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baxi
New Member
United Kingdom
66 Posts |
 Posted - 19 January 2009 : 18:48:32
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My wife and i are going to seperate. i have found a rented property, but it looks like my wife won't be able to afford anywhere. She is going to move in back with her mam, but would like to stay in our mortgaged property aslong as possible. We are both going to go BR and do not want to keep the property as we are seperating (plus other reasons).
I know that we have to send the keys back to the mortgage company, before going BR, but how long could my wife stay in the property before we did this? We are about to miss our first mortgage and secured loan payments.
*would she be better paying token payments to the mortgage and secured loan? |
Edited by - baxi on 19 January 2009 20:10:32 |
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John
New Member
United Kingdom
73 Posts |
Posted - 19 January 2009 : 21:28:16
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Hi
the length of time your wife could stay in the property depends on the current policy of the lender and how much notice they want to take of Gordon Brown's pleas to delay repossession.
If you are about to miss the monthly payment for the first time (Feb 1st for example) I doubt she would be evicted before July / August at the earliest.
a) the court will not usually listen to a lenders application for repossession until at least 3 months in arrears.
b) the lender then has to make an appointment at the court for repo which will take a few weeks.
c) your wife will not defend the application so it will be granted.
d) you have a mandatory 28 days to pay the arrears.
e) after the 28 day period is up the lender must apply to the court for eviction, this will also take a few weeks.
If the lender doesn't rush she could be there a few months longer.
www.Bankruptcyhelp.org.uk
0800 078 9367 |
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coxy
New Member
United Kingdom
63 Posts |
Posted - 19 January 2009 : 21:30:29
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HI baxi dont know if you saw it tonight programme on channel 3 about repossesions.
One chap was staying put prepared to go to prison over it he was 68 and saying houses all over the country being repossesed then lying empty.
If you havent missed a payment yet your wifes probably got 2 or 3 months unless they got wind of you going br.
When we were running into trouble we were advised to talk to our lender mortgage and secured loan that was our biggest mistake they were sympathetic alright they both put the interest rate up 2%.
It depends if you just want to buy some time do you both need to go br is sharing with friends out of the question.
Whatever you decide i would get some advice from the experts on this site from what ive seen so far they know there stuff wish id found this site 18 months ago.
good luck.
You were saying you havent missed a payment yet so i would say your wifes got 2-3 months of not paying before they will take any action. |
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baxi
New Member
United Kingdom
66 Posts |
Posted - 19 January 2009 : 21:38:52
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| but if we are both going BR and don't want the house then don't we have to hand the keys back before going BR and don't we have to do that quickly? |
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got there
Junior Member
United Kingdom
461 Posts |
Posted - 19 January 2009 : 22:22:41
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Hi Baxi
You dont have to hand the keys back straight away before BR. Just put on the expenditure what your mortgage payments are/were when you were paying. Explain to the OR when you have your telephone interview that you are not paying mortgage and are saving the mortgage payments for a rental deposits, removals etc.
This is what I did personally and we last made a full payment in August 2008. after speaking to the mortgage lender recently its looking like another maybe 3-4 months before they would secure an eviction order against us, but we are moving at the end of Feb, so will be home and dry before anything happens as it were.
Hope this helps, my hubby and I also split back in Sept due to various things but mainly money, since I went BR in Oct 08 the stress lifted emmensely. He is planning on going BR once we know the full extent of the shortfall but we are getting back together and have worked things out, money causes so much grief.
Never say never - I hope this helps you.
Take care x |
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baxi
New Member
United Kingdom
66 Posts |
Posted - 19 January 2009 : 22:30:35
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Hi got there,
So would my wife be better making small payments to the mortgage company or just not pay and ignore them? |
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got there
Junior Member
United Kingdom
461 Posts |
Posted - 19 January 2009 : 22:41:18
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If your wife paid anything at all to the mortgage company once BR the shortfall couldnt be captured within the BR, I think I am right in saying that I am sure someone will correct me if i'm wrong.
The best thing is to be up front with the mortgage lender tell you the circumstances surrounding not being able to afford further payments. The OR advised me to contact the mortgage lender to advise that I would be giving up the property once i found a suitable home to move into and for them to basically do what they had to do.
My plan originally was to apply for council housing and to do that in my area you have to wait for the mortgage lender to commence repossesion proceedings before they will consider you homeless, as I type this still hasnt happened, as said previously last paid in Aug 08.
I am now moving into private rented back with hubby, we maybe could have looked at making arrangements to pay back arrears since we are getting back together but it would have been a strain and we have too many bad memories here and the last thing we needed was more financial strain.
Hope this helps |
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Some help please
