Repossession of Properties, Help and Advice For your Family
June 4th, 2010
You can be repossessed if you can’t keep up your mortgage payments. If you ignore the problem it could escalate and become much worse – leaving it more difficult to control your debt and avoid repossession. Please don’t let this happen! Take control today by contacting us so that we can help you to avoid repossesion of your house.
Call Repossession Saviour on 08000 40 77 40 and get Free and Friendly advice from experienced professionals
Reposession is a process that occurs when a first mortgage or secured loan lender obtains a court order to take possession of a property due to a borrower’s failure to keep up to the date with the mortgage or loan repayments.
Your lender can take you to court if you don’t pay your mortgage or any other loan secured on your house. Your freeholder can also take you to court if you break a conditions of your lease, however this is very unusual.
There are different ways that a borrower can avoid repossession. Arranging a remortgage or secured loan are two options that are open to the homeowner(s) however there must be the capability to meet any increased mortgage or loan repayments in the future – along with the need for a right amount of equity within the property. By arranging a remortgage you could clear your outstanding stages and even reduce your monthly repayments by achieving a more competitive rate of interest – this will largely be dependent on your current circumstances.
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Important Information For you To Stop House repossession.
If you are a homeowner, your lender may only take possession of your property if the court makes an order ordering you to leave. The most common reason for a property to become repossessed is mortgage arrears or arrears on a secured loan. It may be possible to avoid reposession by taking action at the earliest opportunity you can – whether you are able to negotiate a solution with your current lender or whether you are looking to switch lenders altogether.
The courts may turn away a lender’s application for a repossession order for a number of reasons – This may be because there wasn’t enough good reason to repossess your home or simply because the judge believed that you should be allowed to stay, allowing you time to make situation right.
The time taken to avoid a repossesion will depend on the individual circumstances of the applicant. However this can mostly be done within a few days. When the eviction order is granted you will usually have six weeks to make the arrangements.
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