Will our house be reposesed?

Question

hi i am wanting to know if the old house i shared with my ex partner will be repossed,we bought the house and it is a joint morgage,i had to leave him 6 months ago as he was phyically and mentally abusive towards me and my sons,i left and am currently renting a house at the moment.i have found out that my ex parner has not been making the monthy instalments for the morgage (he payed all the morgage even when i was there as i was a full time mum) so i think he has not payed for 6 months now,will the house be repossed? also he took a loan out that would only be given to him if he was a home owner,obviously i had to sign the loan sheet aswell as my name is on the morgage,if the house is repossed will they also take the loan repayments from the repossetion? i just want shut of the house and hope that it is repossed,i dont want any profits from it what so ever,i just want to be free from the morgage that we had toghether,how after not making payments will they put the repossetion in place? and does anyone know if i can still get my name taken off the morgage at this late stage? or will they not let me sign the morgage over to my ex partner as he has not been making the monthly payments,somebody please help me with this matter.thankyou x

Answer 1

The only way you can get your name off the mortgage is for your ex to purchase the house, refinance the house or sell the house.

Your lender will not allow you to take your name off the mortgage, n or will they take your name off the mortgage.

The lender will foreclose on the house and eventual foreclose on the house if your ex continue to fail to make the monthly mortgage payments.

Each lender has their own policy on the time frame in which they will foreclose. Some will place the property in foreclosure after missing one month of mortgage payment. Obviously, your lender is not one of them since your ex has not paid the mortgage in several months.

Normally once the lender/bank has decided to place a property in foreclosure you have 90 days in which to bring the mortgage current or refinance to a new mortgage. The lender will record at the county recorder's office a "Notice of Default/Foreclosure" you and your ex will be mailed one by the postal service as well a service will deliver several and place them on the property both the front and back of the   property.

If you or your ex fail to take any action the lender will then issue you a "Notice of Sale" You now have about 20 days to either sell the house, or refinance your property with another lender.

Failure to do any of those things the property will then auctioned off a a foreclosure auction. If the property is sold to someone else at the auction the new owner, after all the legal documents are signed and done, will contact you or your ex to establish a date for you or him to move.

If no one purchase the property and the lender retains ownership, after all the legal documents are signed and done someone representing the lender will contact you or your ex to estblish a move out date for you.

Since most lenders farm their property out to real estate brokers to be sold, you probably will be contacted by someone from the real estate office.

Once the foreclosure procedure start and if it goes through to completion then the foreclosure will appear on your credit report as well as that of your ex.

If your state is a non judicial foreclosure state you will not have to go to any court. Most states use this procedure.

If your state is a judicial foreclosure state then you will have to appear in court to protect yourself and will be sent documents from the court telling you when and what court to appear in.  

I hope this has been of some use to you,good luck.

'FIGHT ON"

Answer 2

CAB are extremley confidential and impartial

For how far behind with payments before repossession....this depends on the lender but it is common at 3 months. You can only take your name off the mortgage if the lender agrees but it wont happen because whilst both your names are on there they have two liable parties to go after.

Repossession is started in the county court and the debtors can attend the hearing and plea for longer to clear the arrears (by paying the normal monthly amount plus something off the arrears) or it can go straight to an eviction date. This commonly is 42 days after the hearing.

All debts secured on the mortgage are dealt with at the repossession stage so all creditors will be paid off before the residue, if any, is filtered down to you and your ex

Answer 3

If you signed the mortgage you're on the hook. Get a lawyer.

Answer 4

Maybe You should try to google it first ,nonetheless, if you prefer some direct resource ,here might be helpful.http://home-loan.online-frees.info/home-...

Answer 5

He probably has already be given notice by the bank and the sheriffs department.  

I'm in a divorce situation right now and my soon to be x last made a payment in February.  On the first we'll be 7 months behind.  We've had notice for over 2 months and the house will be sold at auction in mid October at the county court house, then I'll have one day to vacate.

We had a notice posted on our door last week, but had letters sent along time ago.

He made the decision to go in to foreclosure, we have over 200k in equity and we could lose it.  All the penalties, etc...

If you jointly own the house, you should have been served, too.  Contact the bank/lender.

Also, depending on the type of loan, you still might be liable for the amount even if the bank takes it back, they are changing the laws because the banks are getting screwed.

Answer 6

U need 2 sell the house asap for enough to cover the mortgage and the loan. you and your x will be liable for any loan outstanding after the house has sold/ repossesed. it took them around 7 months to repo mine and that was the abbey. i ended up going bankcrupt but did owe 40k on the secured loan still! if u cant do this the loan will become unsecured after the house sale/ repo and u can go through a debt management compoany and negotaite lower repayments see www.cccs.co.uk they cant do anything as long as u make an offer each month even if its only £5 so dont worry ;) No they wont send baliffs round just send lots of nasty letters and yes u will get a court summonds, just go and promise to pay something to get a bit o extra time.