Can An Employer Reverse Your Redundancy...
Jobs & Education1 min ago
In May 2003, I purchased some land in Devon using a "staged release" mortgage. I had plans drawn up and the thatched cottage of my dreams took shape. Two major things then happened: I split from my wife (subsiquently divorced - exdpensive) and I was made redundant from a highly paid job. I was living on the capital from my redundancy payment and trying to secure employment (unsuccessfully.) In March I rang the building society and explained that I was unable to continue paying the mortgage and that I was intending to sell the property. They gave me two months off. By May, the property still remained unsold and they gave me another month. By June I had someone interested and in July they made an acceptable offer. I wrote and phoned the building society and informed them of the situation.I even supplied letters from the buyers and my solicitors showing that thinhs were moving forward. The building society did not accept the situation saying that unless they had a "exchange contracts" date, they would continue with legal action. The buyer is currently on holiday and I have no way of contacting him. I do know however it could be another 8 weeks before completion due to surveys etc. I have therefore as a fallback position instructed an estate agent to prepare auction plans just in case the sale falters. Today I received notice of a county court date of 30th August for a request for repossession. I cannot pay the arrears and there is no way I can make the sale in the time allowed. I owe �206,000 and the sale price will be about �330,000 or �280,000 at auction.
Any suggestions?
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