How long before we get repossessed?

sara84

Hi, our situation has gone from bad to worse and we are now in a situation where we can no longer afford our mortgage payments plus arrears.
We currently pay £1050 a month mortgage, made up off £800 interest only payment and £250 towards arrears off £1500. Our current deal ends next month pushing our mortgage upto £1021 mth and then the £250 on top.
We have already been to court and had a repossession order suspended, we have to pay £250 a month towards it. If we stop paying our mortgage now, save up the cash to use as bond for a rented place, how long will it take the mortgage company to get us out? Would it be a month then back to court for a hearing then the 28 days to get out. Or would it be 3 missed payments?

Have spoke to the CCCS and they advised us that we need to sell our home but in the current market we are finding that hard, the house has been on the market 2 months with 3 viewings.

rayday2

Do you have any other outstanding credit? I am thinking I would rather not pay credit card, unsecured loans and send them token payments than risk losing the house.

Years ago I know a woman it took over a year for her house to be repossesed but I do believe the process has speeded up now.

Is there anything you can cut back on in your monthly budget?

rayday2

Sorry another quick thought, but have you thought about dual marketing your house? Get another agent on the case too and probably another valuation that is not a lot of interest so possibly over priced you cannot sell it if you dont get people through your doors and when its repossessed it will go for a lot lower and you could be left with money to pay after!

Read your contract you signed with the estate agents see if its possible when you get rival agents marketing a property you certainly get them working hard (I used to work in an estage agents!)

Robflh

Hi sara84

I would say the same thing as rayday2, always make your mortgage payments in full, in form other creditors of you situation and make token payments. Never not pay anything, split what you do have between your creditors.

For example, if you owed 10K to four creditors (1k, 2k 3k & 4K) you would pay them 10, 20, 30 & 40% of what you have left each month after paying for food, gas, electric, mortgage and so on.

Post your SOA (Schedule of Affairs) and we will look at it to see if we can help you to keep your home.