Sarah,

repossessed property generally goes first to a local estate agent, and then if it remains unsold, could go to auction. The mortgage company has a duty to its shareholders to get the maximum value from the property - any shortfall will still be due from the mortgagee (your landlord).

Because you are living in the property, you will not have any advantage over any other buyer. You will lose nothing by contacting Morgan Stanley, but don't expect your offer to be given special attention. They may well keep you informed as to where the property is going to be placed for sale. You can then make an offer to the agent.

Be careful about bidding at an auction, as the rules for completion can be very tight.

I privately rent a house and the landlord has not been paying his mortgage (i have paid all rent) and the mortgage company is taking the owner of the house to court this month to start possesion procedings.I would like to buy the house but this is not possible through the current owner as he is ignoring contact with everyone over all matters to do with the house so it looks like it will be repossessed.

I know that the mortgage company seeking repossession is Morgan stanley trading as Advantage. Looking on this site and a few others Advantage stopped lending money in Feb 2008 and has this year been wiping large chunks off people mortgages (£20K and more) if they switch to other providers. My question is: Do you think the company will accept a low offer on the house given they seem to be cutting a quarter off what some people owe them? Also once they get possession should i contact them dirrectly and put my offer in?This house is my home and i don't want to lose it but can not afford huge amounts.

For info the house was originally bought in 2001 for £190,000. I have no idea how much the owners mortgage was for. The house would now be valued at around £170,000 (based on next doors selling price last month). I can get a mortgage for £128,000 with 15% deposite- so could pay £150,000 absolute max but really wanted to spend about £140,000.

Any advice from anyone who has had dealings with buying a repossesion from a mortgage company or with advantage mortgage brokers? thanks,

Sarah