reposesion
14 December 2012, 09:55 PM
#1
reposesion
Just finished watching panorama about reposesions and I was thinking.
If your about to be reposessed I would sell everything to help with the next step. But could you rip all the radiators pipes etc and sell it to a scrap metal collector?
If your about to be reposessed I would sell everything to help with the next step. But could you rip all the radiators pipes etc and sell it to a scrap metal collector?
14 December 2012, 09:56 PM
#2
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ye i think so. my future father in laws house got repo and i ripped the bathroom suite out and fit it in my sisters haha. nice whirlpool bath for her now haha
15 December 2012, 07:12 AM
#7
Since the banks have the right to pursue you for any shortfall between what you owe and what they sell the repossessed property for, anything that reduces its value is not a great idea.
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15 December 2012, 09:22 AM
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15 December 2012, 09:35 AM
#10
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I bought a Repo a few years ago, the tenants opened a letter in mistake that was for the original owner. It was the bank asking how he intended to pay the £80k shortfall. 
So no, I'd not reduce the property condition any further, as come selling time it's going to appeal to a certain type of buyer only and they don't like paying a lot for houses.
So no, I'd not reduce the property condition any further, as come selling time it's going to appeal to a certain type of buyer only and they don't like paying a lot for houses.
15 December 2012, 10:23 AM
#11
It was a shocking program , but it pisses me off the way they moan about how poor hey are , yet still has all the stuff they could sell to get back on their feet. The famialy that were found to be deliberatly making themselves bankrupt , they wee lad played Xbox all day , when they came back from the council meeting the adults had a takeaway coffee , kids looked like they had been bought toys , and the older kids wete drinking a bottle of Coke and Fanta. Now the dad moaned he had to pay £30 a week on laundry , would that not be made easier by not buying nice things ? The only ones i had sympathy for were the guy who came home from America , the system was making is very hard for him but he had the right atitude. The woman who had chemotherapy , got evicted and didnt like the place they give her so stayed with friends, went to see her old house and it was just sat empty all that time.
15 December 2012, 11:22 AM
#12
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It's the 'something for nothing' culture IMO. People sort of expect a certain level of lifestyle now regardless of whether it is living within their means.
When I lost my last job and was trying to keep my home from being repossessed I sold what I could (including Subaru at the time), knocked things like TV and phones on the head, bought cheaper brand foods, arranged deals with creditors and mortgage company etc. It just about kept our heads above water and we managed to keep everything going on about £1000 a month between us.
How many houses do you see now that DON'T have a big *** tv, games consoles, flash sofa etc, regardless of location?
When I lost my last job and was trying to keep my home from being repossessed I sold what I could (including Subaru at the time), knocked things like TV and phones on the head, bought cheaper brand foods, arranged deals with creditors and mortgage company etc. It just about kept our heads above water and we managed to keep everything going on about £1000 a month between us.
How many houses do you see now that DON'T have a big *** tv, games consoles, flash sofa etc, regardless of location?
15 December 2012, 04:49 PM
#14
It was a shocking program , but it pisses me off the way they moan about how poor hey are , yet still has all the stuff they could sell to get back on their feet. The famialy that were found to be deliberatly making themselves bankrupt , they wee lad played Xbox all day , when they came back from the council meeting the adults had a takeaway coffee , kids looked like they had been bought toys , and the older kids wete drinking a bottle of Coke and Fanta. Now the dad moaned he had to pay £30 a week on laundry , would that not be made easier by not buying nice things ? The only ones i had sympathy for were the guy who came home from America , the system was making is very hard for him but he had the right atitude. The woman who had chemotherapy , got evicted and didnt like the place they give her so stayed with friends, went to see her old house and it was just sat empty all that time.
15 December 2012, 05:19 PM
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I lost my job in march having only bought my house 6 months earlier. It was my own fault and that mistake ended my career.
To be fair to Halifax, they were great. They gave me a 3month payment holiday and when that was over and my situation hadn't changed they gave me another 6weeks and then to review.
I decided in that time that id never be able to earn enough again to afford my house so I so had to put it up for sale.
