Northern rock - how long until they repossess

molly1412

hi

just a quick question we have stopped paying out mortgage in preperation for bankruptcy but we have tenants until 1st week of march ( i feel awful enough that the mortgage is not being paid and that they may be dragged into it incase any knocks on the door or worse still tries to evict them)

NR dont know our forwarding address and i didnt know wether i should call them and explain we are having difficulty paying the mortgage as i do not want repossession to take place whilst we have tenants in place its an awful thought.

does any one have any advice or know how long NR will take to repossess - by the time we go bankrupt we will have missed 2 payments but aiming to go bankrupt a week before tenants vacate will this effect them?

thanks

debt_doctor

Hi,

Talking to NR would certainly delay the potential possession process, but as no court action has yet taken place then if they were to apply to court today, it would take 6 - 8 weeks for the case to get to court - which would just about take you to March anyway. Then if / when outright possession were granted you normally get 28 days to leave, and if you dont leave then the lender has to apply for an eviction warrant.

I see no possiblity that NR could achieve eviction before the end of March. Infact, if you did nothing, I doubt that the property would be re possessed in the next 6 months.

DD

hisandhers1978

We stopped paying our mortgage in the August, they chased us for about 4/5 months before starting proceedings. The house finally went in the March the year after. You have plenty of time, it takes a long time for it to go through. NR have to instruct their own solicitors first who write to you, give you time to rectify it and then apply to the court as debt doctor points out . They will send someone to knock on the door but not until about 4 months mortgage payments have been missed so dont worry. We had tenants in for about 3 months with no payments (eek) and it was fine.

SteveABC

NR took 8 months until I got a court date for repo. The repo actually took place a month later, so it was 9 months in total.

They didn't really do anything for the first 3 missed payments, just reminder letters. After that the letters got a bit stronger, but I had no telephone calls or hassle from them. In fact, they tried to offer help/solutions for me to keep the home (but by then I'd moved out, gone BR and started renting). They sent someone to my (rented) home to "discuss", but I wasn't in and that was after about 7 months.

So it was 9 months for me with NR.

molly1412

thank you everyone that makes me feel slightly better just would hate that the tenants get dragged into our mess and get evicted she does have our number so i am sure would call us if got any bailiff notice etc

Maizy

Hi Molly

I think with any lender there is a period of time they will chase for a while first (Ive heard its usually around 6 months of non payments) but can vary of course on lender. It was 6 months for us when we were given a court date followed by a suspended repo order (chickened out of BR the first time), then when we finally went for it, and stopped paying again, it took a further 6 months. You have gone through the correct procedure and given the tenants plenty of notice to sort something out and have acted respectfully towards the tenants by doing so, so try not to worry, its highly unlikely anything would happen before the end of March.