Repossession Procedure  

Repossession can be scary, worrying, embarrasing and affect your health. It can happen due to a number of reasons beyond your control, ie: losing your job or illness. Mortgage lenders do not care what the reason is, they just want their money back.

Repossession leaves you with a permanent  mark against your name and unlikely to ever own your home again through a mortgage.

Once your home has been repossessed and sold on, any shortfall from the sale of the house on the mortgage, is still in your name and against you, along with the £1000's court and repossession costs.  Your lender will add these to the final amount outstanding.  This follows you around and needs paying off for you to be clear of the debt of your house.

Just handing back the keys does NOT SOLVE THE PROBLEM.

Stage 1.

The repossession process can start as soon as you miss two or more monthly payments.  At this stage the lender's internal debt management team will be in contact.  They will try to come to some new agreement.  KEEP ALL THE PAPERWORK AND CORRESPONDENCE.

Stage 2.

After a few more months of unpaid arrears, your Lender's Solicitor will write informing you, they are about to begin the house repossession process, by taking you to court and they can apply for a repossession order. 

Stage 3.

The Court will send you a summons, informing you of the date of your hearing.

Stage 4.

By not appearing at court (which is not a huge court room, but a room with some decks, tables and chairs.), the home repossession goes through without opposition and a repossession order is awarded against you.

By appearing, you can have your say and the Judge hears evidence from youand your Mortgage Lender, which leads to one of the following outcomes:

CASE DISMISSED - The repossession is stopped because the arrears have been paid.

CASE AJOURNED - A new date is set for the case, because it can not be heard that day.

SUSPENDED REPOSSESSION ORDER - You have agreed to pay the usual monthly payments plus an amount towards the arrears.  The Judge has to be satisfied you can afford this arrangement and can then suspend the order.  Any default on this leads to the Lender being able to enforce possession or evict you without a further hearing.

REPOSSESSION ORDER - The final phase of the house repossession is your Lender obtaining a "Warrant of Eviction Notice", which gives you between 7 and 14 days before the baliff is sent in to remove you.

The best people to speak to regarding repossession is your Lender.

Throughout the whole procedure we can help, so please contact us to discuss your situation and let us help you ease the pain of the repossession baggage you will carry around with you for a long time.  Ring Jacqui on 07904 371779 or email info@a1propertysolutions.co.uk.