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Court hearing 23/2/05 - What happens after repossession

from Tina Ryan (tina@tinaryan.me.uk)
I have two properties; my home, and an investment flat which has tenants. I remortgaged both properties to raise enough money to purchase a business, believing the business profits would adequately cover the repayment on my home and the shortfall between rent receiving/mortgage on the investment flat. This has not happened, and I am in arrears with the I-Group on my home and the mortgage business on my flat. I have a buyer for the flat which will cover their arrears, and will pay off the three months mortgage on my home. However, I know that I am not going to make profits from this business for at least another six months and I will therefore run into arrears again on my home, which will no doubt lead to another repossession hearing. If I sell my home, then I would have no chance of obtaining another mortgage as I am not currently earning anything!

I am seriously considering letting them repossess my home, but what would happen afterwards? I have a 3 year old and a 19 year old at home. Would we be eligible for council housing?

(posted 7010 days ago)

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