My house is to be repossessed in 28 days. ?
How long will it be before they chase me for the remainder? also can they freeze any other assets i have in meantime?
When they do get a sale, and say i owe £60,000, can i pay in installments like any othere debt or what way does it go?
NB this is in N.Ireland.
- Ed AtunLv 71 decade agoFavorite Answer
In most states(USA) you have some protection if the mortgage was used to buy your house. The bank can take the house and nothing else.
If this was an investment property that you rented-out, the bank has more rights to go after you for the money. But not one bank in 100 has been going after anyone. There is no point. If you can't afford to pay your mortgage, you don't have any money to pay them. And the newspapers give the lenders a terrible time if lenders go after people for amounts like £60,000 which no one would ever be able to pay.
You are supposed to leave on the foreclosure date. You no longer own the home. If you make them evict you, that is one more bad mark on your credit that you don't need.
- ibu guruLv 71 decade ago
Expect to be "chased" continually throughout these 28 days and the rest of your life until it is paid in full. As for paying the balance, you cn probably negotiate a settlement or payment plan, and as long as you perform as agreed, they will then leave you alone.