how long does it take to repo a property

Gothicfairy

I am hoping I can get 5 months but it is looking doubtful in light of todays letter.

gtanny

Gothicfairy wrote: »

I am hoping I can get 5 months but it is looking doubtful in light of todays letter.

its not a quick process they have to go through the courts so you may have some times and then it will give you a date, you wont just get a weeks notice im sure it has to be a reasonable ammount of time.

Gothicfairy

I really hope you are right but I will keep updating this I think, as it might help others as well.

dryliner1

hi when we went to court for repo we were given 28 days.that then means mortgage co goes back to court to get final notice which is another 2-4 weeks so you have at least 6 weeks.in our case they never went back to court because of going through mortgage rescue.

Gothicfairy wrote: »

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 ?

Gothicfairy

ekkk that would only be one pay day ..Oh well I am starting to look at caravan sites until we can move abroad ( and before anyone thinks we have a life of riley abroad the house has no toilet, on tap water or gas, is missing half the roof and has no windows in 2 rooms. The stove is that old it needs kicking to start and we have to live off what we can grown or kill)

I do wonder if I can find a farmer or someone who will let us stick a caravan on his land for a bit of rent..

eklynne

25 months since my last mortgage payment and the house still hasn't been repo'd!
I just laugh about it now, we've been renting for 21 months and I have to admit I'm a wee bit miffed that we could have been living rent free all this time!

Gothicfairy

OK new letter update: Anyone know what it really means ? Is it time to panic ?

The letter comes from Simply Law solicitors and has a claim number and a GE money blah blah V GF

It say's they are acting for GE in the recently instigated possession proceedings and that we will receive a copy from the court of the claim form and a hearing date.
They have included a statement of arrears in accordance with CPR PD 55 Paragraph 6.3c (1)

It shows that we made the agreed payments up to Dec and then missed all together ( but by then they had already told us that unless we cleared the arrears from the payment plan they would start possession anyway so we stopped paying and so far have only missed 1 full payment although in truth it is now 2 as today is due date for Jan)

GE have still not been intouch and the litigation dept have not replied to either emails or letters.

We are getting all the letters and stuff together but I am wondering now if the court hearing will be local to us and if we will get a chance to put forward our case and explain what we did ? Would we be able to offer a payment amount to the judge to buy us more time ?
We are not quite ready to go as we don't yet have a van or caravan, can't find one we can afford but then can't find anywhere we could afford to rent now either.

We don't have a home phone anymore and only a PAYG mobile so we have to do everything by post or email from now on and there is no local CAB. Can't really call an 0800 number on the mobile for Shelter etc but to be honest I am not even sure that they could help now.
The rock and hard place situation means that we are going to lose the house it is more a matter of when that bothers me.

silvercar

It shows that we made the agreed payments up to Dec and then missed all together ( but by then they had already told us that unless we cleared the arrears from the payment plan they would start possession anyway so we stopped paying and so far have only missed 1 full payment although in truth it is now 2 as today is due date for Jan)

How many months of full arrears do you have ie the full amount not the payment plan?

If you have an agreed payment plan it suggests that you had arrears and agreed to a payment plan as a way forward. Is this so? Did the original arrears result in a suspended possession order through the courts where the payment plan was agreed or did the original arrears never get to court?

silvercar

We are getting all the letters and stuff together but I am wondering now if the court hearing will be local to us and if we will get a chance to put forward our case and explain what we did ? Would we be able to offer a payment amount to the judge to buy us more time ?

I don't see your strategy. Are you putting forward a payment plan in order to stay in the home? If so a judge may listen IF it is reasonable and looks like you can afford to stick to it and offers the lender the arrears back over a reasonable time period.

If the judge agrees and gives you more time you will be expected to stick to the repayment plan. This will probably be by the judge agreeing a suspended possession order. If you used the time to save for a caravan or a rental deposit and didn't keep to the repayments, the lender could go straight back to court armed with the suspended possession order. This would give you less time.

Gothicfairy

I will try and answer your questions:
I lost my job at the end of June and from July made the agreed lower payment amount through GE, It was the agreed monthly amount (£400) we paid as requested till Nov when my mother in law died and we needed money to sort stuff out. We spoke to GE about it and they told us to pay the payment when we could which we did in Dec. They put the Dec payment to Nov but we could not afford to make 2 payments in one month so could not pay Decembers payment amount, by Jan (before we missed Jans) they were saying pay ALL the arrears or we take the house.
The arrrears where built up because the mortgage should be £748.00 but they agreed to reduced payments but the arrears or shortfall still added up and to date it is a little over 3k with the daily interest they added and the charges.
The monthly interest on the mortgage normally was about £500 so as you can see we were not even clearing that.
We did not take out the mortgage with GE I must add, we took it out with another company years ago and were sold twice onto like for like products and that has given the increase.
We applied for the homeowners support scheme and all that but where turned down and the mortgage company have been really no help to be honest as they don't stick to their own agreements ( we have the letters that agree one thing then a day later change it etc)
nothing has gone to court yet as we spoke to them and sorted the plan out as soon as I lost my job ( was made redundant) the account was clear in July and it only started from there.
We are now 2 full months without paying anything.

If a judge gave us an payment plan we would stick to it until we were ready to go and then let GE have the house back.

Hope that clears things up but if not just ask and I will try and explain it better, I know what I mean but that is not quite the same is it..lol