Unfortunately, for one reason or another you might find that you cannot keep up with the repayments on your mortgage and repossession proceedings will be started against you. Your lender could begin to take steps towards repossession if you fail to make repayments for a 2-month period.
However, thankfully the majority of lenders will work with you to try and solve the problem, particularly if it is only a short-term problem. In some cases, things cannot be resolved easily and if this is the case, the lender will begin repossession proceedings through the local county court.
The action will be taken out against you in order to recover the outstanding balance of the mortgage by selling your property after repossessing it. Understanding the repossession process can be difficult and it will be in the form of several steps.
The first step your lender will take towards seeking repossession is sending you a letter or calling you to remind you that you have missed payments. If you can come to some agreement with the lender and catch up on your arrears while continuing to repay your mortgage then it might not go any further than this stage.
If no agreement can be reached or you choose to ignore your lender, the next stage they will take is referring your account to a solicitor, if the arrears continue for 4 to 6 months. At this stage, full payment will be asked for and you will be warned of repossession, it is essential that you contact the solicitor at this stage. If you cannot afford to pay the full amount from the arrears and repay the mortgage, you should try to come to an agreement with the solicitor.
After a period of around 6 months the repossession proceedings will start, although they can start sooner. A court hearing will be set through the county court and it is imperative that you attend.
A number of decisions will be made at the hearing, the case could be adjourned and you will be given another date. If you have paid the arrears off in full then it could be dismissed, the lender will be given the right to take repossession of the property which is usually around 28 days later. There can be a suspended order for repossession which means it is suspended if you can make arrangements to pay off the arrears a little at a time and maintain monthly instalments.
However if you should default after being given a suspended order or you haven’t moved out of the property after the date given you will then be served with an eviction order. If this happens the court will give a time and date when you have to be out and on that date a representative from the court along with a bailiff will turn up to take your property formally.
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