Top 10 Tips To Avoid Your House Being Repossessed

Having your house repossessed by a financial institution is the most horrible experience for anyone. In a recession, the likelihood of repossessed leading to a need for you to sell a house fast due to non-payment of mortgage repayments is quite high. We are in a time where most homeowners are already struggling with the repayment of their mortgage and the inevitable step is mass repossessions by banks and financial institutions over the course of the coming years.

There are tips that homeowners can follow to avoid having their homes repossessed. Strict adherence to these may help save homes.

1. Consult with your lender asap! (more...)

How to Stop Repossession and Avoid Being Taken to Court

To have your house repossessed by the financial institution due to non repayment of the monthly mortgage instalments can be a frustrating experience for any home owner. The current recession has seen many homes being repossessed and the economic meltdown which shows no immediate end in sight is likely to force many homeowners to surrender the keys to their houses, to banks and other lending institutions. In all this helplessness, homeowners can take steps and avoid repossession of their homes, and even avoid being taken to court.

1. Be honest with your lender!

It can be tempting to hide your financial woes to your lender and hoping for the best. It is always best to open up about your financial situation, make them aware of your financial situation. This will ensure at the very least that you are not hounded by your lender for payments you are not in a position to make. It also costs money for the lender to follow up on you; therefore you need to let them know so that they do not chase you unnecessarily. (more...)

Understanding the Pre-Action Protocol For Mortgage Repossessions

When it comes to repossession of your home, property or house, there is a protocol to be followed by all parties involved- that is the lender and you. The pre-action protocol is there to ensure your protection and to make sure that the lender in the bid to lay the claim, takes all reasonable steps to avoid repossession and further to ensure that repossession is the option of the last resort. Through this protocol, lenders are encouraged to exhaust all other alternative avenues for paying off the arrears before they can take you to court.

The pre-action protocol compels the lender to give you information about the total amount of arrears you owe, the outstanding balance on your entire mortgage and interest charges you are liable to pay. The lender should also discuss with you the reasons for arrears and your financial circumstances and explore whether the situation is short term or long term. Your lender must also consider any requests you make to change the date or method of payment and your proposal for repaying the debt during the pre-action protocol phase. If the lender does not agree, you must be given about ten days to think over their proposal. The lender is also obliged to advise you to contact the council?s housing department for advice and to refer you to an independent debt adviser where necessary.

The lender must also complete a checklist to prove that the pre-action protocol was followed. The lender must further notify the department of local council within five days of receiving the court date notice and also notify everyone living on the property about the impending court case against you (especially if the property was rented out). (more...)

A Quick Overview of the Repossession Process

In the event you fail to keep up with the mortgage repayments the lender has legal rights to take legal action against you to repossess your home and sell it in order to recover the money you owe. Even in instances where you are up to date with your mortgage, you stand to lose your home if you are behind in payments to your secured loan.

There are procedures to be followed by the lender, before repossession can take place. You cannot be forced to leave before certain procedures, up to going to court have been complied with.

1. Letter from the lender (more...)

How to Prepare for a Repossession Court Hearing

In today?s economy it is becoming increasingly difficult for homeowners to meet their monthly mortgage payments. If you find yourself in court for a repossession hearing due to non-payment, it is important to ensure that you are fully prepared for the proceedings. Hearing Notification:

You will receive a ?Particulars of Claim? form detailing the specifics of the hearing, such as date and time, and explaining why you are being summoned to court for a repossession hearing. You should have at least 21 days notice to prepare for your hearing.

As well as this, you will also receive an optional ?Defence Reply Form?. On which you may detail any information in defence of your case, for the court?s consideration, such as financial information and an explanation as to why payments were missed. If you fill this out, do so with the help of your legal advisor and return it to the court within 14 days. (more...)

What to Expect On the Day of Your Repossession Hearing

When facing a repossession hearing a level of nervousness is to be expected, however people often find that the process is not as frightening as they first expected.

It is vital that you attend your hearing, as if you do not, the judge is likely to rule against you.

It is advisable that you obtain advice from a specialist, such as a solicitor or legal aid, before the hearing. If you are unable to do so, some courts provide advisors on the hearing day under the Housing Possession Court Duty Scheme. However, it is better to obtain advice beforehand if possible. (more...)

Possible Defences Against Repossession

Before a lender can take legal action against you there are several steps they must follow, in order to provide adequate opportunity for you to keep or sell your home.

