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Property Repossession

If you begin to fall behind on your mortgage repayments you will be faced with the risk of repossession, this can have a severe effect on the whole family as you become overwhelmed with the stress of money problems.  Sometimes it will be unavoidable depending on the actual reason for falling behind on the payments.

Its then up to you to do anything you can to prevent property repossession because the process can actually start if you miss just 2 payments.  Luckily the majority of lenders will try to work with you and use property repossession as the very last resort, especially if you are only faced with a short term cash flow problem.

If your problems prevent you from being able to make any payments on the arrears or instalments in the near future then the landlord will begin the repossession process through the local county court.  The process is very difficult to understand if you are unaware of the steps involved, the owner will repossess the property and try to balance the outstanding amount of your mortgage by selling the property.

Before anything goes to court the lender will send you a letter reminding you that you have missed a payment and what will happen if it happens again.  It is best if you contact them right away to try and come to an arrangement in order to catch up with the late payment.

If you cannot come to an agreement with the lender or if you ignored any calls and letters then your case will be referred to a solicitor, your payments will then be monitored and if you keep missing them you will be asked to pay the full amount owed.  You are advised to contact the solicitor if you are unable to make the payment, this is to try and come to an agreement to save your property from being repossessed.

Usually after 6 months of missed payments the repossession process will begin, it may begin sooner depending on the circumstances.  You will have to attend one last hearing to finalise the outcome, you may come to a reasonable agreement or the repossession order will be granted in which you will be given a date when you need to vacate the property.

If you did come to some sort of agreement to prevent property repossession you need to ensure that you don’t miss another payment.  In the event you do then the courts will give you a time and date to be out of the property as it will be repossessed and sold so that the lender can try and balance out any money owed

 

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