Repossesion and pending sale

nativenewyorker

Hi, I currently have arrears on my mortgage to the tune of approx. 6k.
The bank are chasing for this money which I am not in a position to be able to pay.
I separated from my ex wife over 2 years ago and she continued to live in the ex marital home.
The position to date is that the house has now sold subject to contract and so far the bank have held off repossession proceedings. I have received letters three times stating that repossession was about to commence but nothing materialised.
I have informed the bank that the house has now sold, prior to this the house had two house sales that unfortunately resulted in the buyers pulling out.
My question is quite simply, will the bank repossess the property if a buyer has been found and potentially can be completed within the next 8 to 12 weeks?


Thank you for any advice

Thrugelmir

Provide the lender with your solicitors details if they require confirmation of the facts.

Will the sale proceeds clear the debt owed?

Dave_the_Ginger_Cat

I would also recommend you pay at least a monthly payment each month until completion if you can.

These things can drag on, and it shows you have good intent towards the debt

nativenewyorker

The bank has all the details of Estate agent, solicitor etc.
The debt will be cleared but really only just, if this prolongs there will be a deficit.
I really am not in a position to pay any payment to the mortgage in that I have my own living expenses, rent etc and I do in fact have a consent order signed off at court stating that ex wife will pay the mortgage until the house sale completes.
I really did not want to have to go down the route of enforcing the consent order as I feel time is against me anyway and this may not resolve matters in time.
One other thing is that ex wife is in fact an employee of the bank that holds the mortgage. No idea if this puts her job role or indeed her job in jeopardy??
Many thanks for the replies.

Thrugelmir

nativenewyorker wrote: »

I do in fact have a consent order signed off at court stating that ex wife will pay the mortgage until the house sale completes.

Doesn't absolve you of your liability for the mortgage.

nativenewyorker

Sadly I am aware of that

Thrugelmir

nativenewyorker wrote: »

One other thing is that ex wife is in fact an employee of the bank that holds the mortgage. No idea if this puts her job role or indeed her job in jeopardy??

Quite possibly. Financial institutions are quite strict with regards to the behaviour and conduct of their employees. Begs the question why she is failing to pay the mortgage.

nativenewyorker

Thank you for your reply, no idea why mortgage payments have stopped. I do not think any circumstances have changed and no idea why she had continued to always pay the mortgage up until the past few months, having paid it for nearly two years, and now put her job at risk and fail to make payments. Most puzzling..

Voyager2002

nativenewyorker wrote: »

Thank you for your reply, no idea why mortgage payments have stopped. I do not think any circumstances have changed and no idea why she had continued to always pay the mortgage up until the past few months, having paid it for nearly two years, and now put her job at risk and fail to make payments. Most puzzling..

Any chance that you or your solicitor could ask her? I suppose it is just possible that there has been some kind of misunderstanding.

Voyager2002

nativenewyorker wrote: »

Hi, I currently have arrears on my mortgage to the tune of approx. 6k.
The bank are chasing for this money which I am not in a position to be able to pay.
I separated from my ex wife over 2 years ago and she continued to live in the ex marital home.
The position to date is that the house has now sold subject to contract and so far the bank have held off repossession proceedings.

My question is quite simply, will the bank repossess the property if a buyer has been found and potentially can be completed within the next 8 to 12 weeks?


Thank you for any advice

The bank would need to go to court in order to repossess and persuade a judge to grant the order. Under the circumstances that you have outlined a judge might well suspend the order: in which case the sale would be allowed to proceed and the debt paid from the proceeds, but if the sale were to fall through then the bank would be able to move very quickly to enforce possession.

nativenewyorker

Hi Voyager, thanks for the response.
The situation is that ex used a solicitor throughout divorce and ancillary relief proceedings whereas I self repped.
I have contacted ex's solicitor to ask if he is still representing his client and to advise that if ex does not pay what she agreed to in consent order then I may consider taking the order back to court for enforcement. To date the solicitor has not responded to either email I have sent, this was a matter of weeks ago.
There is no contact between myself and ex wife as she has an harassment order served on her due to her previous violent verbal and physical abuse inflicted on me. She also is an alcoholic.
The sale has already fallen through twice and we are now on to a third buyer. There is minimal equity in the property and I feel if matters are allowed to continue as they are then there will be a deficit which of course we are both jointly and severally liable for.
I really am not sure which way to proceed at the moment.

Thanks for any help