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Stopped paying Mortgage what next?
Comments
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So does it matter if i go Bankrupt before or after getting repossessed?
Not bothered about Housing Benefit at present as i am working and will have to pay the full rental amount!
What happens if i just rang the bank and offered to give them the keys back?0 -
Why on Earth not??????? That should have been the first thing you should have done.I have not had any discussions as yet with my mortgage lender!The greater danger, for most of us, lies not in setting our aim too high and falling short; but in setting our aim too low and achieving our mark0 -
If you go bankrupt, how will this affect your CSA debt?So does it matter if i go Bankrupt before or after getting repossessed?
Not bothered about Housing Benefit at present as i am working and will have to pay the full rental amount!
What happens if i just rang the bank and offered to give them the keys back?The greater danger, for most of us, lies not in setting our aim too high and falling short; but in setting our aim too low and achieving our mark0 -
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Why do you have such a large CSA debt?Either way i will have to make payments for about 3 years to pay of the CSA as it does not come under the bankruptcy!!The greater danger, for most of us, lies not in setting our aim too high and falling short; but in setting our aim too low and achieving our mark0 -
Why do you have such a large CSA debt?
My son is 21 now and I had not heard anything for about 8 years!
I tried to dispute the amount but was told it's been a closed case for 5 years and is not up for discussion! I have always found the csa to be quite rude and a law onto themselves!0 -
we were advised to stop paying the mortage last january ,we went bankrupt in march ,we visited the local housing officer in march ,she said we could not apply for housing due to being in arrears with our mortage.over £2,000 i think at that point ,we left our house and went in to rented as we wanted to hand keys back in as soon as possible,in july we went to court for a repossion order ,i thought yes thats it, keys go back they would take the house ....no the mortage people had to then evict us,so they took us back to court in september and the baliffs went to the house to change the locks on october the 4th .the for sale sale went up and someone has bought the house they moved in at christmas ,we are just waiting to get the mortage statment which they send each month.its been a very stressfull time but a big weight lifted after i handed the keys back in july ..just like to say thanku to all who has given us advice on here .THANKYOU0
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we were advised to stop paying the mortage last january ,we went bankrupt in march ,we visited the local housing officer in march ,she said we could not apply for housing due to being in arrears with our mortage.over £2,000 i think at that point ,we left our house and went in to rented as we wanted to hand keys back in as soon as possible,in july we went to court for a repossion order ,i thought yes thats it, keys go back they would take the house ....no the mortage people had to then evict us,so they took us back to court in september and the baliffs went to the house to change the locks on october the 4th .the for sale sale went up and someone has bought the house they moved in at christmas ,we are just waiting to get the mortage statment which they send each month.its been a very stressfull time but a big weight lifted after i handed the keys back in july ..just like to say thanku to all who has given us advice on here .THANKYOU
Thankfully bailiffs do not operate here in N.Ireland and also by law the Housing Ex have to house us even though for a while it will be in Temporary Accomodation!!!0 -
Home Repossession
Overview
Borrowers that fail to make mortgage payments or repayments on any loan secured on their property in time run the risk of falling into “arrears”. If the situation continues to escalate then they could be in danger of having their home repossessed.
Under the terms of the mortgage contract, lenders have the power to take back control of the property and sell it on to recover any arrears and outstanding balances. However, a lender will normally only resort to such action if all other means of retrieving their money have failed.
However, there are several stages where borrowers have the opportunity to prevent this from happening.
The following is a general overview of the stages involved with the repossession process:- 1. Missed Payments: the borrower’s account falls into arrears; lenders chase missed payments.
- 2. Solicitors Notice: if borrower keeps defaulting at this stage the lender may pass the case to their Litigation/Collections Department for review and to set up repayment aggrement.
- 3. Proceedings Begin: if arrears continue or payment arrangements are not met the lender may instigate Possession Proceedings through the Court, leading to a Court Hearing being scheduled. A letter is then sent to the borrower stating a time and date for a hearing to take place before the judge.
- 4. Court Hearing: if the judge rules in favour of the lender then he/she will grant the lender a Possession Order, which will be sent in writing with a date for the order to take place. Borrowers are usually asked to leave the property voluntarily on, or prior, to this date.
Lenders may also submit an application to the court for a Possession Warrant. The borrower will receive a letter, endorsed by the court that has granted the warrant for possession, confirming this. It will also include a time and date for the actual eviction to take place and a warrant number which allows a bailiff to attend to ensure that the property is vacated at the stated time and date. - 5. Eviction Notice: once eviction proceedings have begun, the evicted party may be granted access to the property to collect any remaining belongings. This visit usually takes place 2-3 weeks after the actual eviction.
0 - 1. Missed Payments: the borrower’s account falls into arrears; lenders chase missed payments.
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