House Repossession

[twh]

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?

[Didwot]

Sorry to learn of your problems. When the case comes before the court the District Judge will either make an order for repossession. or adjourn the hearing. If he makes an order for possession then it can suspended on terms that you pay off all the arrears within a reasonable time. The rule of thumb for a reasonable time varies with the economic climate, but is about two years. The Judge would have to be satisfied that you could actually meet any payments before making such an order. The Judge might adjourn the hearing for a month or so if he was satisfied that you would have exchanged contracts within that time, but he would want to be satisfied that this was a realistic possibility and not wishful thinking.
These are your chances:
1.

[Didwot]

Now your question has disappeared. I found it again on Qs I have answered.
3. Persuade your purchasers to extract the digit and exchange with you.
There really is no reason for the delay. Local searches are turned around in a week or two, and surveyors will do the job in a matter of days. If they are serioous what is holding them up, or are they dependent on a sale of their own propery, and have not got a buyer of their own.
If you end up going to court the CAB will have an advisor there to help people like you, but it is surely worth telling your solicitors who are handling the sale, and seeing what they can do to help

[Didwot]

This site was having one of its flaky periods last night, and part of my answer got Banned.

Here is the missing part

1 Find the wherewithall to persuade the District Judge that you now have the means to pay the monthly instalment, and clear the arrears - hardly likely, unless you have suddenly get a job, or have a kindly aunt who will help you out
2. Persuade the DJ that you really will exchange contracts within a month and seek an adjournment. You will need the solicitors correspondence etc to show that an exchange is imminent.