Have you or anyone you know, ever had your home repossessed - how long did it take you to recover financially?
Answers:
Don't freak out. It does indeed have to do with your ability to repair your credit and earn money from this point going forward. If you make $200k a year, Visa and the mortgage companies are going to come after you six minutes after your home is foreclosed on ("repossessed"). If you jump from job to job, default on other loans, don't pay your utility bills on time, go to collections, live in a minimum-wage world (etc) it might take you 10 years before you can purge it from your credit report and find a mortgage company crazy enough to lend you money again.
My dad's company went BK back in the 80s and he didn't separate it from his personal finances well enough so he also went BK. The bank took our house, we had to rent for a year, blah blah. But Dad is responsible and made good money and within two years we had a great new home and he had "recovered" fully.
Bottom line: it all depends on how YOU handle this. Tackle it straight-on and don't make any assumptions about the credit companies or courts or lenders doing anything FOR YOU. Think about it: they want you to be marked as a bad credit risk forever. YOU have to change that. So go online, bone up on repairing your credit and finances and apply it. It's not hard to do and makes you feel awesome once you have your sh*t together.
you'll never get another mortgage, i sold mine before , but still went bankrupt, that last for 5 years
depends how much they resell your house be very careful they dont sell it for less than the mortage you currently owe. that is the determining factor of how much you will owe and how long you will repay. my brother is a financial guy!
IT DEPENDS ON YOUR AGE AND ABILITY TO EARN GOOD MONEY. PUT IT BEHIND YOU AND KEEP YOUR CHIN UP, YOU SOON FIND OUT ITS NOT SO BAD AS IT LOOKS AT THE TIME
it normally takes 5 years
A friend of mine had a £50,000 mortgage and fell ill, couldn't pay and was repossessed. At the time the market value of the property was around £70,000. They auctioned it, got £20,000 for it and sent him the bill for the remaining £30,000 owed on the mortgage. He never recovered and died of heart problems five years later.
Do your very best to sell the property at market value - that must be more than your mortgage - before they repossess. And take the good advice offered in the answers so far.
I hope you still have health and earnings capability. If you have this problem because of an accident or ill health, you do not deserve to contemplate suicide because of it, as many people do. See the CAB Debt Counsellor first.
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