Happy New Year to all!

I'm hoping someone can give me some guidance on the following matter. A 28 day reposession order was placed on my home just before christmas, (i have so far been saved by their christmas amnesty)when my partner had abandonned the property and the mortgage fell into arrears. While this was going on I was marketing the house, and have managed to get a sale. (which nationwide are aware of)My buyers are currently staying in a local hotel, whilst we wait for my ex to sign the title deeds, (he's refusing) We have approached the Nationwide building society who have said there is nothing they can do, and if the sale does not proceed, the repossession will, and the house will have to be placed back on the market. Correct me if i'm wrong, but i would have thought that if they reposessed now and continued the sale with the current buyers, they'd get theyre money back and all would be well. There is currently 37k of equity in the house also if the current sale proceeds. (which could be contested after the sale)

Is there nothing they can do to help?

I would have said that the Nationwide was in breach of the mortgage code which refers to sympathetic treatment, and fairness.

Please help me......

-- Sara (sarad.2001@virgin.net), January 08, 2003

Answers

Sara,

With £37k in equity you dont want the possession to take place, it will only add costs to your captial balance and reduce your equity, then there is the issue of your credit rating being put to risk for the stuborness of your partner.

I would suggest that you make an application to the court to suspend the warrant of possession, take your purchaser details along with you as evidence of the potential sale showing full repayment will be made to the lender.

Also take along any evidence you have that your partner is refusing to sign.

Then take legal advice regarding your partners refusal to sign.

-- Lee Wisener (Lee_wisener@hotmail.com), January 15, 2003.