Voluntary Repossession

If i just dont't pay the mortgage and the house was repossessed what would be the implications of this?? (apart from probably never being able to get a mortgage again!!)

Hi there,
I was told this recently, it would take approximately 3 months before the building society would start repossession procedings.
All in all it can take up to a year, although this all depends on the building society's rules and procedure.
The house would go up for auction, put forward by the building society. It is the law now, that the building society will have to attain the highest price they can for the property, a few years ago it seemed to be the trend that they used to 'let it go for a song'.
Once the building society retrieve their costs and the outstanding mortgage, any profit would be payable to you.

As you say, then you have the black marks!!!

hope this helps
zara

If it was thought you had deliberatly got repossessed the local authority would have no duty to house you as you became intentionally homeless. However if you wrote to bank and said you can't afford to pay then not intentionally homeless. It is a drastic move is there a sensible reason or just desperation as there are other options available

I would not expect the local authority to rehouse me - I would rent privately. Basically my OH is refusing to sell the marital home. His name is on the mortgage yet I pay for everything (thankfully I have a good job) he has an aversion to work and I feel that a way out of a thoroughly miserable situation would be to cut my losses and do this as I am prepared to start again from scratch.

Will the court not order the sale if he refusing?

ataloss wrote:

If i just dont't pay the mortgage and the house was repossessed what would be the implications of this?? (apart from probably never being able to get a mortgage again!!)

Hi ataloss. Building society's are not supposed to reposses property whilt divorce proceedings are underway.

You can avoid black marks on yr credit history by coming to an agreement with yr lender. Provided you pay something you will be ok. Its not just a mortgage that you wont get with a bad credit score its loans as well. If you want to rent a property they will do a credit score on you. And if that comes up bad then they wont rent to you. And it can take years and years to wipe the slate clean. Protect yr credit history at all costs.

Yes the other poster is right. Houses are sold at auction usualy. But not always. I was going to buy a repo and that was thru an estate agent. They forgot to tell me it was a repo. I digress. C

Ataloss. The local authorites dont house people anymore. Its a points system now and you have to have 20 kids, and on the at risk reg and have only 1 arm to get within 10 places of the top. What they do now is call apon the private rental stock. In other words; you go find somewhere and they supply help depending on a means based system.

If you both "on the mortgage" then you generely both own 100% of the property. Further you are both liable to pay. If yr ex dont pay, then they will come to you for the money. They dont care who pays as long as they get there money. They are not interested in halfs either.

Becuase you own 100% of the property you are entitled to sell it. But yr ex can block the sale. Becuase he also owns 100% of it. Daft but true. I think you need ancilory relief to sort this out. The sale can be ordered via court order if the judge agrees that it should be sold. If you have kids then usualy its not sold until they reach an agreed age. But you dont meantion kids. Most people come to there senses eventualy and he may be all piss and wind. Hope this helps. C