House repo and BR

scarletnm

Hi everyone,
The date is set for the 27th Jan.................................

Some last questions, we have moved out of mortgaged house and into new rented. What do we do about the house being reposessed do we deal with it or is this done by the OR ????

Also new accounts are up and running with the co-op, when will this account be frozen and for how long???

Oh my god how scared are we...........................

keepmyhouse

Have the courts given you a date for repo?

scarletnm

No, we go to court next Tuesday.

thanks

tigerfeet2006

scarletnm wrote: »

Hi everyone,
The date is set for the 27th Jan.................................

Some last questions, we have moved out of mortgaged house and into new rented. What do we do about the house being reposessed do we deal with it or is this done by the OR ???? You will have to deal with it I am afraid. Just tell the OR when it has officially been repossesed.

Also new accounts are up and running with the co-op, when will this account be frozen and for how long??? Co-op are very BR friendly and very rarely freeze your account. If they do just phone the OR and he will fax them and it will be sorted straight away.

Oh my god how scared are we...........................

All the best with it all.

keepmyhouse

Is it the first time you have been to court? Up untill 12 months ago I was a mortgage broker, helping people remortgage to clear mortgage arrears and start again, I dealt with a lot of customers who were facing repo, and it usually took a while for repo, even after the first court date. My friend has not paid his mortgage for 1 year with Northern Rock, they have been saying they are reposessing for the last 6 month, but hes still waiting. Your account will be with your lender's litigation team, ring them and ask for time scale and their intentions etc etc, and im afraid its true you will have to deal with the repo Sorry x x x x I really dont want to worry you further, but if they do repo after BR and they sell for less than you owe, you will be liable for shortfall, please do get confirmation of this from CCCS or CAB or another debt charity because I would hate to worry you induly. Hope things get better in the future x x x

tigerfeet2006

No she won't be responsible for any of the shortfall whether she goes BR before or after repossesion and sale . It will all get wrapped up in the BR.

keepmyhouse

Oh thats good to hear, a lady at CAB told me that if your house is repo and sold for less, you are laible for the shortfall, the shortfall monies are then classed as an unsecured debt. I know we are laible for debt incurred after BR, so I guess I just put 2 and 2 together and got 10, Sorry