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If you are facing the prospect of having your home repossessed then RJM Properties can give you advice on the best way to stop the repossession and can outline the best solution for you.
If you are unsure about whether or not you are facing the possibility then call
07775906799 or 01776860600 IMMEDIATELY.
USE OUR ONLINE PRIORITY FORM! As soon as you miss 1 (one) payment on your mortgage, you are
in arrears with your Lender. They will send you a
letter stating this and will ask how you intend to repay the debt. You
need to call them and follow up that
call with a letter.
If your Lender doesn’t agree with your repayment schedule, you don’t
contact them or you can’t afford to
pay them back and you have missed 2 (two) payments, then your Lender is legally
entitled to start the
repossession process.
The Repossession Process
The process starts when the Lender sends you a letter from their
solicitor. This letter will advise you that if
you don’t pay off the arrears within 7 days, or if you have not responded
with an adequate proposal for
paying off the arrears, then their solicitor will start court proceedings.
Possession Order
When the Lender gets no joy from you regarding paying back the arrears,
they will go to court to
seek a
possession order. This is the start of the repossession process.
The Judge
will set a hearing date, which you
should attend.
At the first hearing, the Judge will decide whether you can repay the
Mortgage, on what terms and over
which period. The Judge will normally give you a chance to pay back the
arrears. Remember that the court’s
view is that "Repossession is the last resort" and will explore all
options open to you.
The most likely outcome at the first meeting is to adjourn to a later date
to allow for the collection of more
information. A new hearing date will be set.
If you can come up with an agreed arrears repayment schedule, then the
Judge may issue a suspension order
i.e. the repossession order is temporarily placed on hold. Be warned, if
you fail to maintain the agreed
payment schedule, then the lender can obtain an eviction order without
further court hearings.
At the second hearing, the judge will only suspend the order if there is a
change of circumstances e.g.
change in employment status, buyer for your house, etc. The buyer is
normally required to pay off the
arrears quickly and the house sold within 4 weeks.
Eviction Order
If in the Judge’s opinion you cannot repay the arrears and/or you will not
be able to afford the ongoing
mortgage payments, then the Judge will decide a date when you will have to
leave your property. When the
eviction order is enforced, the bailiffs will turn up at your door at the
designated time, often with an estate
agent to put your house on the market.
If you are still in the property, they will give you 10 minutes to collect
some essential belongings, then they
will escort you from your home and a locksmith will replace all the locks
on your house.
If you think that not being in the property (eg by going to work) will
stop the process, then you are
mistaken. The bailiff is legally entitled to break into the property.
You will be entitled to a supervised visit approximately 2 weeks later to
remove your possessions.
Please
don’t think you can negotiate with the bailiffs. They will simply do their
job and evict you.
If you are facing the prospect of having your home repossessed then RJM Properties can give you advice on the best way to stop the repossession and can outline the best solution for you.
If you are unsure about whether or not you are facing the possibility then call
07775906799 or 01776 810515 IMMEDIATELY.
USE OUR ONLINE PRIORITY FORM! |
