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Thank you for your question
My name is Clare
I shall do my best to help you but I need some further information first
How much is the house worth and how much is outstanding on the mortgage?
Why do you not simply force the sale of the property?
Hi Clare, the house is worth about £130K and on mortgage is £70k. The main reason is it will be a long drawn out procedure and very costly. the main reason is that my wife does not reply to any correspondence, hence mediation, the mortgage lender and me.
Given that repossession will cost many thousands of pounds - and will take many months in fact starting a divorce and obtaining an Order for sale will be relatively cheap and likely to be sorted within a year
In the event that there is a repossession the proceeds of sale will be held until you and your wife agree how they should be divided between you
I hope that this is of assistance - please ask if you need further details
Thanks for your response. In this scenario who holds onto the funds the (lender}?
The lender to start with - although they will send it to be held in Central Court funds if the matter drags on
Thank you for your reply!
Hi Clare, If my home is repossessed would this have an impact on my current credit card circumstances even thou i have not missed any payment nor will i in the future? In other words if I was to purchase an item within my credit limit this will have no effect? I am aware that if i was to apply for further credit that it would have an effect.
It will not impact on your current Credit Card - although you may find that they lower your limit.
Hi Clare, thank you for your reply.
Does that mean the C/Card companies will be informed of my repossession?
It will be noted on your credit record
Thanks for your reply clare!