By the time Halifax reviewed things, they were happy enough with the fact that the house was on the market and accepted reduced payments until my house sold 3months later.
I was fortunate in that my apartment was brand new so I was able to sell it for what I paid, and I guess that helped it sell quickly.
To be fair to Halifax, they were great. They gave me a 3month payment holiday and when that was over and my situation hadn't changed they gave me another 6weeks and then to review.
I decided in that time that id never be able to earn enough again to afford my house so I so had to put it up for sale.
By the time Halifax reviewed things, they were happy enough with the fact that the house was on the market and accepted reduced payments until my house sold 3months later.
I was fortunate in that my apartment was brand new so I was able to sell it for what I paid, and I guess that helped it sell quickly.
15 December 2012, 05:49 PM
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Halifax were good with my mortgage when I was in the above situation. Not so good with the personal loan though and that was sold off which I pay monthly again.
16 December 2012, 02:17 PM
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I lost my job in march having only bought my house 6 months earlier. It was my own fault and that mistake ended my career.
To be fair to Halifax, they were great. They gave me a 3month payment holiday and when that was over and my situation hadn't changed they gave me another 6weeks and then to review.
I decided in that time that id never be able to earn enough again to afford my house so I so had to put it up for sale.
By the time Halifax reviewed things, they were happy enough with the fact that the house was on the market and accepted reduced payments until my house sold 3months later.
I was fortunate in that my apartment was brand new so I was able to sell it for what I paid, and I guess that helped it sell quickly.
To be fair to Halifax, they were great. They gave me a 3month payment holiday and when that was over and my situation hadn't changed they gave me another 6weeks and then to review.
I decided in that time that id never be able to earn enough again to afford my house so I so had to put it up for sale.
By the time Halifax reviewed things, they were happy enough with the fact that the house was on the market and accepted reduced payments until my house sold 3months later.
I was fortunate in that my apartment was brand new so I was able to sell it for what I paid, and I guess that helped it sell quickly.
16 December 2012, 09:21 PM
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Thank you :-)
Very basically, I was meant to dispose of some medication but I didn't, I kept 10tablets for personal use and was forced into telling my boss what I'd done.
Game over.
I have to be registered to do my job and therefore my 'fitness to practice' is under investigation. It's complicated by my ongoing mental health problems (none of which is actually addiction) but I'll probably be removed from the register and no longer able to do my job again.
I'll take whatever they throw at me, hands up, I deserve it.
Could have even been prosecuted but yeah :-(
Very basically, I was meant to dispose of some medication but I didn't, I kept 10tablets for personal use and was forced into telling my boss what I'd done.
Game over.
I have to be registered to do my job and therefore my 'fitness to practice' is under investigation. It's complicated by my ongoing mental health problems (none of which is actually addiction) but I'll probably be removed from the register and no longer able to do my job again.
I'll take whatever they throw at me, hands up, I deserve it.
Could have even been prosecuted but yeah :-(
16 December 2012, 10:11 PM
#20
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The problem is that the mortgage companies are covered by insurance for losses so no real incentive to keep you on.
Also it would,in some cases,be far cheaper for the government to pay mortgage interest than rehouse a family.This is open to abuse so I don't know how you would police it but keeping people in their house would help free-up council housing stock.
Having said that, the family with 4 kids & dad as a bus driver appeared not to have done much to help themselves keep their house.Not sending the kids to school is unforgivable.Also now he has a job & they get income support etc. for 4 kids so will be on a fair wack.
Also it would,in some cases,be far cheaper for the government to pay mortgage interest than rehouse a family.This is open to abuse so I don't know how you would police it but keeping people in their house would help free-up council housing stock.
Having said that, the family with 4 kids & dad as a bus driver appeared not to have done much to help themselves keep their house.Not sending the kids to school is unforgivable.Also now he has a job & they get income support etc. for 4 kids so will be on a fair wack.
17 December 2012, 03:27 PM
#21
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Only the sink affects mortgage. I've bought a couple of repossesions and without a kitchen they are not mortgageable. Specifically a Kitchen sink as you say.
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