what happens next

greenspun.com : LUSENET : Repossession : One Thread

Dear anybody, Due to loss of job, myHusband & I are now #7000 in arrears on our #50 000 mortgage. The B.S have sent us a recorded letter stating that in 60days time, they will take the next step to obtaining a decree.We have already received notice asking us for arrears plus #50 000.My question is, what happens next and how long will it be before the B.S actually obtains the Decree?


-- cath hendry (reception@searoute.demon.co.uk), August 03, 2000


Before you go any further-have you checked to see if you have income protector insurance on your mortgage?

Charles Twford

-- charles twford (charles.twford@lineone.net), August 03, 2000.

What you need to look at is what you have in your favour.

How much is your house worth? If you estimate that it is worth #57,000 or more, you have somehting to offer other lenders and may be able to re-mortgage.

With regards to whether they can get possession of your house, it depends on several things:

1. Have you been to court before? 2. Are you showing a willingness to pay? 3. Do you have dependents?

As a last resort, you could consider selling your house. At least you may end up with some money and most importantly of all, no repossession on your credit file.

With regards to the above reply, you should be aware that Income Protection does not usually kick in until after 90 days of unemployment.

-- Mark Lance (marklance@jwmortgagesolutions.com), August 08, 2000.

When i made this comment re income protector i was concerned,with the Borrowers welfare and stated as a starting point.

I presume from your answer that your firm does not sell income protector policies and if you do sell them what advice do you give?

Charles Twford

-- charles twford (charles.twford@lineone.net), August 08, 2000.

Hi Cath, My first concern and the sole reason for any advice is that you keep your home! After all its where you live. You must be able to demonstrate in the event of any future attempt by any party to deprive you of this home, that you have taken reasonable steps to communicate to the lender your problems in payments. You must also show that you have asked for help from the lender concerned. ASK about shared ownership and mortgage rescue schemes. ALWAYS in writing! DON'T do it by phone (You may need records in the event of a hearing). No judge will allow a repossession if a lender hasn't first tried to resolve it outside the courts. MAKE THE LENDER HELP YOU! Good Luck!!!

-- Lamps (Lamps@btinternet.com), August 25, 2000.

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