HI all, just a hypothetical question. If someone was to stop paying the mortgage on a house they live in, how long does it take before for a a bank to foreclose??
Also, how does it work is someone has a land registry title interest in place???
Foreclosure will take quite a while unless you file for bankruptcy or an IVA. Banks have been bombarded with regulation in recent years that forces them to bend over backwards for quite a while before they foreclose. I would estimate from the first missed payment to foreclosure you'll probably be looking at a year. Then 6 years after that where no bank wants to give you a mortgage until it falls off your credit file.
Still a quicker solution than some Mesher Orders though.
HI all, just a hypothetical question. If someone was to stop paying the mortgage on a house they live in, how long does it take before for a a bank to foreclose??
Also, how does it work is someone has a land registry title interest in place???
I'v e been wondering the same thing. my ex stopped paying her half and I am lumped with that as well as joint loans, sofa credit, mobile phones, insurance, this is aside from the calculated child payments I have covered from day 1. cheeky B tried to put her new car on my INs policy last week! and she is still crying that im not paying enough to support the kids.
Weirdly after she began getting her legal aid recently, she started making a payment on the mortgage, although because I already cover 100% the bank are classing it as an overpayment. she told my solicitor she doesn't want to transfer me the money but the bank only accept one payment from one bank.
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