How long does it take for the bank to repossess a house?

Given the time it takes to obtain a court order for repossession and the fact that these orders are often not executed immediately, it can take as much as nine months to a year after first falling into arrears before borrowers are actually forced out of their homes, according to one bank.Click to see full answer. Accordingly, how long does it take for a bank to repossess?A repossession order is a legal document that grants the lender the right to repossess an asset, which can include a vehicle. Once the repo takes place, a repossession is listed on your credit reports for seven years and lowers your credit score.Furthermore, what happens when your house is repossessed? After a repossession order, you have no house, but you may still have the debt. This depends on how much of your mortgage is unpaid. If the mortgage amount due is low, the bank or lender will return you your money after paying all the fees and recovering its debt once the sale is made. In this manner, how long does it take for a mortgage company to repossess your home? A Repossession Order and an Eviction Order (more correctly called a Warrant of Possession) are different. The law states that the court must normally allow 28 days before a possession order comes into force and that this time period can be extended up to 56 days.How long does it take to get a court order for repossession?Most importantly, you have the legal right to receive a court appearance notice for a repossession case at least four to eight weeks before the hearing to prepare your case.