how long does it take to repo a property

silvercar

Now I understand better. Seems you've been dealt a hard hand to play, sympathies to your situation - redundancy and bereavement in the same year is hard, I hope 2011 is a better year for you.

The lender will only be interested in the money. I leave others to comment on the mortgage being sold on and like for like resulting in increased payments and whether you could get onto the homeowners support scheme. I trust you are claiming any benefits your entitled to including support for mortgage interest.

Having agreed reduced payments, once you don't make these payments, the lender will automatically demand the arrears in full. So it is standard procedure to demand the arrears once you miss a reduced repayment.

When it gets to court lenders usually ask for the standard payments to be made plus a plan for the arrears. So if the standard payment was £748 that is what they will base their request on PLUS a contribution towards the arrears. If the arrears stand at £4000 by the time it gets to court, then they usually start from a point of expecting those to be repaid over 2 years ie £160 a month. A sympathetic judge may agree longer - 4 years would be £83 a month bringing the monthly payment to £831.

Now you may be able to help the situation by saying the house is on the market and you are trying to sell and would like to move to interest only in the mean time. You could also ask that the arrears be added to the mortgage balance rather than being paid off monthly. You would need to show that you had requested this to the lender. This would then mean the arrears can be based on the £500 a month. In all cases you really need to show that you can afford to make the payments by presenting an SOA. Anything that you can produce to show that (a) you've been trying to reach agreement with the lender (b) that you are trying to deal with your problems and (c) you can afford to keep up with repayments will help.

Or you could tell the judge that you are planning on handing the keys back and just need some time to make arrangements.

If the lender did go to court they would have to wait for a court date. Even if the judge gave you 28 days, I think the lender will need to go back to court to get the repo order confirmed and baliffs appointed - that can be another 2 weeks at least.

copier_guy

hope it all works out for you

Great information in that post SC

Gothicfairy

We asked for interest only when it all started and was refused, they no longer offer interest only to anyone.
I am not able to get any benefits, we applied for them all and were refused as husband works full time and I don't have the full 2 years contributions from 2007/2008 that was needed. I am short by one month but that did not matter.
Husband is working but his wage is just a tad over 1k per month and with the mortgage, council tax etc etc we were £450 in deficit before we even started paying anyone else.
We did ask to extend the life of the mortgage as it stands at 18 years from now and I am only 36 and hubby is 44 but they refused that as well saying they could not look at changing the mortgage this soon (as they have only had it for 2 years bought from North Yorkshire)
Selling it is out of the question really , we tried before and a better house then ours down the road has been on the market for 3 years. We live in a sink hole estate that to be honest no one would buy in if they had any sense...we didn't but then we don't mind it but it is now worthless really and with the market being what it is you can get a better area for the same amount we would need.
We do have a SOA that CCCS did for us and have all the documents to support it and can prove that we asked for help from GE and got turned down for everything so hopefully we will get a judge that has some sympathy.

2010 has been the year from hell, I lost my father at the start, then the job, then my mother in law..It has started to feel like if it weren't for bad luck we would have no luck at all but I am trying to be cheerful and not get down about it all.
I have found several caravan sites that we could afford (and hubby still being able to get to work )and we are looking each day for a van and caravan so it might not be as bad as I am thinking it will be.

Thank you for your in depth reply.

silvercar

With only £1k coming in and a mortgage at £748, I would forget the house. The only point of going to court is to get a sympathetic judge to give you time. Death certificates, approved SOA and a few tears are the order of the day. Just tell the judge that 2010 dealt you some hard blows and you accept that you will lose the house but you do need 28 days to find alternative accommodation.

Hope you find some decent alternatives.

Gothicfairy

silvercar wrote: »

With only £1k coming in and a mortgage at £748, I would forget the house. The only point of going to court is to get a sympathetic judge to give you time. Death certificates, approved SOA and a few tears are the order of the day. Just tell the judge that 2010 dealt you some hard blows and you accept that you will lose the house but you do need 28 days to find alternative accommodation.

Hope you find some decent alternatives.

Thank you

I agree, we have lost the house one way or another it is time we need. I am sure I can manage a few tears, might even be able to make hubby cry as well. Seeing as how we are fighting at the moment a quick kick to the shins might be in order :rotfl:

Gothicfairy

Well guess what we got in the post this morning...

We are going to court 7th March
I have looked at the online form filling in and the thing only gives 2 thousand letters for the "why are you in the S**t "bit, I have so much more to say about GE then it allows..lol I am writing it out in word first and playing around with it to make sure I get the most amount of points in the shortest words.


Really really scared now

silvercar

Don't be scared.

So the court date is 7th March, the judge should give you 28 days, though maybe safer to rely on only 14 days. that gives you 6 weeks to find a rental.

No point paying any more to your mortgage now, save the money for a rental deposit.

As for your 2000 words, use them to say that GE have messed you around and been inconsistent but that you realise you can't afford to stay in the house but need some time to find alternative accommodation.

Gothicfairy

I might have found a caravan site that will take us all and mean that hubby can still work , and getting a second hand caravan on ebay seems cheaper then rent so we are going to try to go that route.

I am also going to have a mad 3 weeks of listing and selling all the stuff on ebay..stove etc should make something when the house is cleared.

I know that it will be ok really as we have each other and the pets but I do get a little nervous about stuff like this.

Thank you for all your help and kind words, you really have made a different to how I have felt about it all and I am very grateful.