Abbey N, Eversheds, Mr Feargreenspun.com : LUSENET : Repossession : One Thread
In 1995 we had our home repossesed after 5 years of hardship, during the 5 years we had several meetings with N & P (national and provincial building society, who the mortgage was with)we had come to an agreement to pay off the arrears a little each month, which, i thought was working well as i and my husband were now employed again. But, out of the blue they applied for repossesion, it was when Abbey were taking over. We heard nothing until 2001, a shortfall letter arrived for 10k, in which they appologised for the delay in contacting us and said they had sent a final statement to our last known address, which is a lie as our parents are there and no letters were sent. I read this sight then and i served SARN, but it came up with very little information. In the past twelve months we have had about two letters saying they are willing to accept a one off payment of £2500. The thing is after re-visiting this sight and reading through the information again i am wondering if the 12 year rule has set in as in 1990 my husband was made redundant and the mortgage was paid via an insurance for two years, but, i cannot remember if it was all paid and then after the two years he was still unemployed and there were missed payments. The thing is we are interested in buying our council house, but, i am scared in case they can claim the 10k on it and i am wondering about if we would be able to get another morgage if we don't settle, but we can't pay £2500 and save for a deposit also. Unsettled and confused.
-- San (email@example.com), November 03, 2003
Firstly, I would suggest you read as much of this site as possible especially the "Do's and Don'ts" and previous postings. If you have made payments towards the shortfall this unfortunately will have restarted the 12 year limitation period, the same applies if you have acknowledged the debt in writing (see previous postings). I think your best bet would be to negotiate a lower settlement figure than the £2500 already put forward by the lender. This would then enable you to get your credit rating repaired and remove you from the CML repossession register, thus making it easier when the time comes to look for another mortgage. You mention you received very little information as a result of your sarn. I have a list from the Information Commissioner as to what a lender is likely or unlikely to have to produce to a borrower - I can let you have a copy if you like. It sounds to me as though you should ask the IC for an assessment. Was your property sold for a fair price ? If it wasn't you can use this to negotiate a lower settlement figure. Some details which you should obtain are:
* the precise sale price of the house;
* the person they sold the property to (employee of estate agent/lender? );
* marketing details (did they market it properly?);
* details of any valuations made on the property;
* how they have calculated the interest that has been added on up to the time of the sale and since the sale; and
* any solicitors, estate agency fees or court costs that have been added on.
Also see my example sarn letter on which you can find a list of items which you should be asking for, see: http://www.home-repo.org/reposses/egsarn.htm
If and when you do make an offer make sure it is "Without Prejudice" and on an "ex gratia basis". You should also ask the lender before agreeing to any settlement to remove you from the CML possession register and repair your credit file. Make sure too any agreement covers any third party e.g. MIG insurer. I have a sample offer letter if you like.
Don't forget lenders/debt collectors read this site.
I am not a professional adviser though so please check it all out with one, for example the Mary Ward Legal Centre or NAMV. Good Luck.
-- M Amos (firstname.lastname@example.org), November 04, 2003.