Hi, I declared myself bankrupt in Dec 08, after finally deciding 63 years to pay off my unsecured debts just wasn't viable for my daughter and i to have any kind of future. I have informed the mortgage company that I will not be making any payments to them, due to requiring the money for a deposit for renting, they promptly sent a solicitors letter stating that they will issue possession procedings. My question is how long have i approx got left in the house? I have used what should of been my first saved amount on paying bills affected by my bank account closure, such as car insurance, house insurance and council tax for the year. The rest have been great sending out payment cards and giro slips.
The house was bought by my ex and I and from what I can gather he is ignoring all communication with the Mortgage Co and solicitors, he has; not been declared bankrupt; provided no financial support; and been unemployed since Sept 08.
It will take me about 3 months to save the required amount.
Other than that, the whole process has been bareable. Not loosing any sleep over it all, being happy and healty for my daughter is far more important, but a heads up on a time scale will be appreciated.
Not sure of timescales - but I think I have read it that they wait until 3 payments are missed - so you may be lucky - some mortgage companies are different - brave decisions you have made, and the right attitude to not letting it worry you - good luck!
Sharing from experiences of dealing with debt
There is a solution for everyone .... Just need to stay positive !
I agree with Luluj that all mortgage companies are different, and with the government stepping in with the repossession argument, you may have longer than you think.
I am not sure what will happen with any shortfall if your house is sold for less than the mortgage you owe as you are already bankrupt. One of the professional experts will advise about that.
Your ex though, will certainly be liable for it, and if you can include the shortfall, your ex will be liable for the whole amount, not just half.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
You have to miss three full payments before the mortgagee can take possessory action against the property, so I would have thought this may take up to six months before the Court would grant an eviction order - plenty of time to save that rental deposit.
Thank you for all your replies, greatly appreciated.
I'm going to see the housing department this week, to see what options I have and whether the mortgage rescue scheme applies to my situation - here's hoping!!
Thanks again.
Sharing from experiences of dealing with debt
The greatness of a man is not in how much wealth he acquires, but in his integrity and his ability to affect those around him positively.
Bob Marley. http://kallis3.blogs.iva.co.uk
