how long does it take to repo a property

Gothicfairy

Hi guys

I know this is a bit like the "how long is a peice of string" question but I am wondering if anyone has any idea on average how long it takes from stopping paying the mortgage to the house being repossessed ?

If you stopped paying to save up for a deposit or bankrupcy etc how long would it take do you think for the house to go ?

ALIBOBSY

Have a read on the boards, some have gone bankcrupt and moved out and are still awaiting repro action months down the line. May well depend on the bank but probably at least 4 months just to get through the court stuff. As I understand it you have to miss 2 months payments before they can start action anyway?

Before you or whoever take such drastic action best to speak to one of the debt charities to see if there are any other options.

ali x

naomi1010

Hiya,

This is just our experience so others may be different and is very much so 'how long is a piece of string', but we have just been sent our notice that the mortgage company are applying to the courts for repo and we have not paid anything since January of this year so nearly 12 whole months and we still are in our house.

Hope this helps

Gothicfairy

ALIBOBSY wrote: »

Have a read on the boards, some have gone bankcrupt and moved out and are still awaiting repro action months down the line. May well depend on the bank but probably at least 4 months just to get through the court stuff. As I understand it you have to miss 2 months payments before they can start action anyway?

Before you or whoever take such drastic action best to speak to one of the debt charities to see if there are any other options.

ali x

I have tried to read as many threads here as possible but it does get all a bit much on the old brain after a while.

CCCS are involved and it really is the only option now as the property is in negative equity and after redundancy work is hard to find so really can not manage the massive monthly amount.

Ta though for the replies that has helped no end

Jaxb_2

We are with Woolwich/Barclays we stopped paying in November 2009. Got repossession order August 2010 (we had moved out the month before) Still no warrent of eviction as of today so we have had at least 13 months and in theory could still be living in the house.

Tupperware_Queen

I only paid half mortgage in September, and still only at the letters asking for payment stage.

fiveyearplan

Looks like you've got plenty of time to save up for deposit and BR fees.

diddly74

We paid last payment in March 10 (BR date 15/03/10), moved out in May 10, gave keys back in October 10 after NO correspondence from Bank other than 2 please pay you are in arrears letters (no phone calls cos they didn't know our number ) Bank had house up for sale by beginning of December 10 - now received copies of letters sent to OR on 17 November saying that they were in possession.

So we were in 6 months arrears before we handed keys back and they still hadn't started repossession proceedings - and they couldn't contact us easily!!

Gothicfairy

Thank you everyone for your replies..I do understand that no two cases are going to be the same but it does sound like there is enough time as Five has already said.

Gothicfairy

Thought I would update this for anyone else asking the same question.
Last payment was made in Nov ( not the full amount but the agreed amount)

We have had a letter today to say that we are now in arrears of 3k and that they have started possession proceedings and that they have instructed their solicitor to arrange a court date, next we will know is a letter with that court date.
They have also said that unless we can clear the total arrears they will carry on with the proceedings and that they will take the house so little point paying them anything from now on.

We have all the paper work to show how we tried to work with them and got the MP involved etc so I think we are as ready for court as possible but to be honest we can't stay here anyway. The mortgage is just too much and it has gone up by £400 since we took it out back in 2002 with our chosen company ( we got sold 3 times and every time the amount went up with the like for like terms)
It really is not worth the fight anymore as I have cried a whole river over this and got nothing to show for it. I was even told it was my fault I was made redundant and that I should have known a long term established company would go under..lol
It is just all to much and to be honest I would rather live in a caravan then have to struggle here anymore. The heart is just not in it.

So in all it looks like I might be going through the whole thing quite quickly

One question though, if they get the possession order do we stay past that date and make them remove us ? Or are we better leaving before ?

gtanny

i was living in the house for 5 months without paying a penny towards either a mortgage or a secured loan, just make sure you change the phone number as you will get ALOT of phone calls at all times of the day and just becarefull who come a knocking.

i drive past my old house quite often as its on the way to my dads and its being very slowly renovated which is a very strange feeling.