house repossession

[duvetcovereddissident]

Can anyone please give me any insight into what happens in a house repossession? It isn't my house that is at risk, but a friend's.

She is expecting me to be able to take her in if/when this happens, but it is impossible to get any sort of straight answer from her about what is happening, and when.

Shes has court summons,- I have seen this - but if it is at the court summon stage, how far is she from actually being out on the street.

This is about non payment of mortgage

I don't really need ways to avoid it, as it isn't a situation that I can influence in any way, it is on her, and I don't think she is cooperating with social services, court, bank, or anyone really

any insight at all, please, will be gratefully received

Thank you

Even if it is repossessed she may receive some equity when it is sold, especially if she downsized to buy it. It is questionable as to what proof of income she was required to produce to get the mortgage from the lender.

Debts do not go against an address only a person.

Do you want to take her in? If not, you should make this clear to her so that she can research other options.

Correct. But.. the baliffs go to the last known address of the person... which would be the OPs home.

Hassle she doesn't need.

If they take possession there will still be interest and charges on the debt and could be sold below value . Like I said they need more advice and without the full picture that is difficult.

If you Don't mind me asking how elderly is elderly?

I don't think you gave enough information for anyone to give solid advice but thete are a few things that tend to make a difference.

It would be rare to get a mortgage post retirement given drop in come.

If it was a lifeloan, she wouldn't be in court as they own the asset after her death.

I suspect her loan I'd with a surprisel ender rather than traditional bank. They tend to be more aggressive court proceedings & short time spend on alternative arrangements than traditional banks.

If she just wnt to remain the property and is not concerned about transferring it to next generation, then she would be well advised to see if she can geta life loan to take out the existing debt if she qualifies.

I would be very reluctant to help anyone who doesn't give me all the information. She is asking a lot of you.

So I can give more insight on the process from eviction as I used to work for an asset manager on behalf of a few large banks.

Essentially, after court has ordered repossession there will be a process put in place for final eviction. If by bailiffs, they will have some time to grab essential belongings (longer can be arranged upon request; depends if it is reasonable) and will be able to come back to the house for a set period of time to get the rest of their stuff (generally 7 days, can be longer if they agree with the lender for longer). If they do not get agreement with the lender to hold their belongings, it will be cleared after a certain period of time.

Repossessed houses are not sold at an undervalue. There is strict processes in respect of getting valuations from estate agents and the best price must be sought (unless the house is close to completion and a higher offer has come in but is negligible so more cost effective to proceed with current sale). The houses that end up going to auction are those that have failed to sell on the open market or have something which precludes going on the open market (I.e it's in very bad condition). When a property is sold, any excess proceeds are paid to the borrower. They are not retained as profit by the banks.

The asset manager can direct for repairs to be made to the house for safety reasons or if it is small work which is likely to increase the saleability of the house. Any costs incurred will be taken from the sale of the house, so in effect from the borrowers equity.

In my experience, borrowers know what is going on and know when to expect an eviction. There is a lot of correspondence so the details will be there, but I appreciate it may be a 'head in sand' approach for your friend. I would recommend that your friend gets her important documents together now, so that they are easily accessible when they need to leave. Also should keep in contact with the lender, as they will provide reasonable concessions (except to providing infinite time to remain in the home).

Hopefully everything goes okay for your friend. It's a scary thing but I've found everyone involved is generally quite sympathetic as long as the borrower is realistic about things happening.

Is this your mother ,OP? Not being inquisitive, but if you are her next of kin, you may be able to find out more about this from the interested parties.

I'd give the same advice. Once she moves in with you she is housed and is no longer an emergency.

When you say she's in poor health, is that physical or is she declining cognitively as well?

Ideally she needs a SW who will got her somewhere suitable to live.

She will get a letter giving her 14 days notice.

She will need to take that to her local council that deals with homelessness. She MUST NOT tell them she has you to come to.

Then hope and pray for the best.

Oh and to answer the question. Court is likely to give around 28 days. If she fails to leave on that that date a warrant of possessing will be issued and she'll be given a date when the Bailiff will attend.

She can make an application to suspend the eviction but the Judge will want to know how she proposes to pay the mortgage and the arrears.

This is all very odd

you know practically no detail whatsoever

and yet the woman seems to think she’ll be moving in with you. Will she?

How elderly is she?

Her situation will be complicated should she be deemed intentionally homeless, usually things like not paying rent/mortgage if she could afford to etc.
https://england.shelter.org.uk/housing_advice/homelessness/get_help_from_the_council/who_qualifies_for_housing#:~:text=You%20may%20hear%20the%20council,when%20you%20could%20afford%20to

Is this the same process if someone goes down the voluntary repossession route and hands keys back to the lender, who agrees to take over and sell the property? And what happens if the lender doesn't sell/delays putting on the market-can they eventually claim back any negative equity from the owner's spouse/estate? 🤔

*warrant of possession

This is very useful, thank you all