repossession - do i need to attend

kezza90

hello,
I went BR on 25.11.08 and yesterday received a letter from my mort co on my house saying on 12.01.09 the reposession will take place in our local court. Do I need to attend if I am not defending it? Do I need to do anything? I am assuming my ex partner also wont attend as he has not bothered to do anything up to now. So what will happen following the reposession?

many thanks

LilyBart

Hi,
You don't need to do anything, but you can attend if you're curious about the proceedings. Just turn up and say you're not defending the claim. Once the mortgage company has been granted possession, they may write to you claiming arrears for this and that, and (after sale/auction) ask you to pay the shortfall. Remember, you're NOT liable for this as what was once a secured loan becomes UN-secured once the property is sold, and can therefore be included in the bankruptcy. I think they just like to try it on, in case any of their former clients gets spooked enough to give them some money.
Lily

aproblemshared

Wow that was fast!! Who is your mortgage with I have read that it can take up to a year for property to be sorted out...

kezza90

My mort is with Accord, i havent paid the mort since July so it has taken them a little while to send the actual repossession letter. I did call them last week though to explain they wouldnt be getting any money from me or my ex partner (he has done a disappearing act!) and that it would be best to repossess, she asked me to put this in writing which I did and within a few weeks we have a court date! It really cant happen soon enough, I just want to move on with my life and never have to think about that house ever again! I suppose I wont have total closure tho until it is actually sold

Lensman_2

Good luck Kezza, I'm in a similar position my self - except waiting for the bill before BR as I could manage it if it's not massive.

But life is most definately on hold 'till I have it. Realistically, that's another 6 months for the mortgage company to repossess, market, fail to sell and auction it. Then send me the bill.

ATB
Jim

kezza90

HI Jim, cant you go BR now anyway and the bill will fall into ur bankrupcy? It might give you piece of mind instead of waiting for a while to see what happens?

Lensman_2

Yes, I could do. I made myself ill over the weekend with it though and I decided to wait until I get the bill.

I have a fair surplus on my SoA and I would rather have an outcome based on an informal agreement than BR and an IPA.

It's been 2 years so far in which I have turned my surplus from -£1,500 a month to +£950. So another 6 months is OK.

Sorry if +£950 sounds disgusting to some of you - but the worst outcome for me could be a debt of £70,000. And I am in manufacturing so my job security is poor. I am planning on a 50% cut in salary in the next 2-3 years because the demand for well paid Lensmakers will be gone - with it goes most of my value in the job market.

Good luck for you Kezza anyway.

Jim

copier_guy

Jim,

Sorry if i have got the wrong end of the stick but when they reposses and eventually sell your flat and then get round to sending you the bill will this happen within a reasonable amount of time?

I thought the mortgage companies had 12 years to track you down for the shortfall following a sale?

Lensman_2

Copier_guy.

I am expecting the final bill in about 6 months or so. Repossession starts in January. At the point I get the bill (depending on how big it is) I will declare BR or arrange an informal payment plan for the shortfall.

I am not going to let it hang over me for 1 day longer than I need to. Certainly not going to let it come back and bite my bum in years to come.

If I can't find an arrangement that gets it clear within 5 years I will go BR anyway.

Hope this answers your question?

Jim