House Re-possession

[bearpooch]

Help! I need some advice. Ideally from someone who has been through the court re-possession process. I have 6 months arrears on my mortgage (which is huge to be honest) and I've found out today that court proceedings have started and that I have about 6 weeks to clear the arrears. If I can't raise the money what will happen? I work for myself (from home) and employ two part-timers. We've been through a very slow patch but things are picking up now....But is it too late? Will I just have to hand my keys over there and then? Has anyone been through this? Will I get a chance to explain I can turn things around given time? I'm trying not to panic but am feeling very very sick....

[rugeleyboy]

have you not spoken to your motgage companie and asked for a payment holiday?

i think if you spoke to them first and explained , they would be more understanding!!

[dilf]

pay whatever you can each month and you can buy yourself time enough to sell or till things pick up

[dilf]

how do rugelyboy
my ex wouldnt get out and lived in my house with her lover rent free whilst i payed the mortgage and there was nowt i could do except say "no mas"
by the time they re possessed the house i owed 21000 squid in arrears and negetive equity. talk about kicked in the nuts she took the skirting boards , the bannister the architrave from the doors ,every bit of plumbing light fittings. she took the lot she even gave my dog away.i had 6 years apart from my daughter[ she's back] and it took six years to clear the debt.
if i had my life over again id kill her

like the murphys mate im not bitter cos life is sweet now.


and the tablets help

[dot.hawkes]

Go to the court and ask for a court date to have the warrant for possession suspended on the grounds that you state above, the cost is about �30 but if you are in reciept of any benefit inclusing WTC it is free, or if you can prove you have a low inco0me it is too. They will give u a date and you attend and the mortgage comnpany will send a solicitor but you can chat to them first and perhaps tell them your willingness to sort it out. the judge will look at your circumstances and if you offer to pay the arrears they will set a realistic amount to clear them over the life of the mortgage, also, take with you an up to date valuation to be sure you haev a strong equity value. My sister has gone thru this and the last thing the court will want to do is grant the warrant for possession

[Goodsoulette]

Shelter..Shelter...Shelter. Google it and phone them, I am sure they will be able to help and advise you for free. They might be able to help you with coming to an arrangement with the bank.

[Goodsoulette]

Plus I agree with Dot says, its rare that a full possession order is granted. you basically get given a yellow card but if you dont stick to those payment arrangements than repossesion happens very quickly after that.

[caz247]

the court proceeding starts initially with the bank/building society obtaining a decree for possession via their solicitors. this gives you ample time to arrange a payment plan with your lender. I personally have been through this more than once although it was a good few years ago and i owed over �3000 in arrears i only paid an extra �50 each month on top of the monthly payment. I don't understand where the six weeks timescale arises though in your case, as between initial court proceeding and the actual repossession date takes several months, in some cases up to a year

hope this helps

caz

[sandyg2244]

dilf, thats terrible! you hear so many stories like this.just remember not all women are the same and wouldnt shaft someone like that! none of my friends are like that nor am i, but then again, women like that dont have any friends.they have boyfriends.end of.

[chitchat]

Dif you ex sounds like my hubby's ex. I addition to fleecing him hand over fist she couldnt keep her knickers on either. He has said that he would have gladly do time for killing her! I reckon there is probably a queue by now.

[chitchat]

That should read "In addition" and "done time". Why do I always see the mistakes after I have posted. Duhh!

Bearpooch you should speak to your lender asap - ask if you go onto interest only and try and pay extra for the arrears to try and clear them as quick as you can. Good Luck.