,750 there is no way i can afford to pay the mortgage what should i do? What is voluntary reposession ? Is there a way out?

-- James Hogben (JamesHogben@aol.com), May 27, 2001

Answers

In my opinion:

This an extremely familiar story, if you look at this Q&A board, interestingly.

Information which has significance for you is explained very well on this web site. Look particularly under 'Repossession', at the Newsletter archive, and various threads on this Q&A board. It's a mine of information about the facts of repossession, lenders' mindsets, the role of agents, etc. Definitely worth reading.

-- Eleanor Scott (eleanor.scott@btinternet.com), May 28, 2001.


Living in a different part of the country my answer my not be valid. However have you tried to ask the council if they are prepared to rent the property from you? That would provide you with an income to pay your mortgage until you can regain some equity. I believe that you may be entitled to a grant to help you fix your property if the council is willing to take you up on this option. Also you will need to discuss this with your mortgage company. If my answer has been of no or little help I aqpologise, but please do not worry too much. Read and re-read this site and take heart from the success stories. You have a better start than someone like myself as you are aware o fyour rights from the beginning.

-- Jonah (richardj@sitel.com), June 01, 2001.

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