# How long do repossession proceedings take



## annemarie (7 Jun 2012)

Just a quick question. Once the bank instigates repossession proceedings against you, how long does the process take

AM


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## Wishes (10 Jun 2012)

Hi Annmarie,

I can't properly answer your question but it does seem to be a lenghty process and not something that would be done and dusted with in in a short period of time.

Are you currently in MARP?


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## annemarie (13 Jun 2012)

What constitutes being in Marp? I have sent a letter, financial statement and all my paperwork to the bank. I haven't heard anything back yet.


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## Wishes (13 Jun 2012)

Being in arrears or potentialy being in arrears makes you a canditate for MARP.  

I have found that it is taking more than three months for the bank to get back to people after they have submitted their financial statement etc.

Are you paying anything off your loan?


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## annemarie (14 Jun 2012)

Oh yes we are paying our full monthly payment at the moment but we are looking for some kind of deal as our house is too small and we need to either move or extend. As a last resort we are considering stopping making payments on our second property to fund extension on other house and was wondering how long it would take before repossession proceedings went through


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## Wishes (14 Jun 2012)

As it is a second property you will not be protected under MARP so repossession proceedings would be a lot quicker. It normally takes about three missed payments before a bank will sit up and take notice. My guess and its only a guess; is 12 to 18 months before repossession commenses, a lot quicker if the mortgage is with a sub-prime lender.

If you plan to build an extension or move house and need finance your credit rating will be impaired if the 2nd home is repossessed so you better think this out.

I presume you have it up for sale. If so jump at the first serious offer you get, write to the bank tell them you have received an offer but it is below the mortgage value. I'm betting they will accept.


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## Bronte (15 Jun 2012)

annemarie said:


> Oh yes we are paying our full monthly payment at the moment but we are looking for some kind of deal as our house is too small and we need to either move or extend. As a last resort we are considering stopping making payments on our second property to fund extension on other house and was wondering how long it would take before repossession proceedings went through


 
Just to be clear the family home is too small, so you want to use the money you are now using to pay the investment mortgage to pay for an extension. Your intention is therefore to not pay the investment mortgage and hope the bank will take the property back?

If this is correct what do you think the bank will do about the negative equity on the investment property?  Have you fully thought this through?


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## annemarie (20 Jun 2012)

Thanks so much everyone for replies. It's so helpful when trying to think things through. Just to be clearer. We have 2 properties, family home in Dublin and holiday home in the country. Both houses are currently too small. I was wondering what would happen if we moved to the country house and switched to paying interest only for a set period of 2 years on the Dublin property, which would provide us with enough money to fund an extension on the 2nd home, now our family home. After the 2 year period we would either resume full payments or sell the Dublin property depending on the market, or the bank may have already repossessed the property. I am wondering what the fallout would be if we did this without the banks permission.


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