On a house/mortgage?
On a house/mortgage?
From when? First default? Breach notice? Have you got the mortgage documentation? Standard terms?
(Sorry for 20 questions, short answer is it depends!)
No I don't have the documentation. This months payment hasn't been made and I'm not sure it will be made.
Which bank / lender?
I think ours has to be 28 days over payment date for a default notice to be issued but not sure what would happen after that.
My bil was behind for 3 months and they put the house on the market but it took about 9 months to sell but they were in control of the agent they chose etc. I think their bank was just happy that there was something being done to finalise the loan.
Ring the bank. We were struggling awhile back and thy were helpful and sorted out a payment plan we could afford (we missed a few months here and there) because we called and made arrangements we never even went in to default.
Its always best to call them. It will depend on the bank but i know at the one i work if you speak to them they are more than willing to help you out and look at options for you. There is also usualy financial difficulty lines for the bank that you can call. Its if you ignore it when it gets messy. Be proactive
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See the thing is that my XH is living in the house ATM. He changed the locks and I can't get in.
It's on the market at the moment as he can't afford to buy me out but I've just discovered today that he hasn't paid the mortgage this month and I'm not in a position to pay it, I'm paying my own rent and he should pay his living costs as well, so me calling the bank won't really achieve anything.
In that case definitely call them. I know people who have had the bank waive repayments while the property is on the market.
It will cost the bank $$ to take steps to sell the property, and in the end it probably won't get any more money than if you sold the house yourselves. So they would much rather do nothing and wait for you to sell than spend money doing it themselves.
They will take over after 3 missed payments wether its on the market or not, as pp said ring them ASAP as we have had to sell many mortgagee in possession homes and I've never seen an owner come out in front
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