GE Money Mortgage

Pere_Ubu

My husband has deserted me leaving me to pay the mortgage on my own. I can't afford this and have put the house on the market to move in with my friend until I sort things out financially. I own 95% of the house as tenants in common my husband 5%. There is mortgage arrears of 2k which I have no hope of clearing. I take home approx 800 per month and currently get zero from my husband (the CSA are chasing him but I'm not holding my breath). I have 3 very young children. What Iwant to know is how long does a reposession take? The mortgage company know the situation as I keep them fully informed at all times. I have asked them not to take action against me as the house is on the market. The estate agent is aware that I need to sell quickly. Does any one know what sort of time scale I am looking at for reposession? Thanks.

silvercar

A friend in a similar situation kept the house for 15 months.

She was in a less secure position than you as the property was solely in her ex's name, but she got a right to live in the property under some matrimonial Homes act slapped on the deeds and negotiated with the lender. She did make mortgage payments, but about half the monthly payment due. By the end the arrears totalled about 8 months payments.

GE Money aren't known for being the most flexible, but I would hope you could stay for at least 4 months, if you get a buyer lined up.

luckyfool

I would say 4 months is a bit pessimistic, 6 months plus should be fine. Even if GE Money do go for repossesion as long as you turn up to court no Judge will allow them to repossess the house as long as you can show that the house is sold or about to be sold, and you can show that you have been making substantial payments to the mortgage given your circumstances. Regardless of market conditions you should be able to find a buyer in a month or two as if you don't find one quickly you can drop the price to make it very attractive. You are still likely to get much more than you would if the lender sells as a repossession, and you would avoid all their costs which would be applied against the sale price as well.

poppy10_2

How much equity do you have in the home? Assuming you have at least £2000 equity, it is much better t go for a quick sale than allow the house to be repossessed.

Pere_Ubu

I would have approx 10k equity hoping for more but after charges etc I think I will get just 10k. I am desparate for a sale it's early days yet as the house has only been on the markey for a week with no chain for me as I'm moving in with a friend.