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Not Sure Of The Repossession Laws?
Whether you're facing repossession, have missed a mortgage payment or just want to get clued up, finding out about repossession laws ensures you know where you stand. Like any other laws, they must be followed by the home-owner and the lender, no matter how far in arrears you may be with your mortgage repayments.
The important thing to remember about repossession laws is that they are there to protect you, the home-owner, from any unjust actions. They state that the mortgage lenders cannot just take your home away from you even if you are in several months of arrears and cannot afford to repay them. The first law of repossession your lender has to follow is that they must take you to court if they want to repossess your home and it is only a judge that can give the actual repossession order or have you evicted from your home. If you have tried all else and still face repossession, you could sell your house quickly to release your cash. To find out more and get a fast valuation for your property, call 0800 849 9055 today and speak with one of our friendly team members.
Even if the situation gets so advanced that it goes to court, the statutory repossession laws still have to be followed which will mean that both you and the lender will have to go to make an appearance. The laws are in place to ensure that both yourself and the mortgage lender can both give both sides of the story. For example there could be a valid reason why you are in mortgage arrears and repossession laws state that the judge will have to take this account, along with the lenders reasons for wanting to repossess.
You can find out more about repossession laws by visiting the website of charity: the Homeowner Rescue Advice Centre or popping down to your local Citizens Advice Bureau (CAB). One of the easiest ways of avoiding having your house repossessed is to sell your house quickly to a professional buyer. This should only ever be a last resort but if you find yourself in this situation, we can put you in touch with a network of trusted and ethical property investors. To find out more or get started, give us a call on 0800 840 000 and speak to one of our fast property sale experts about your house.
Get To Know The Repossession Laws
Repossession.net is a Property Site and not a debt counseling service so if you feel you need further advice about your finances we would suggest visiting your local Citizens Advice Bureau or Homeowner Rescue Advice Centre as selling your home should be your last resort. Also Sale and Rent Back Schemes are now regulated by the FSA (which is a good thing) and because of this if you request a sale and rent back discussion we (or our associated partners) will forward your details to a fully registered, ethical Sale and Rent Back Specialist.
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