REpossession

bobblebot

Hi,
Has anyone been through repossession on their home?
I'm now over the BR but now have to face the sad reality that my home will be repossessed as cannot aford to pay mortgage. I haven't been able to pay since April-does anyone know how long it is likely to be before a repossession is taken out, it goes to court and I am likely to be evicted. What options would their be at court? I am on icome support and |i have to wait 9 months before they would pay anything towards the mortgage-been on it just over 1 month. If it took 8 months to go to court (which i am gathering it wouldn't) and then IS would pay most of the mortgage, would the courts let me keep the house and the mortgage company let me pay back arrears over the years.
The OR is unlikely to want the house as it is in a negative equity situation.
All advice welcome, thanks

gettingitsorted

Hi Bobble ,

sorry i cant help you from experiance but i did find this for you ,i hope it helps
http://www.payplan.com/debt-library/repossessions-house-repossession.php

debtmonkey1

Bobblebot...I'm assuming you've had no court forms sent to you to fill in regarding a repo hearing?

Do you have kids with you?

Ok...I'm going through same thing but will give keys back in about 10 days to lender (have huge secured debts on property & in all honesty it's in such a bad state of repair it'll need serious money thrown at it-have a place to go so won't be homeless!)-this will turn my secured debts to unsecured (as I put this on br form) so this will be written off in my BR.

I would deffo go to see a money advice worker at the CAB-they would be able to represent you in court if needed.

Now don't forget the Judge is VERY VERY wary of kicking people out on to the street (from the date of the hearing in worst case scenario if outright posession given then you have a MINIMUM of 28 days to leave). There are plenty of options, there is something called a 'time-order' that would allow all action to be suspended (until the IS would pay mortgage)-but best leave that to the experts.

Even if your lender wants ridiculous payments on top of usual monthly payment it DOES NOT mean the judge will grant it. There was a recent case where the arrears were added & paid off over the WHOLE of the loan period! This is what the CAB advice worker will help with. It's negative equity, so the OR will not be interested at the mo.

You stand a real good chance of keeping your house! Also, google' debthelpuk', there is a section on there called 'ask the expert' & the guy on there, Simon Wiggins (Literally saved my life with his advice!) who is a qualified money advisor-ask him for some advice-it'll be a huge weight off your mind.

I would start doing this NOW (ie get to the CAB ASAP) as if you can get the CAB to act/contact your lender before any legal proceedings it'll be easier (& your lender won't have to fork out for solicitors fees!).

Good luck-DON'T LOSE HOPE-& keep us informed.

Richard_S

bobblebot wrote: »

Hi,
Has anyone been through repossession on their home?
I'm now over the BR but now have to face the sad reality that my home will be repossessed as cannot aford to pay mortgage. I haven't been able to pay since April-does anyone know how long it is likely to be before a repossession is taken out, it goes to court and I am likely to be evicted. What options would their be at court? I am on icome support and |i have to wait 9 months before they would pay anything towards the mortgage-been on it just over 1 month. If it took 8 months to go to court (which i am gathering it wouldn't) and then IS would pay most of the mortgage, would the courts let me keep the house and the mortgage company let me pay back arrears over the years.
The OR is unlikely to want the house as it is in a negative equity situation.
All advice welcome, thanks

bobble,

I haven't got time to respond today and probably not tomorrow, but the whole process is very long and drawn out and you're given every opportunity to keep your house by the Court. If you feel desperate and haven't found the answers on another site I'm sure I've described our experience within the last month or so and you'll find then if you look at my profile and all posts I've made.

Richard