repossession - bancrupty - Northern Rock

GirlyGirl_2

Do not stop paying the mortgage, Northern Rock are moving for possession orders after 2 missed payments.

cady

im really worried about this as im with northern rock and our deal runs out next year we will be in get equity too and cant afford for the payments to go up i just hope its going to get better soon but i cant see the light ath the end of the tunnel at the moment

Trollfever

What will happen to my home?

Advice from The Insolvency Service:

http://www.insolvency.gov.uk/guidanceleaflets/guides.htm#1

seven-day-weekend

Can you take in a lodger to help towards the mortgage?

We have done this when we have been strapped for cash when we were younger.

Sometimes you also get a built-in babysitter!

You can earn up to £4500 a year from the Rent-a-Room schem without having to pay any tax on the proceeds.

NeilB

Do you have family you could stay with (rent free for a few months)? Then as previously suggested, rent out your existing place, then hopefully your income plus that rent would cover the mortgage poss until you clear the neg equity.

Just an idea - before I get flamed!

Best advise is from Geoffjk though i.e. go to a FREE debt charity for advice

Dan_Collins_2

NR will not repo after 2 months. They will review your mortgage payments and work with you to solve the issues. You need to stay in touch all the time with the lender. The more contact the better.

You will probably be 4-5 month in arreas before they start talking repo. At first they will go for a suspended order and then if you miss 2 after that they will repo.

I cant say enough about how important it is to talk to the lender.