How to Stop Repossession - The Facts
The procedure to stop repossession is releatively straightforward. Repossession can be a scary and extremely stressful event. It can and does happen to anyone, for many reasons. Most of us know little or nothingabout the process involved, even fewer that repossessions can be stoppedin almost all cases.
In this report we will show you clearly the following things:
. What repossession means
. The step-by-step process you need to stop repossession
. What you can do at each stage to avoid losing your home
. How to stop repossession even if you are only days away from a court appearance
The Repossession Process and What Steps You Can Take To Avoid It.
If you miss or are behind with payments on your mortgage or any loan se-cured on your property then you are technically 'in arrears'.
Once you are in arrears you are in danger of having your home repossessed if you do not act quickly.
Normally, lenders will wait for two payments to be missed before taking serious action.
Repossession proceedings can occur because your mortgage lender or loanprovider, as part of the contract you have with them, has the right to take backcontrol of the property and sell it to recover any arrears and outstanding balances due.
However, this is the last resort for the lender and there are several stages where you have the opportunity to prevent this from happening.
Stage 1 Lender chases for missed payments.
Normally the ?rst thing that happens is that your lender or lenders will con-tact you in writing or by telephone to chase for missed payments.
Action Point:
Talk to your lender. Inform them of your situation and try to reach an agreement with them so that you can make additional monthly payments to pay off the arrears over a period of time. Make notes about any conversations you have (including date, time,who you spoke to and the outcome of the conversation) and get details of any agreements reached sent to you in writing (such as a new schedule of payments and anyconditions).
Stage 2 The Lender's Solicitors Contact You Directly
If the arrears remain unpaid for anything from 3 months or more, yourlender will usually refer your case to their solicitors to deal with.
The solicitors representing the lender will write to you and demand full payment of all missed payments.
They will inform you that failure to make these payments and bring youraccount back up to date could result in repossession of your property.
Action Point:
Talk to the solicitors and follow the same process as above. The aim is to reach an agreement to stop repossession on how you can catch up with the missed payments over a period of timein addition to meeting the regular monthly payment. Again, make notes about any conversations you have (including date, time, who you spoke to and the outcome ofthe conversation) and get details of any agreements reached sent to you in writing(such as a new schedule of payments and any conditions).
Stage 3 Repossession Proceedings
Timings may vary, but normally after 4-6 months or more of arrears the lender's Solicitors will issue Repossession Proceedings with the CountyCourt.
Once the court has received this instruction, a hearing date will be set.
Action Point: Make sure you :-
. Complete and return the Court summons.
. Complete the reply form received from the Court stating your intentions e.g. thatyou wish to remain at the property.
. Include as much detail as possible about your income and outgoings as thecourt will require evidence that you can meet the current monthly installment and anamount towards the arrears.
