Repossession

Article Title

One thing that you should always be avoiding in life is repossession, this means that you need to be on top of all of your finances so that you can still afford to repay your mortgage or loan back each and every month. There are hundreds of places that you can receive advice on how to properly manage your bills efficiently because as you began to fall in debt it can be very hard to get out of the red!

If you feel you are going to fall behind on a few payments on your property you should immediately contact the landlord or mortgage provider to see if you can come to an arrangement to pay the arrears, this way you will not be heavily penalised, however you can expect to be charged for missing payments on your property. If you were to just leave it with talking to the relevant people you could face repossession. Without any communication they will then start the repossession process with the county court to try and regain some of their money – usually in the form of taking the contents. In some cases they will try to gain rights to take the property back which will leave you with no money, no home and nowhere to go.

Once the repossession process has begun you will receive a letter from your mortgage company or landlord stating a time and date for you to attend a hearing in the local county court. It is absolutely crucial that you don’t miss this hearing, it is your chance to suggest your proposal in front of a district judge. If the district judge believes that it is a reasonable offer then it will be accepted and the claim for repossession will be suspended. You must make sure that you can keep your word on your proposal as the next time you default on your mortgage/rent and the agreed amount the owner can apply for an eviction notice without having to go through the courts.

If you are lucky enough to have your proposal accepted you will then have the rights to stay in the property and pay back what you agreed, you will also be liable to pay the ongoing rent/mortgage that was agreed when you first moved into your property.

If the district judge believes that you will not be able to catch up on the arrears, as well as paying the monthly instalments then the repossession order will be accepted and the appropriate people will begin trying to reclaim their money, usually after 28 days.

Why Use Us?

No Fees

Rent My House Back will cover all the fees (validations and HIPS) . We can also arrange a solicitor for you, or contribute £500 towards a solicitor of your choice.

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