A Summary Of How Repossession Process Works And How A Quick House Sale Prevent Repossession
House repossession is common in the UK. As a matter of fact, every year around 100,000 households lose their houses because they are unable to pay their mortgage. Below the rent back company have put together a summary of how the repossession process works and- more importantly - how you can stop repossession.
First Actions By Your Lender
When you fail to make a mortgage repayment to your lender, your mortgage account falls into arrears. Your mortgage lender will contact you by telephone or letter to chase the missed payment. If you are unable to pay or you continue to miss subsequent repayment demands, your lender has the right to start house repossession proceedings against you although they will normally give you the chance to work out a ‘payment arrangement’ with them first to clear outstanding arrears over a period of time.
The Repossession
The mortgage lender solicitor’s will issue property repossession proceedings on your house through the County Court. You will be informed by letter of the hearing date, at which time your case will be heard and the court will issue a judgment. If the mortgage lender has sufficient evidence that you can not repay your arrears, the court will issue a House Repossession Order. This will normally state that the lender has the right to repossess your house after 28 days should no payment settlement be reached. If, after 28 days you are still in your house and have not repaid your arrears, your mortgage lender will apply for an eviction order forcing you to leave your property.
Stopping Property Repossession
Even after the House Repossession Order has been served by the court, it is not too late to stop a repossession from taking place. Seek help from rent back company today for they can offer a quick house sale that could be ideal for your circumstances at the same time stop property repossession.
