Posted: Sun Aug 02, 2009 11:20 pm
Hello again to all on this forum. Since I last contributed I have been keeping my head down and plodding along with the monthly payments. So far so good.
Now with just 5 more payments to make, I will have completed that element of the payback.
However by the 14th December I must also bring into the equation 100% of my share of the equity in my property, for the benefit of the creditors.
I have paid out some £500 to have two independent valuations carried out and although I am awaiting the confirmation of the redemption figure from the Mortgage company. I reckon I will need to find circa £15k by December. Well the truth is it may as well be £150k for all I can do about it.
So it's hardly surprising that I am more worried now than at any stage of these whole proceedings as I believe I could now face the real prospect of losing my home -despite all my best efforts.
So what will happen when my Supervisor asks me to hand over in the region of £15k that I do not have and certainly no hope of getting it.
Any suggestions for a get out of this situation?
Could I for example :
- Go back to the Court and ask them to overturn the previous decision and strike out the provision to realise this capital?
- Seek a creditors meeting and ask for a variation to remove the condition?
- Seek to continue to pay off the additional sum by extending my monthly payments (probably by an additional 30 months)?
Or maybe I should simply allow the forced sale of my home and graciously uproot after 31 years and seek to rent accommodation.
Perhaps I should look for a reputable organisation like a Housing Association or similar to buy the property with a view to letting it back to me at market rent but with security of tenure?
Any and all advice would be very welcome.
Regards
Bob
Now with just 5 more payments to make, I will have completed that element of the payback.
However by the 14th December I must also bring into the equation 100% of my share of the equity in my property, for the benefit of the creditors.
I have paid out some £500 to have two independent valuations carried out and although I am awaiting the confirmation of the redemption figure from the Mortgage company. I reckon I will need to find circa £15k by December. Well the truth is it may as well be £150k for all I can do about it.
So it's hardly surprising that I am more worried now than at any stage of these whole proceedings as I believe I could now face the real prospect of losing my home -despite all my best efforts.
So what will happen when my Supervisor asks me to hand over in the region of £15k that I do not have and certainly no hope of getting it.
Any suggestions for a get out of this situation?
Could I for example :
- Go back to the Court and ask them to overturn the previous decision and strike out the provision to realise this capital?
- Seek a creditors meeting and ask for a variation to remove the condition?
- Seek to continue to pay off the additional sum by extending my monthly payments (probably by an additional 30 months)?
Or maybe I should simply allow the forced sale of my home and graciously uproot after 31 years and seek to rent accommodation.
Perhaps I should look for a reputable organisation like a Housing Association or similar to buy the property with a view to letting it back to me at market rent but with security of tenure?
Any and all advice would be very welcome.
Regards
Bob