house repo

abertawe1

hi all just after some info on how long I have to move out of my house when it is repossessed.i have been struggling with my mortgage payments over the last couple of years because of ill health and job loss.anyway I had a letter in june saying they where going to repo the house and i had a date for court in the meantime i managed to get a job and between me and my wife we arranged to pay the mortgage and some arrears off but was told it would still go to court .my agreement was accepted and i managed to make payments upto this month but due to me and my wife splitting up and being told i will be layed off in December i have decided enough is enough and letting it go through the repo process just wondered how long i will get to move out as there is a lot to sort out .

dotdash79

If you can sell, sell it yourself otherwise you will lose everything and then still be chased for the debt thats out standing. Might want to ask to move this post to the debt free wanna be board.

If you are selling and have agreed a price and are in the process of going through things. it's likely that the bank will hold off on repoint the house.

Goldiegirl

If you lender wanted to enforce the court order, they'd have to apply to the Court for a possession date.

This takes time, and when a possession date is granted, it is normally about 3-4 weeks in the future.

On the possession date the bailiffs attend the property, with a locksmith and a representative for the lender.

If the borrower was still living in the property at this point, he'd be expected to leave. In practice, most properties are empty on the possession date.

Many lenders do not enforce court orders over the Christmas period.

So, realistically you've got at least about 3 months before any repossession date

It's an expensive business, as all the lenders costs will be added to the mortgage.

As previously advised, why not at least try selling the property yourself