house, how long before get turfed out

flowergirlgush

How long will i get to leave my house once ive gone bankrupt?? Ive not moved into rented as i am thinking about possibly moving to diff part of country prob house sharing so wanting to leave as late as possible to move.

Will i get up to 12 months to be out of my house?

peachyprice

As long as you keep paying the mortgage, yes, 12 months before they even talk about selling it off for the equity. If there's no equity they won't bother and they have a max of 3 years, after that the house reverts back to you.

flowergirlgush

I havent paid mortgage for last 2 months due to bank taking money off me for charges all the time, but once i go bankrupt i could continue to pay it.
If i just leave it i presume it will be included in my bankruptcy anyway. There will be some equity in it.????

deedee_3

Have you now got a new bank account, so there are now new charges being taken?

flowergirlgush

I have a business acc and personal acc, but because the business account charging me because i cant catch up at mo, viscious (cant spell!) circle! hence i then have no money to pay my mortgage. Also not much work about at moment so on reduced hours. Plus theres the £500 bankruptcy fees to pay which doesnt help!

So just wondering if i would get an eviction notice or they would give me few months, i assume i would get 28 day notice at bare minimum??

peachyprice

flowergirlgush wrote: »

I havent paid mortgage for last 2 months due to bank taking money off me for charges all the time, but once i go bankrupt i could continue to pay it.
If i just leave it i presume it will be included in my bankruptcy anyway. There will be some equity in it.????

You will be able to sort out the arrears with your mortgage company, but if there is equity the OR will want it, how much equity is there?

If you don't pay your mortgage after the 3rd missed payment the bank will issue a default and will then start to talk about repossession, in all it takes about 4-6 month earliest for the house to be repossessed, often much longer.

flowergirlgush

Ive already had one house repod and another in the throws of repo, i just didnt know if they would progress faster once i go bankrupt to take the house i live in off me, i dont suppose they would if i started paying mortgage again.

thefuzzyone

If you start paying the mortgage again they won't repo.
Is there any equity in the house?

flowergirlgush

yes there will be , owe 83k on mortgage and i paid 117, 500 for it, i know it will have dropped but prob still get at least 100k for it

thefuzzyone

The OR should let you stay in it for 12 months minimum.

flowergirlgush

cool, give me bit of breathin space. thanks