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Mortgage Repossession Laws Can Be Complex
Once you have defaulted in paying your mortgage, mortgage repossession laws state that your lender is to notify you of an order of repossession for the property. If you do not settle your arrears or at least communicate with the lenders within an agreed timeframe of this notification, they can apply for court proceedings.
It is absolutely essential to talk openly with your lender at the first sign of financial difficulty and mortgage repossession laws are in place to ensure you have enough time to work through the problem. If you don’t communicate with your lender, they can apply for a “warrant of possession” (can also be known as “warrant of eviction”). This enforces the original order of repossession and is basically a forced eviction that would be carried out by court bailiffs. If you’re facing repossession and have tried all else to stop proceeding, then you may want to consider getting a quick sale for your property. To find out more and get a fast valuation for your property, call today and speak with one of our friendly team members.
Repossession hearings usually take place four to eight weeks after the lender has applied to the courts for these proceedings. Once you have been informed of the claim, there are three ways to respond: Admission, Defence, or Counterclaim.
- Admission – accepting responsibility for the claim
- Defence – opposing the claim
- Counterclaim – establishing another claim to counteract the claim against you
The most important thing you can do at the first signs of repossession or financial difficulty is seek trusted advice from your lender and reputable organisations. You’re not alone and institutions such as the Citizens Advice Bureau (CAB) and the charity: the Homeowner Rescue Advice Centre can help get you clued up on mortgage repossession laws and back on track.
Current UK mortgage repossession laws grant you the opportunity to avoid the “warrant of possession” at the time when the hearing is held for repossession. Here you can propose a payment plan to repay any arrears within a reasonable amount of time. These payments would not substitute your normal mortgage, but would be added to it. If both parties agree to the terms and specify a date as to when the arrears should be completely paid, then court repossession can be avoided.
If you’ve tried everything else to avoid repossession and are still faced with eviction from your home, you do have a last resort. If you want to sell your house quickly, we can put you in touch with property investors who can buy your house (usually within a matter of weeks). To get started, give us a call on and speak to one of our fast property sale experts about your house.
Mortgage Repossession Laws Made Easy
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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