Most Popular
1. It’s a New Macro, the Gold Market Knows It, But Dead Men Walking Do Not (yet)- Gary_Tanashian
2.Stock Market Presidential Election Cycle Seasonal Trend Analysis - Nadeem_Walayat
3. Bitcoin S&P Pattern - Nadeem_Walayat
4.Nvidia Blow Off Top - Flying High like the Phoenix too Close to the Sun - Nadeem_Walayat
4.U.S. financial market’s “Weimar phase” impact to your fiat and digital assets - Raymond_Matison
5. How to Profit from the Global Warming ClImate Change Mega Death Trend - Part1 - Nadeem_Walayat
7.Bitcoin Gravy Train Trend Forecast 2024 - - Nadeem_Walayat
8.The Bond Trade and Interest Rates - Nadeem_Walayat
9.It’s Easy to Scream Stocks Bubble! - Stephen_McBride
10.Fed’s Next Intertest Rate Move might not align with popular consensus - Richard_Mills
Last 7 days
Why President Trump Has NO Real Power - Deep State Military Industrial Complex - 8th Nov 24
Social Grant Increases and Serge Belamant Amid South Africa's New Political Landscape - 8th Nov 24
Is Forex Worth It? - 8th Nov 24
Nvidia Numero Uno in Count Down to President Donald Pump Election Victory - 5th Nov 24
Trump or Harris - Who Wins US Presidential Election 2024 Forecast Prediction - 5th Nov 24
Stock Market Brief in Count Down to US Election Result 2024 - 3rd Nov 24
Gold Stocks’ Winter Rally 2024 - 3rd Nov 24
Why Countdown to U.S. Recession is Underway - 3rd Nov 24
Stock Market Trend Forecast to Jan 2025 - 2nd Nov 24
President Donald PUMP Forecast to Win US Presidential Election 2024 - 1st Nov 24
At These Levels, Buying Silver Is Like Getting It At $5 In 2003 - 28th Oct 24
Nvidia Numero Uno Selling Shovels in the AI Gold Rush - 28th Oct 24
The Future of Online Casinos - 28th Oct 24
Panic in the Air As Stock Market Correction Delivers Deep Opps in AI Tech Stocks - 27th Oct 24
Stocks, Bitcoin, Crypto's Counting Down to President Donald Pump! - 27th Oct 24
UK Budget 2024 - What to do Before 30th Oct - Pensions and ISA's - 27th Oct 24
7 Days of Crypto Opportunities Starts NOW - 27th Oct 24
The Power Law in Venture Capital: How Visionary Investors Like Yuri Milner Have Shaped the Future - 27th Oct 24
This Points To Significantly Higher Silver Prices - 27th Oct 24
US House Prices Trend Forecast 2024 to 2026 - 11th Oct 24
US Housing Market Analysis - Immigration Drives House Prices Higher - 30th Sep 24
Stock Market October Correction - 30th Sep 24
The Folly of Tariffs and Trade Wars - 30th Sep 24
Gold: 5 principles to help you stay ahead of price turns - 30th Sep 24
The Everything Rally will Spark multi year Bull Market - 30th Sep 24
US FIXED MORTGAGES LIMITING SUPPLY - 23rd Sep 24
US Housing Market Free Equity - 23rd Sep 24
US Rate Cut FOMO In Stock Market Correction Window - 22nd Sep 24
US State Demographics - 22nd Sep 24
Gold and Silver Shine as the Fed Cuts Rates: What’s Next? - 22nd Sep 24
Stock Market Sentiment Speaks:Nothing Can Topple This Market - 22nd Sep 24
US Population Growth Rate - 17th Sep 24
Are Stocks Overheating? - 17th Sep 24
Sentiment Speaks: Silver Is At A Major Turning Point - 17th Sep 24
If The Stock Market Turn Quickly, How Bad Can Things Get? - 17th Sep 24
IMMIGRATION DRIVES HOUSE PRICES HIGHER - 12th Sep 24
Global Debt Bubble - 12th Sep 24
Gold’s Outlook CPI Data - 12th Sep 24

