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How long does it take the bank to seize a home.

Posted by JKW75 JKW75
Message 1 of 4 376 Views

In the process of a divorce, ex wife is staying in the home. Title and mortgage in my name only. If I stop payment on loan how long will it take doer the bank to seize the house. 

Once in the process of seizure can the house be bought back off the bank?

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Re: How long does it take the bank to seize a home.

Posted by LyndsC LyndsC
Message 2 of 4 365 Views

Hi @JKW75, generally seizing a property is an absolute last resort, and the bank would work with you every step of the way to avoid this. Purposely stopping payments on the loan in order to allow this to happen may result in serious implications to your credit score and effect any future lending, so we certainly don't recommend trying this. It would be best to seek independent legal advice in regards to your options with your current situation.   

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Re: How long does it take the bank to seize a home.

Posted by zac_2830 zac_2830
Message 3 of 4 34 Views

Hi, 

 

I am in a similar situation, however, due to tactics by my ex, the property settlement has been dragged out for almost 3 years now with no clear end in sight. I'm still paying the mortgage and unable to move forward with my new wife and kid. 

 

Every avenue is being road-blocked for one reason or another and it almost seems better for me to take a bad credit rating for the sake of the house being seized and my tie to it being cut off. 

 

VERY DESPERATE and frustrated. 

 

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Re: How long does it take the bank to seize a home.

Posted by DanaeC DanaeC
Message 4 of 4 29 Views

Hi @zac_2830, I'm really sorry to hear of your situation.

Via the Forum we're not able to view or provide any personal information, though if you'd like to pop me through an email with your full name and best contact number to Forum@Bankwest.com.au, we'll get in touch to have a chat and see if we can take look at what options may be available to you.

 

Thank you.

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