mortgage legalities?

glenntec

What would be the legalities in someone walking away from a mortgage?
Say for instance if someone got offered a job in Timbucktoo and disappeared?

GeorgeOrwell

If the bank thinks that the property has been abandoned, they can get a Court Order to gain possession of the property in order to protect it (ie changing the locks, maybe boarding up the windows etc.).

If it still looks like the property has been abandoned, and the mortgage holder has stopped paying the loan for three months, the bank can get an order to sell the property to recover the debt, with another 21 days notice.

The courts will decide whether the mortgage-holder has really fled.

The 2009 Land and Conveyancing Law Reform Act sets out the time-scale involved in taking possession and selling the property, as well as the assistance it can give to the mortgage-holder to get back on their feet.

glenntec

I was more so thinking if a warrant was issued?

How long would a financial warrant last?

I have heard it lasts 12 years?

Is this true?

Milk & Honey

glenntec wrote: »

I was more so thinking if a warrant was issued?

How long would a financial warrant last?

I have heard it lasts 12 years?

Is this true?

A warrant for what?