Repossession advice- what happens next?...

cpisthedbb

My house which is in negetive equity if getting repossessed at court today.

I can't afford a solicitor so I'm just going with my dad. The house is worth around £60000 (less fees) and the mortgage is just over £80000.

I basically want to know what happens next? I realise I'm likely to have to go BR sometime down the line.

live'n'learn

cpisthedbb wrote: »

My house which is in negetive equity if getting repossessed at court today.

I can't afford a solicitor so I'm just going with my dad. The house is worth around £60000 (less fees) and the mortgage is just over £80000.

I basically want to know what happens next? I realise I'm likely to have to go BR sometime down the line.

I will be going down the line of getting my house repossessed in the next couple of months so i understand its a difficult time!

You should def look around the forum as i have been advised because i am going bankrupt not to sign for the difference owed on the house after it has been sold of by the bank as it will be added to my bankruptcy! If you are not going bankrupt then you still would have money to pay the bank but if i am wrong then i am sure someone will be on to clear things up!

What are you doing about getting somewhere to stay?

Here in N.Ireland the Housing Executive (council in England) by law have to at least find my family temporary housing until a long term rental becomes available. Our other plan would be just to privately rent!!

gtanny

i presume you are no longer living in the house if you are you will have a short time before they finally reposess the property to get out.

you will be liable for any shortfall once the property is sold on (normally at auction) and with the current market i would guess a minimum of 30k (i had a 90k mortgage and after reposession ended up with a 37k shortfall)

get in touch with one of the debt charaties and speak to them about your situation as you may be able to sort it out in another manner

cpisthedbb

I'm not living in the house any more, I am renting privatly. I did post a thread on the mortgage section but it wasn't much use. The back ground is on this thread if you want a brief background to it...

https://forums.moneysavingexpert.com/discussion/2958804=

Thanks for the advice. So when i go today the advice would be not to sign for anything?

live'n'learn

cpisthedbb wrote: »

I'm not living in the house any more, I am renting privatly. I did post a thread on the mortgage section but it wasn't much use. The back ground is on this thread if you want a brief background to it...

https://forums.moneysavingexpert.com/discussion/2958804=

Thanks for the advice. So when i go today the advice would be not to sign for anything?

If you are planning to go bankrupt then better not signing anything as that is what i have been advised but if not best to get some answers on here before signing anything!!

IF

Hi cpisthedbb, sorry I can't advise much as I didn't go through this process but found Dawlish' thread that may help you today.

https://forums.moneysavingexpert.com/discussion/2429899

Best wishes
If...x

cpisthedbb

keysey wrote: »

If you are planning to go bankrupt then better not signing anything as that is what i have been advised but if not best to get some answers on here before signing anything!!

Cheers for the advice. I've seached the internet and the forums for advice already. As I see it the Mortgage company will repossess the house today then they give us a date that we have to be out, then it goes to auction?

cpisthedbb

ifwisheswerehorses... wrote: »

Hi cpisthedbb, sorry I can't advise much as I didn't go through this process but found Dawlish' thread that may help you today.

https://forums.moneysavingexpert.com/discussion/2429899

Best wishes
If...x

Thanks for that, it was helpful...

dancingfairy

It might be worth a quick ring to Shelter if you can get through.
Hope things go o.k for you and it sounds like you have accepted you will loose the house?
Onwards and upwards.
df

Gothicfairy

We are going through the same thing, but we live in the house as we are trying to save up to move. I would echo Dancingfairy's post. Shelter is a great help.

Flyboy152

cpisthedbb wrote: »

My house which is in negetive equity if getting repossessed at court today.

I can't afford a solicitor so I'm just going with my dad. The house is worth around £60000 (less fees) and the mortgage is just over £80000.

I basically want to know what happens next? I realise I'm likely to have to go BR sometime down the line.

Have you let your ex-partner and daughter know about the repossession?