Market Oracle FREE Newsletter

How to Protect your Wealth by Investing in AI Tech Stocks

7 Stages That Borrowers Face During Mortgage Home Repossession

Housing-Market / UK Housing Jun 18, 2015 - 01:45 PM GMT

By: Submissions

Housing-Market

Victoria Adams writes: When you have fallen into mortgage arrears, it is very important to communicate with your mortgage lender about your financial situation. Also, getting legal advice immediately could help you resolve the problem. Your lender cannot just throw you out of your home. He needs to follow a pre-action protocol. Here are the 7 steps of repossession that you must know:


Step 1: Your mortgage lender notifies you about your arrears:

When you miss out on your monthly instalments for your home loan, your lender will contact you. He will ask for an explanation and try to reach an agreement if he is not satisfied with your response, or if you do not respond to his letters or phone calls, he will write to you again, this time warning you of starting court action to repossess your house.

Understand that your lender just wants you to pay off the arrears and does not want to take legal action.

Step 2: Your lender applies for a possession order to a county court:

Without getting the permission from the court, your home cannot be repossessed by your mortgage lender. To get the permission, the lender must apply to the local county court listing out the reasons why he should get the possession of your home.

Remember that even if your mortgage lender has started a court action, you can still reach out for an agreement with them.

Step 3: The court make a summons

A court official will write to you informing the date and time of your hearing. He will send you a claim form which will have the following details:

  1. The reason why the mortgage lender wants to repossess your property
  2. A defence form that you need to fill up and mail it to the court

You must seek professional advice from experts about mortgage repossession process. An experienced adviser can prepare you for the court hearing and negotiate with your mortgage lender and his solicitor.

Moreover, if you have a low income, you are also entitled to legal aid. On the fixed date of hearing the judge decides whether you can keep your home or should it be passed to the lender.

Step 4: The day of court hearing

The judge hears the repossession case on the day of your hearing before he gives his verdict. He will ask for evidences from you and your lender.

The judge may:

  1. Dismiss your case
  2. Decide that your home should be repossessed by your lender. It means that the lender can evict you out of your property
  3. Make a suspended possession order. This will allow you to stay in your home provided you repay the arrears in installments
  4. Adjourn the case and postpone the hearing at a later date.

You must attend the hearings because if you fail to do so, it is more likely for the judge to give out an outright possession order against you.

Step 5: The judge makes a repossession order:

If the court decides that your property is to be repossessed, it gives you a possession order which has the exact date of your eviction. You are given 28 days to pay for all the expenses.

Step 6: The lender sends bailiffs to remove you if you do not leave by the given date

The lender can request bailiffs to evict a borrower under two circumstances:

  1. When the outright possession order has expired or
  2. When the borrower breaches the suspended order

The lender does must apply for a bailiff's warrant to evict you. The bailiffs will send you a notice that states the date of your eviction. However, you can challenge an eviction by bailiffs.

Step 7: The lender sells your home

After repossession, if you have left the property or have been evicted by the bailiffs, your mortgage lender sells your home. But, that does not mean you don't owe him any money. You are still liable to pay any shortfalls between the selling price of the property and your interest and capital repayments on the mortgage.

If you are being threatened by repossession, you must immediately talk to an adviser such as Stopping Repossession. They can guide you throughout the process and make sure you do not lose your home.

Victoria Adams is a blogger for Stopping Repossession. Stoppingrepossession.com is a firm in UK that helps troubled homeowners navigate their way through the process of repossession and eviction.

Copyright 2015 © Victoria Adams - All Rights Reserved

Disclaimer: The above is a matter of opinion provided for general information purposes only and is not intended as investment advice. Information and analysis above are derived from sources and utilising methods believed to be reliable, but we cannot accept responsibility for any losses you may incur as a result of this analysis. Individuals should consult with their personal financial advisors.


© 2005-2022 http://www.MarketOracle.co.uk - The Market Oracle is a FREE Daily Financial Markets Analysis & Forecasting online publication.


Post Comment

Only logged in users are allowed to post comments. Register/ Log in