Suspended Reposession Hearing

[gummy]

In august 07 a repossesion hearing got suspended on my property as the arrears were "Found" at the 11th hour, however since then there has been arrears building up again, i think 7 months and six months payment holiday used up with little chance of anymore..... can anyone advise what the building society's next step is likely to be?

 

Thankyou!!

[cat100]

You need to give us more information,have you just 1months arrears or 6 months its a little bit confusing.The more information the better then a clear path of advice can be given.The quicker you act in communicating with your lender the less chance of court action.

There is a wealth of good advice and support on CAG.

[gummy]

Hi... in the 14 months since the suspended hearing, there are 7 months areears and 6 months payment holiday, as of today will make 7 months arears as payment holiday was up last month. I dont live in the property, my ex does and has turned down a few good offers to sell. There is a court order giving orders for sale and ex to pay mortgage.... not done hence the mess. Like i asked, i just really need to know what the lenders next step is likely to be and timewise till they reposess?...

My name is on mortgage, my credit has been severly affected by this and until the property is sold icannot release my name from the morgage.

 

thanks

[cat100]

Time table would be..

The lender will write asking for arrears to be paid usually in 7 days.

Could get similar letter from their solicitor stating that arrears be paid in 7 days,after that they will apply to the court for eviction,(suspension lifted)

Depending on speed of lender/solicitor (bearing in mind credit crunch) you would get an eviction notice 2-3 weeks later, this states date of eviction.

Now i presume you want to fight this, or not?

If you do, then you ask for a hearing at the court to suspend the eviction.

There are plenty of people on here to advice you on how to go about this.

If the appeal fails or you do not want to stop the eviction then it could take 4 to 8 weeks from that first letter from the lender/solictor.

This is a rough guide as there are people on here who have lasted longer, but if you were not to contest it then it would go through quite quickly.

Just remember you are equally responsible with your ex for any shortfall on the sale price and mortgage owed.

[gummy]

Thankyou Cat.... in all honesty, i feel the only way is for the lender to reposses. Ex was meant to pay mortgage till prop sells... Divorce settlement then pay me my small % after sold thus also releasing me from mortgage. Ex is stubborn and not abiding by this.... now its faing repo. I have a family to support, none with ex. im not in position to sort the arearrs and my credit has already been severly affected. I doubt my ex will pay up the arrears or start paying mortgage as they are now on the dole. Its a bleak affair!!