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Repossession procedure
mike_L
Posts: 154 Forumite
Hi Folks.
I’m out of work for the first time in 12 years and don’t envisage getting work any day soon. I missed my 3rd mortgage payment yesterday. I’ve been getting some hassle from the Building soc’. I expect to get re-possessed eventually.
Could anyone give me any info’ on the process of being re-possessed and how long I can expect to stay in my flat until the inevitable happens.
This is actually part of a bigger issue. I intend to file for bankruptcy as soon as I can raise the fees as I have other significant debts totally separate from my mortgage problems.
However, until I can raise the BR fees I’d like to know the situation re, eventual re-possession.
I’ve kept the B’ Soc’ fully informed of my circumstances since the beginning of my unemployment. My flat is up for sale at a realistic price and has been since even before I was behind with my payments which the B’ Soc’ are aware of.
I’m out of work for the first time in 12 years and don’t envisage getting work any day soon. I missed my 3rd mortgage payment yesterday. I’ve been getting some hassle from the Building soc’. I expect to get re-possessed eventually.
Could anyone give me any info’ on the process of being re-possessed and how long I can expect to stay in my flat until the inevitable happens.
This is actually part of a bigger issue. I intend to file for bankruptcy as soon as I can raise the fees as I have other significant debts totally separate from my mortgage problems.
However, until I can raise the BR fees I’d like to know the situation re, eventual re-possession.
I’ve kept the B’ Soc’ fully informed of my circumstances since the beginning of my unemployment. My flat is up for sale at a realistic price and has been since even before I was behind with my payments which the B’ Soc’ are aware of.
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Comments
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The process begins when you recieve a letter from your mortgage supplier that they are going to seek for possesion, there will be a date for county court hearing, say: 26/3/2009 at 10:15, you then go to court and face the judge.
Present will be an agent representing your mortgage supplier or a paralegal, if the judge approves he will allow the possesion to go ahead in 28 days, dont worry yet, when the 28 days are up, you will recieve a possesion date, this date could be around 3 weeks time before the bailiffs attend, if you dont open the door, the bailliff can call a locksmith and once he gains entry the bailliff can remove you from the premises.
If you can get a job before all this happens, you can calculate your income & expenditure and ask the mortgage supplier if they will accept mortgage payments again and either pay the extra fee on top of your mortgage to pay off what you have failed to pay in the last 3 months, what about a secured loan, or remortgage.
There is in wales a scheme called mortgage rescue scheme, i am not sure if it is in england yet but it is coming soon, this is done by your local council and shelter, depending on the price of your home, these schemes will purchase half your home and you own hafl, 50-50 then your payments are lowered to pay mortgage or rent either way.
Or they will purchase your home as long as there is equity in the home so, if your home is worth say £170,000 and you paid £130,000 then there is £40,000 equity, something like that.
Go to the council offices asap and find out more about MORTGAGE RESCUE SCHEME.
Hope this helps, so 28 days plus 3 weeks before your out.0 -
If you can get a job before all this happens, you can calculate your income & expenditure and ask the mortgage supplier if they will accept mortgage payments again and either pay the extra fee on top of your mortgage ..
This is a SUSPENDED possession order, i.e. you keep your home as long as you pay the contractual monthly instalment plus SOMETHING towards the arrears. The SOMETHING can be quite small but must pay off the arrears within the remaining term of the mortgageThere is in wales a scheme called mortgage rescue scheme, i am not sure if it is in england yet but it is coming soon, this is done by your local council and shelter, depending on the price of your home, these schemes will purchase half your home and you own hafl, 50-50 then your payments are lowered to pay mortgage or rent either way.
Or they will purchase your home as long as there is equity in the home so, if your home is worth say £170,000 and you paid £130,000 then there is £40,000 equity, something like that.
Go to the council offices asap and find out more about MORTGAGE RESCUE SCHEME.
These have been available in England since 5 January. There is also the new HMSS. Also, individual lenders have schemes to assist. For instance GE have a voluntary assisted sale scheme where you stay in your home while they market the property, the situation being reviewed after six months.
And if you have no income you should have claimed JSA and after a 13-week waiting period will qualify for SMI, which is currently paying 6.08% interest on eligble mortgage interest.
So it's not all bleak. Investigate your options and don't give up yet.
Martin has some good pointers in his article.0 -
Very useful info' thanks very much.
I've done a little research about the mortgage rescue schemes and similar and like much government assistance it's very restricted.
Unless I'm some sort of priority like a mother with kids, or disabled, or have a family etc there is very little chance of help.
But that's ok, I was only looking for a rough guide to the repossession procedure which you guys have supplied.
Basically, as I see it, as the procedure advances I'd better move any stuff of any value either monetary or sentimental elsewhere so that if the bailiffs get access there'd be nothing of any value for them to take.
I've been through the re-mortgage and secured load phase and I'm afraid it's re-possession this time.
Thanks again.0 -
Hi
Repossession can take 9 months to a year - or more.
Do you have any equity in the house?
YOu can get the interest paid on your mortgage after 13 weeks, have you applied for JSA?
And bailiffs can only come into your house if you let them in. You are way off that at the moment - CCJ (very low payment as unemployed) - fail to pay - could go for bailiff but more likely to be Charging order.
So months away from bailiffs or repossesion.The person who has not made a mistake, has made nothing0 -
I have approx £5,000 – 7,000 equity depending on when or if the flat sells. I’m 3 month in arrears now and in another 2 months my mortgage arrears will be almost equal to that equity. I can’t see me making any more mortgage payments unless I find a well paid job real quick which is v’ unlikely.
Plus, if it does sell I’ve got the estate agents and solicitor fees to pay so, in short I’ll get little if anything out of the flat sale. Come to think of it, it may be best for me to take the flat of the market as unless it sells any day now I’d be unable to pay the estate and solicitor fees anyway and may have a bit of a mortgage shortfall.
As stated my best option if I can raise the fees is to file for bankruptcy, but I’m getting more and more pressure from the building society in the meantime and it can’t be long before they start to take some sort of action.
I’ve applied for income based JSA which is still being processed. I didn’t know that it was still possible to get assistance with mortgage payments? I thought this was done away with ages ago? I’ll look into that anyway.
As said I’ve ‘briefly’ looked into the mortgage rescue scheme and would be amazed if I was considered for that. It’s for priority cases as I understand i.e. families, disabled, etc. I’m a single bloke
Thanks again folks, info’ much appreciated.0 -
No Advice Mike
But good luck0
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