The repossesion process

mlt

Hi,

Can someone help me with how long the repossesion process takes. Im currently waiting for a letter before action from Northern Rock and after speaking to the citizens advice and the local council they have advised to no longer pay the mortgage as it wouldnt make much difference to the negative equity in the property. I have heard it can take up to six months but wondered if someone had gone through it and could offer me any advice.

Thanks mlt

dancingfairy

You might want to head over to the bankruptcy board for more help and advice as people there have gone through it.
Have the CAB talked you through you options? are you planning to go bankrupt?
You might want to phone National Debtline or CCCS for more advice if you need to.
In terms of hurrying up a repossesion I don't know if that's possible. You could write a letter to the mortgage company and enclosing the keys and let them know you have vacated the property (assuming you have secured alternative accomodation) which may or may not speed up the repossession, but then if you have moved on and secured alternative accomodation it will be less of an issue.
If you need to stay in the house at the moment you may benefit from having extra time to save up what would have been the mortgage payments for furniture etc for your onward move.
Without knowing your exact situation it's hard to know what to advise. Why do you need a letter before action?
You can also contact Shelter for advice regarding housing issues.
I'm not sure what priority you'd be with housing or even how much help you get in terms of housing from the council so do check everything out before making any final decisions. Hopefully the council and the CAB have been through all this with you though?
I'm sure if you post more (especially on the bankruptcy board) you will get more help.
Best of Luck
df