Repossession of a Property

[Expectantmum]

Just wondered whether anyone has ever had a property repossessed for non-payment of mortgage. I no longer live in the property after the collapse of my marriage but continued to pay the mortgage for nearly two years, when my ex decided he would continue with the payments. Eventually, he stopped paying and we are now in arrears for six months. The property has finally been put on the market, although I am not too hopeful of the sale proceeding to completion, which means the property will get repossessed. Just wondered whether anyone has gone through the same experience and what actually happens? There is £100k equity in the property, but I am not financially capable of repaying arrears etc as I am expecting my first child in June so need to clear some of my own debts and save some money before then. Any help would be appreciated!

Have you put the property up for sale? Or has the building society done so?

As you have a mortgage the building society has a charge over your property. So when the property is sold the sales proceeds will be first used to pay off the mortgage. I cannot see how the arrears will not be added to the mortgage at this point unless you have an unusual mortgage agreement. You will of course get the remaining equity after payment of estate agents and legal fees etc. So effectively the arrears will be paid out of the equity.

Thanks Ladymuck. Yes, we have put the house on the market rather than the mortgage company but they have not applied the arrears to the mortgage amount and are threatening court action because the mortgage hasn't been paid since October last year. Arrrrhhhhhhhhhhhhhhh!! The house should have gone on the market two years ago but my ex kept on refusing, which is why we have reached this stage. I am trying not to get stressed because I am expecting my first baby in June but its really difficult, because the sale of the whole depends on how long I can afford to take off work. It never rains.........

I would talk to them. If you can, arrange to see someone in person, and explain what you are doing and how they will get their money back. If the house is on the market already they may be more relaxed, though you do say that you feel that the sale is unlikely. Why is that?

It must be a dreadful time to have to be facing all of this. I do hope that you are getting osme support through it all.

The Buyers seem to be delaying things a little and so does my ex husband, but thats completely normal for him! Its like his last final say in things and he'll do things when hes ready, not when hes told to, even if it is his fault that this situation is happening in the first place! The mortgage company are being very good about it and I just try and keep them up-to-date once a week. I am very lucky though, my partner is wonderful and is being very supportive, doesn't stop me from worrying though, although being pregnant has totally changed my priorities and outlook to life, I would rather be skint and happy than miserable and financially comfortable.