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T O P I C R E V I E W
darren_b
Posted - 14 July 2008 : 10:44:29 Sorry to ask yet another question (the second i get a day off work, ill be making phone calls instead!). Can anyone talk me through repossession?
I intend to stop paying mortgage this month, move into rental at the start of September with the money saved, and then petition for BK.
How do the mortgage company/secured loan company go about repossession from there?
Thanks
1 L A T E S T R E P L I E S (Newest First)
JulianDonnelly
Posted - 14 July 2008 : 11:09:33 Hi Darren,
The lender will have to apply to the court for reposession. A hearing date will be set (which you can attend if you wish to fight the action). Once reposession has been granted, yopu normally have 28 days to vacate. The lender will then take ownership and seek a buyer on the open market. If the property fails to sell, then the lender will sell it at auction where it will typically achieve 75% of the market value.
