how long does the abbey take?

pink-lint_2

how long will the abbey take to repo the house?

we have missed 2 payments the 3rd will be this month.

so far we have had phone calls which we ignore and we've had a letter saying they will be sending a councillor round at the charge of £79.

just so happened the OR phoned the same day as the letter arriving , he wanted to know what we are doing with the house. as we had it valued in Jan for buying the BI , but as we are in about 50k neg equity and are already on interest only and that ends in Feb next year we figured that as OH got discharged in may we would let the house go now and go in to rented.

the OR said he would inform the abbey and also not to sign anything off the abbey as the short fall would be rolled in to the BR.
as I'm not BR i would still have my share.and i would go BR when i need to.

anyways sorry to go on would just like a rough idea to how long the abbey take as we need to save for bonds and deposits and also my BR fees.
we thought maybe stay in our house until they send a letter with the repo date on ? or does it not work like that?

thanks in advance

fiveyearplan

They will have to take you to court first so if you haven't had the papers yet it will be at least another month. Keep saving.

Feelingfoolish_3

Generally these days it is between 3 and 6 months before possession action can happen. 6 months is for the government bailed out banks so I would say after 3 missed payments then action can start, and then you have to be taken to court (28 days notice) (if you dont go the your house will be automatically repossessed) and then given a further 28 days to evict - usually.

pink-lint_2

ok thanks we'll just keep saving.

we've also been on the council list for a year now so once i get the papers and an eviction date i can make an appointment with the council and hopefully we'll be moved up the list.

thanks again