When to move out of house?

Irishgal_2

Hi all

My husband and I have stopped paying the mortgage on our house. We have contacted the bank and are in discussions with them.

Ultimately we do not want to keep the house we are in. We are in 100k negative equity and the mortgage we have is interest only. We know that we will probably have to file for bankruptcy.

I have seen a nice rental house in my area and they don't come up often. I'm clueless about the whole process that is ahead of me but wondered when I should consider moving? Is it too soon or do I wait until house is repossessed?

Any advice if anyone has been through something similar?

alastairq

hi.....to not cut 'n run............By all accounts the repossession process takes between 6 to 9 months.

If you really like the rental house, then go for it...sooner rather than later, I suspect?

After all, you never know when the next nice house comes along?

Once moved, you could 'return the keys' to the mortgagor..but ..be aware....

You may be libel for the full Council Tax on the property, until such time as the mortgagor has been to Court, and regained ownership.

The above will very much depend on your Local Authority's policy in this matter....and may be worth enquiring about soonest?

The problem will be, could you afford both sets of council tax?

Irishgal_2

Hi there

Thanks for reply. I'm in Northern Ireland so we don't have council tax. Is it the same as rates here? If so, never thought about that but I think I could pay rates plus rent on other house as my rates are quite low

saverbuyer

If you are going to go bankrupt, which looks likely, don't waste money paying the rates. You can include this in bankruptcy. You are right that you will be liable for the vacant rates until it sells or you surrender it.

I've heard of it taking 2 years for repossession in N.I.

Irishgal_2

Thanks. I guess I'm just hoping that we may be able to escape bankruptcy. I don't know how but god loves a trier!!

Bella_Smythe

Saverbuyer - is that true of council tax too? you can include it in br? in England?

saverbuyer

Bella_Smythe wrote: »

Saverbuyer - is that true of council tax too? you can include it in br? in England?

Yep it's the same for council tax

ensenar

We moved before reposession and b/r - because our credit history looked healthier pre-bankruptcy for the tenants check, and it also meant I didn't have to worry about not having a roof over our heads.