House Repossession

freddy911

Just curious how long home repossession stays on file for? and is it from date of possession or date of sale?

Thanks

silvercar

Date of repossession.

I would think it would be on file for 6 years. The council of mortgage lenders agreed that they would restrict to 6 years the time to make first contact regarding chasing for any shortfall on sale, previously it was 12. Which makes me think it may be on file somewhere for 12 years.

If you apply for a mortgage in the future, some lenders ask if you have ever been repossessed.

freddy911

My secured loan co has applied to the court for possession the hearing is to take place in december, the house is empty and I will not be contesting, do I need to attend?

Also after the repossession do I have any responcibility for the property still? ie do i still need to insure it?

Thanks

IF

Hi Freddy, Fermi's sticky and some other threads may help until a poster who has been through this can advise further.

You don't have to go to court and here is a letter a poster sent to the court:-

Dear Sir/Madam,

I am writing to inform you that I am unable to attend the court on 24/12/09 @ 12:30

However we understand that the repo is the best option as I am now BR my ref number xxxx/2009

yours faithfully

XXXXXXX

Voluntary repossession forms and bankruptcy - click here

Dawlish’s thread - Click here

How long does it take to repo a property - Click here

Tim's post is important too

BB&B wrote: »

When you leave a property that is going back to repossession, it is up to you to have the utilities CLOSED* down, that is they should physically come out and shut them off.

If you don't do this then, you can be liable for any and all costs until the property is sold.

Just moving out and telling the utilities that you have handed it back to a mortgage company doesn't count until, as they say, there is either a court order or letter from the mortgage comapny accepting liability.

The same applies with Council Tax, which you remain liable for, but you can get an exemption on, unfortunately utilities don't normally give the same exemptions.

*Closed down means:

Electric - The Electric Company comes out and removes the master fuse.
Gas - The Gas company comes out and caps the supply.
Water - The water company normally agree a cut off, they really actually cut the water off

If...x

fooked

Hi Freddy,

You don't need to go to court if you don't want to. If everything is out of the house & you are happy surrendering possession don't waste time or money going. You can send the above letter if you want but through my experience it won't make any difference. Possession will be granted regardless. The only thing different to my situation is that you state it is the secured loan company that are seeking possession which have the 2nd charge on the property. Not sure if this makes a difference as technically the 1st charge company get to call the shots.