United Kingdom please help - Someone very close to me has had their house repossessed this week...?

Question

Any financial research i have done has been for investment purposes, i know nothing about reposession.
If anyone has any feedback as to what options (and what's involved when it happens to you) are available, i would be very grateful.
The company who provided the mortgage have handed it over to an estate agents (i have suspicions both companies are linked in some way) who i am presuming will put it to auction. Although i know for a fact this particular estate agent has property interests himself, so he may make an attempt to buy the property cheaply and sell it on at a profit.
The thing is, i am in a position to make sure the property does not go for peanuts by either forcing any auction bidders to go over a certain threshold or forcing this estate agent to buy the property at a higher price than he planned to. I presume the agents need to make public what method they are reselling the property by?
I want to help, not profit from this but can they do anything even at this stage?

Answer 1

i saw on TV a scheme where the person who is having their house repossesed can actually make an arrangement with the person selling it off and RENT IT OFF THEM until they are in a better position - apparantly it has helped LOADS of people who do not want to be forced out of their homes which they are obviously attached to!
I do not know what the scheme is called , but it allows people to stay in their own home even though they do not own it outright any more.....worth looking in to???

Answer 2

Yes, the Estate Agent should tell you how he is marketing the house. There could be a big plus-side for your friend in this though. Normally Re-possessions go to auctions, and in todays housing market that means it will sell for below market value but for a hell of a lot more than about five years ago when houses were affordable! The lender can only recoup what they are owed on their debt, therefore if the mortgage outstanding is 50 grand and the house goes for 100 grand (easily possible if he bought it five or more years ago) then your friend will receive the fifty k not owed to the bank!

Answer 3

She is the Constitutional Sovereign of the united kingdom and of her different nation-states and Territories previous the Seas. She is the Font of Honours, the pinnacle of the criminal gadget, the superb Governor on earth of the prevalent Church, the pinnacle of the militia, the only that Dissolves Parliaments, subject concerns Writ for Elections, publicizes conflict, supervises the top Minister, and as many have self belief, contained regarding substantial disruption interior the political gadget she ought to not purely Reign yet in addition Rule with the Privy Council (and the help of the militia) or, finally, even without the Privy Council/ those latter 2, under Constitutional Monarchy, does not take place. yet while, case in point, a popular guy Fawkes have been to effectively attack the properties of Parliament mutually as Parliament became in consultation and extremely a number of the MPs extremely have been there for an "substantial" vote ...then who else however the Sovereign ought to Rule? and that's in simple terms the initiating of the "function" of the Sovereign of the united kingdom of great Britain and northern eire and of her different nation-states and Territories .... additionally she has something to do with the LANGUAGE ... although many human beings seem unable or unwilling to jot down or talk "the Queen's English".

Answer 4

If the lender sold on the debt that's the end of it unless you negotiate with the new lender terms that are his best offer.

It was a risk your friend made with the full knowledge of the consequences and unfortunately for him he looses and the High Street Mafia win again.

There is nothing about owning a house or living that does not incur the established local group of professionals.
It starts when we are born and doesn't end until the corpse is picked clean.
We fight for freedom when required but no one really has it, ever.

Answer 5

If you don't pay your mortgage for six months then you are stealing from the bank. So, they can legally take their house back. Your friend's options are: get something he can afford in about 5 years when his credit clears, live in an apartment with minorities, rent a house somewhere. He is out of luck and should have thought ahead when buying.

Answer 6

if the property in question has been reposessed then the people are either bankrupt or they have not been paying the mortgage