Repossesion!?

Question

Has anyoe on here ever been through it and if so what does it envolve?

Answer 1

they take ur home and everything else they can get their slimey hands on.

Answer 2

If you live in the UK, then you URGENTLY need to make an appointment with the Citizens Advice Bureau or a similar non-charging advisory service, for advise tailored to your specific circumstances. This may well include trying to get a voluntary agreement with your mortgage provider, much easier with professional help, but you need to act now , before you slide even deeper into debt.

With reduced incomes, you may well be eligible for tax credits from the government. Try entering your basic incomes etc into the website <entitledto.co.uk> and find out if you qualify for extra money. That may help over the short to medium term.

My best wishes go with you.

Answer 3

Not good. Contact your lender first and see if you can work anything out. If the house gets repossessed, they will sell it for whatever they can get and you owe the balance of what was owed on the house. Example: You owe $50,000 and they repossess it and it sells for $30,000, you now owe them $20,000 and have nothing to show for it.

Answer 4

Bouncer Bobtail is absolutely right.  the bank does NOT WANT to repop your house.  They loose lots of money too, but they have to if you don't convince them that you are really trying to pay, but cannot.

If they take your house, they have to sell it at a much lower price than it's worth.  they hate that too.

Call them, or better if you can, go there.  Show them your pay stubs and your bills.  Tell them you WANT VERY MUCH to pay them and you need for them to help you re-work your payments to make it possible.

Don't be afraid and don't try to hide from them.  They will work with you if you show them you take your mortgage seriously.

Answer 5

Contact your lender a.s.a.p.  They may be able to reschedule the mortage payments whilst you sort yourselves out.  Lenders will try their best to help.

If you keep ignoring the payments, eventually they will turn up unannounced one day. Usually they will break in in the presence of a witness and then lock you out.

Contact the C.A.B. for advice about any legal issues.

http://www.citizensadvice.org.uk/

Answer 6

need more details-repossession of what and for what reason?

Answer 7

Hide behind the sofa, i hear that works well

Answer 8

as far as im aware  if the house is yours the bank will put a possetion order on your home then you will go to court and fill in a form to explain incomings and outgoings then they will come up with an amount that you will recieve after the house is sold for example my boyfriend had a house that was reposessed and it was auctioned off for 130,000 hed paid most of the morgage so after the bank took what was owed to them he got just over 30,000 if you owe all the morgage i dont think you get anything though you willthen be given a date when you need to leave the house by if you go to the c.a.b they will advise you on council housing and benefits etc but if you are going to have to get out then id put in an application for housing straight away it can take awhile i hope this helps good luck cx

Answer 9

It's tough at the moment. Will the bank let you drop onto a interest payment mortgage while the bad times continue, ie... just pay the mortgage interest each month.