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 bankruptcy postbag for august
 were do we live if our house gets repossed
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Junior Member

173 Posts

Posted - 03 August 2008 :  09:57:51  Show Profile  Reply with Quote
if me and my family is made bankcrupt,were do we live if our house gets repossed.i have three kids under 6

Average Member

591 Posts

Posted - 03 August 2008 :  10:04:01  Show Profile  Reply with Quote
Are you behind with mortgage payments?
If not, then you can remain in the house for up to one year.
Most BR tend to rent, securing a home before the court date.
I would like to think that your local authority would be able to help you, but you never know these days!

You can read my blog here;

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Junior Member

United Kingdom
211 Posts

Posted - 03 August 2008 :  10:27:43  Show Profile  Reply with Quote
As drowningmummy says as long as you are not in arrears you can stay in your home for upto a year. I would advise you to put your name on the housing list now at your local authority and look around to rent privately so you are in control of when you move. We rent direct from our landlord not through a letting agent as this can prove costly as somethimes they require upto 6 months rent in advance from br's plus their admin fees. If you are struggling to raise the money for deposits and rent you could use the cash from missing the mortgage as you will be handing it back anyway. It's usually 3 months before the mortgage lender will start repossession procedures. The OR will understand as long as the money is used to rehome you and your family.
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Average Member

591 Posts

Posted - 03 August 2008 :  12:36:46  Show Profile  Reply with Quote
As Chris has said, it is totally pointless going through an estate agent or agency to rent somewhere. They carry out credit checks at approx £80 per person (adult),which lets face it, you know that you are going to fail. Sometimes they will negotiate on your behalf but most will say no and the money is non-refundable.
Best bet in to rent via a small ad or through word of mouth.

You can read my blog here;

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New Member

United Kingdom
73 Posts

Posted - 03 August 2008 :  13:25:32  Show Profile  Reply with Quote
Hi s19
just to reassure you as your post is very short.
If you go BR your house would not automatically be repossessed. If you keep up the mortgage payments you are not restricted to one year in the house, you can stay there permanently.
However, property in BR does need to be dealt with.
If there is equity then the OR will want some of it for the creditors.More information regarding your situation is required to determine how much he would want, if any, and how you could deal with it all.
The only way your house will be repossessed is if you do not keep up the mortgage payments or any loan payments secured against it.

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