If someone hasn't paid a mortgage for over 6 months, how long when the court and mortgage company are involved will it take for the house to repossessedgreenspun.com : LUSENET : Repossession : One Thread |
I was due to complete on my house purchase 1.8.03, but have been told that due to a house further up the chain, borderlining being repossessed, and now we are now on hold. The couple involved are divorcing will this add to the delay? The courts are now involved as they have a buyer ready to exchange on there house...
-- Chantel Difford (cdifford@hotmail.com), July 31, 2003
Chantel,I think it would be impossible to speculate how long the repossession process would take, if indeed it went ahead. This would depend on the circumstances of each individual borrower, the policy of each individual lender and whether or not the court would actually agree to an immediate repo, they might grant a suspended repossession order for example. There is more specific info on repo procedure on a posting dated April 09, 2003 entitled "repossession process". In short no one can say for sure how long it would take, sorry.
Mark.
-- M Amos (idgroms@hotmail.com), July 31, 2003.