repossession how long does it take?

sandywindsor

anyone out there tell me how it takes to be repossessed (not voluntary).
As I am unemployed I am not in a situation where I can go for rented yet,but will be if I get work:D .As I cannot afford mortgage/secured loan and am in arrears for 4 and 2 months respectively any advice?

sandywindsor

Just been in touch with mortgage lender (Woolwich) they were very sympathetic.However secured loan provider (Picture) were not and talked about commencing legal proceedings:mad: .Stated if house repossessed I would be resposible for any shortfall I thought I read somewhere that this would be added to bankruptcy????
anyone confirm this?

X
Sandy

peachyprice

Hi Sandy,

These s/loan people really are sharks aren't they!

Have they sent you a default notice yet? If they have, they then have to wait 28 days before they can start legal proceedings. After that they apply for repossession, which takes approx another 2 months to get to court. You should attend this hearing and if you need more time you can explain to the judge what has happened and it's possible that the repossession can be suspended while you sort out somewhere else to live. Even if you cannot get it suspended they still have to go back to court to get an eviction notice, which a best will be another couple of months.

If you mortgage lender isn't pushing for repo the judge will probably be very sympathetic to your situation.

And yes, Picture a wrong, the shortfall will fall into BR, so they can whistle for it, they're just trying to frighten you.

sandywindsor

Thanks Peachy,
Woolwich want to wait and see outcome of OR interview and if I get job I recently applied for. Picture just want money and had me crying on the phone. Thought I was all dried up, made me feel really rotten

k2nga

you might get a bit of this but dont let them get to you they are only out to try and get a bonus from there company.

I had one the other day refuse to believe that i was BR and demanding payment. I gave them the BR details and they still said thanks but we need apayment today so i hung up in the end which i dont like doing but i had given them the information that they needed.