7:57 AM, 22nd May 2013, About 11 years ago 18
I need some advice on stopping a repossession for a motivated seller with a view to getting the property on an option. Property is listed as a 3 bed but has been converted to a 4 bed. £285000 on an interest only mortgage + £17000 in arrears. 4 beds in this area range from £330000-£400000.
Seller is unemployed, 58 yrs old and has failed in previous payment schemes set up for him by bank. Bank is concerned about his lack of funds and him nearing retirement age on an interest only mortgage.
I have a letter of authority and have spoke with bank as a friend of the seller but have been asked to put forward a proposal to them on how we wish to proceed.
There is difficulty in setting up another payment plan in sellers name because he is in need of assistance from council to be re-housed and feels that he must either be repossessed or have another party officially registered as taking over the property to get assistance from the council.
Can you please suggest a sensible way to structure this deal? I’d really like to help this seller and this would also be my first ever deal. Really want to get a deal under my belt for the experience.
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