EBS Reposession order - next step and professional help please

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brownsarahj

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I have received a letter from the EBS saying that my application to recapitalize my mortgage and arrears has been turned down and that they want to repossess. I live abroad and couldnt use MABS and used IMHO instead. However now I dont know who can assist? I dont want to agree anything with EBS or liaise with them without legal assistance. But I would prefer a recommendation please.
I was told that some solicitors will waiver a fee as they get paid by the bank for striking a deal -not sure if that is true?
Any recommendation would be great. To negotiate with someone like EBS I do need assistance and would love some advise.
In fact I dont know what happens next
EBS are waiting for me to come back to them to start negotiations
 
Hi Sarah

The title of your post is confusing.

Have they gone through the courts process and got an order for possession?

Is it a buy to let investment property? If so, they can probably appoint a Receiver.

Did you email David Hall to report the poor service from the IMHO as suggested here?
IMHO poor service, who else can help?

Brendan
 
Hi Brendan.

No they havent been through the courts yet. That is what I need help with.

Its that we have come to the end of a discussion period where they have rejected the notion of recapitalization and have said they want me to voluntarily give the property back. Sell it I guess and get me to pay the shortfall. I cant negotiate those important terms without legal advice, or could a financial mortgage advisor be the one to take this forward?

No its not a buy to let. I think that is what we were hoping to agree with the EBS

Im not discussing IMHO here. But after the bank said, No, IMHO said they can no longer help me.
 
Just hoping someone here has worked with a legal or financial adviser through the court or negotiation process and can recommend them
 
IMHO are by far the best. If David Hall told you that he can't negotiate a deal for you, then it's unlikely that anyone else can.

MABS would be the next suggestion, but they can't help you either.

Maybe your mortgage is unsustainable and getting rid of it is the right thing to do? If this is the scenario, a good advisor will tell you this as well.

I would suggest that you put up these details to see if anyone here has any ideas.

Information required for mortgage arrears and negative equity questions
 
Yes, that is correct, as Ive explained Im looking for financial or legal adviser will help me with that next step and wonder if anyone has been through the courts and can recommend a good solicitor or similar
Ive tried the above link which just takes me to an existing thread which has been closed for further comments. Is there any other place I can find legal recommendations?

ps: The IMHO representative simply said that after a rejection letter arrives, they dont take it further. David didnt deal with me directly when I called, emailed and tweeted him and I was directed to a junior member of the team instead. I know you do recommend IMHO but from beginning to end the person I was assigned was very poor.
 
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Brendan Burgess said:
IMHO are by far the best.
Click to expand...

I know that IMHO have done some great deals. However, many of their deals are "split mortgages", which will be more costly to the borrower in the longer term, as opposed to a PIA which can reduce the mortgage down to the market value of the property. The High Court has ruled that PIA's do not have to include split mortgages: See examples in other threads.

A negotiation implies a "2 way street", which means that if a bank does not want to negotiate there will be no deal. The beauty of a Section 115A PIA is that there is no negotiation: the solution is imposed on the banks by the Courts.

A Personal Insolvency Practitioner, who is authorised to do both informal and formal deals, should be the go to professional for such cases. (As I have previously mentioned on this forum, some PIPs are aot authorised to do informal deals.)

Jim Stafford
 
Hi Sarah,

I you believe that a sustainable solution can be offered why not submit another proposal? You will have to be realistic though. If you are on large arrears you will have to offer considerably more that your contractual monthly instalment to compensate for the arrears. In the alternative should you be young enough you could ask for a term extension (you will pay more interest over the lifetime of the mortgage).
If it is a case that your finances are not suitable for that and your loan is truly unsustainable, you could try negotiating with the EBS. Offer voluntary surrender as a full and final settlement and advise that you will be unable to afford the shortfall and this is quicker than the the drawn out costly process of legal proceedings.
 
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