Do eviction dates really only take a few weeks?

bobalott · 29th July 2008, 16:46

HI all, newbie here! I have been reading this forum for many months and found it really helpful and inspiring during our dire financial problems. Thankyou all.

Anyway I will try and explain my problem briefly. Hubby and I ran a small business and lost everything from it (long story) we eventually couldnt afford our bills etc but have been trying to rebuild the business from scratch. We were given a suspended repossesion order early april, our mortgage is £1330 plus £100 for arrears (of around £5000). At the time we wished to stay here, find the money somehow and get out of our mess some time in the future (probably by selling the house) At present with early redemption fees, estate agents fees, market conditions etc selling the house would leave us with a shortfall on the debt of around £10,000. We are gradually getting all our other creditors to agree to £1 a month payments to ease our burden, but still struggling.

We now feel we don't actually want to live here anyway, the stress of finding the mortgage every month is making me ill and my 3 year old daughter is showing signs of distress too

We have this months money (due on 1st august) but were thinking of not paying and awaiting eviction, we havent really looked for anywhere to rent yet though and I am very concerned we will struggle to rent easily with our credit history, cats and a small child. However £1500 will go a long way towards renting somewhere!

If we pay this months mortgage we are less likely to get ourselves back on track with our business in the near future etc but it does give us longer to look for somewhere else.

If we don't pay I gather the lender can simply apply to the courts for an eviction date - how long does this typically take?

I really don't know what to do

Bona · 29th July 2008, 16:53

Dont go down that road it will be more trouble than its worth honestly you will be in even bigger debt they will sell your house for penuts and chase you for the shortfall and if you go down the bankruptcy road it will effect your business pay this months and see what happens in the next whos your mortgage with do the arreas contain any default paymente

bobalott · 29th July 2008, 17:07

We are thinking of going bankrupt anyway (or more likely one of our more stubborn creditors will beat us to it) Our business has completely closed so we are starting afresh on a smaller scale elsewhere, I also have a part time job. If we fail to get the business up and running again soon my hubby says he will get a job instead.

The mortgage is with redstone, we did default on some payments and the £100 a month was what the court suggested, the court did not allow the lender to appeal.

I am at my wits end - it just seems like paying it would be a waste of money, I am certain soon we will not be able to pay one month and we will lose the house anyway, its like why wait for the inevitable? SOrry I must sound like a right loser! I just hope I can get some optimism from here

75% of my mind says pay the mortgage this month.....

Bona · 29th July 2008, 18:09

Pay it and see what happens honestly just read the threads of those that loose there houses and the stress if you make it work it wont be a waste of money

petethemanc · 1st August 2008, 15:57

I know im not in your position and its probably easy for me to say this. But please do not lose hope, theres always light at the end of the tunnel. I myself have thought about giving in sometimes but im stubborn and wont. Im sure if you need any help there will always be someone in an either worse or similar position here to help. Im sorry i could not offer you any sound advice

elizabeth1 · 2nd August 2008, 03:25

I have just PM'd you.

bobalott · 5th August 2008, 13:28

Thankyou both very much. I have paid this months payment, though I know I am only postponing the inevitable as we cannot continue to find nearly £1500 a month in our current situation (long story). I am following up the advice given by Lizzy in pm, it gives me a small glimmer of hope, but at least now I can look for somewhere to rent etc over the next month instead of rushing before an eviction (if that ever happens!). Thanks again for talking me out of bailing out (for now)

repoman · 8th August 2008, 18:10

How long have you left on the mortgage. You could consider applying to court for a reduction in the monthly payment of the arrears.

RM

brent100 · 11th August 2008, 15:27

Hi Boballott

Really sorry to hear your story. We're in exactly the same boat as you. We had a business that failed an are starting again (though the new busines is now in the name of inlaws). We have missed this months mortgage payment and have considered just letting the inevitable happen rather than fight against it. We are also looking at bankruptcy.

We have found a suitable rented house but just don't know whether to stay and fight or walk away and start again and let it get reposessed.

i'd be interested to know what Elizabeth1 said to you in her PM as it would appear to have been good advice.
If you could let me know I'd really appreciate it.

Many thanks

Brent

elizabeth1 · 24th August 2008, 23:20

Bobbalott are there any updates to this?

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