Repocession

[spaxscrews]

Hi does anyone now after how long of not making mortgage payments do the lenders push to kick you out? We are with the NatWest. Thanks

[hammy0107]

3 months missed payments

[MelanieGiles]

Once three mortgage payments have been missed, this gives the bank the right to commence possession proceedings against you - however this is not definate, and some lenders will take far longer if you are trying to work with them to sort out a solution.

[Adam Davies]

Hi
There was someone on the TV this morning that had missed only two with NR and was being repossessed.
Regards

[wen]

Would that not be illegal Andy?

[MelanieGiles]

It cannot happen - Law of Property Act 1925!

[jane.l]

In my case it was 13 months, from when I stopped paying NR to they finally repossessed it, cos they took soo long, it has only just been sold, just yesterday for £80,000, we had a cash buyer for £116,000 but it was the secured loan company who stopped the sale as we had about £134,000 secured on it in total including the mortgage[:I]

[plasticdaft]

Hi
There was someone on the TV this morning that had missed only two with NR and was being repossessed.
Regards

I think it was 2 missed payments with no prospect of not missing a third. Anyone with a NR mortgage should be very careful.

They are playing hardball with anyone in trouble.

Glad I aint with them!!![;)]

[spaxscrews]

Thanks for your replies. What do you think if we were to write to them to offer a regular monthly payment (alot less than should be)do you think they would accept or blatently turn us down. At least we have tried to make payments of some sort.

[MelanieGiles]

They may let you pay reduced payments over say six months to give you chance to sort your finances out. Worth a try if the house is important to you, and you can see that there may be a way out of your financial difficulties.

[spaxscrews]

Thanks hopefully they might accept they could probably do with the money at the moment

[spaxscrews]

Hi also what is the process of reposession do we have to go to court etc Thanks

[MelanieGiles]

Repossession of a property does involve an application to Court on the part of a lender - but you do not need to attend if you accept that you can no longer afford to maintain the mortgage payments or pay off the arrears.

[spaxscrews]

Hi after what seems like ages my lender has decided to take us to court for repossession next month. Just a quick question is it worth us going to court for any reason and is there a standard time that the judge will say to the lender for the baliff to come round and change locks? Also because i included my secured lenders in my BR the shortfall when our house goes to Auction will be included in my BR? My OR said it will but if one of the experts could just put my mind at rest!! Thanks

[MelanieGiles]

Yes - the mortgage shortfall is a debt which is captured under your bankruptcy.

The only merit in you attending Court is if you have a plan to put forward to deal with your arrears and thus save the property. Eviction notices usually give either 28 or 56 days to vacate the property I think.