They must:

? Inform you of how much you owe, including interest and other relevant charges. ? Consider any changes suggested, in terms of how payments are made. ? Provide reasons for rejecting possible suggestions within 10 working days. ? Allow you sufficient time to consider their payment proposals. ? Give 15 working days written warning if they plan to take legal action against you, for non-payment. (more...)

Understanding The Judges Decision At Your Repossession Hearing

The Judge may decide to be lenient or strict in their ruling, depending on the specifics of each case. Most often Judge's will allow a 56-day grace period, during which you may be able to arrange a quick house sale to a cash homebuyer.

If you need to stop the threat of repossession now, contact us and we can advice on which company is the best one to buy your home for cash. Possible decisions:

After reviewing your case the Judge may come to any one of the following decisions: (more...)

Understanding The Role of Eviction Bailiffs

If the Judge has issued an 'Outright Possession Order', you are obliged to leave the home within the specified amount of time. If you do not, the Judge may issue a ?Warrant for Possession? which means that you may be evicted from the property by a Bailiff. (This may also occur if you miss ordered payments under a ?Suspended Possession Order?).

The Bailiffs Job:

You will receive notice once a ?Warrant for Possession? has been issued, either by post or more likely delivered in person by the Bailiff, to ensure that it is received. The time between notification and eviction depends on the local Bailiffs office, however you should have a few days in which to take the necessary action i.e. apply to court to delay or stop the eviction, or move your possessions into storage. If you have no storage options available, you can contact your local council for assistance. (more...)

How to Find a Home After Being Repossessed

If you are evicted from your home, and are unable to find grounds to have the Court?s order overturned, you now face the problem of finding a new residence. This can be a difficult process after repossession, but there are options available to you. It is important in this situation to set aside your pride and take the help offered to you.

There are many organisations offering free advice, in regards to finding a home after being repossessed. You can find assistance through Shelter and Citizens Advice Centres, as well as through your local council.

Options to consider: (more...)

What Is A Forced House Sale By A Mortgage Lender?

The lender?s sale - After repossessing your home the lender will try to sell your house quickly on the open market, in order to recover their costs.

They may decide to sell your home at a property auction, or sell it through an Estate Agent however, they usually prefer the security of a house auction.

Note that you are responsible for the property, and any costs it may accrue, until it is sold. (more...)

Some Good Advice On Paying Off Your Outstanding Mortgage Debt

Living debt free and paying off already existing debts is not easy for most people especially in a time where the cost of living is ever-increasing but earnings remain constant.

Many find it an uphill battle to pay off debts or even to keep up to date with repayments, especially when it comes to mortgage debt.

The question utmost in many people?s minds is whether it is possible to pay off one?s debt in a recession. The answer is yes- with persistence, discipline and a bit of careful planning, one can. (more...)

The Quick Guide To Sell And Rent Back Schemes

Sale and rent back schemes have often been seen as an immediate solution and alternative to home repossession.

The current UK economic recession is not helping the property market as houses and flats are taking as long as six months to a year before they sell on the market. Given that most home owners are finding it difficult to repay mortgage loans, such a long timeframe to achieve a sale is just exacerbating the pain they already feel.

With literally nowhere (outside of the largely ineffective Charitable sector) to turn for assistance and relief; ?sell and rent back? services from specilist property companies had provided an immediate solution for many home owners facing mortgage repayment issues. (more...)

Everything You Need to Know About Voluntary Assisted Sales

If you?re having trouble paying your mortgage and falling into arrears, you risk having your lender start repossession proceedings against you.

If you have the equity then your quickest and cleanest way out of trouble is to sell the property on the open market and then move to something a little more affordable.

The problem is in the current market, estate agents are taking a long time to find suitable buyers, time you don?t have (given your mounting mortgage arrears). As such it?s best to speak to you lender as soon as possible to see if an ?Assisted Voluntary Sale? can be arranged as an alternative to them starting repossession action. (more...)

10 Top Tips On How to Deal With Your Mortgage Lender When Faced With Mortgage Arrears

Many UK homeowners are finding themselves in arrears when it comes to their mortgage loan repayments.

Below is a list of ideas on how to ease your financial burden and deal with your mortgage lender:

1. Make interest only payments - You could opt for a temporary arrangement with your lender whereby you will be allowed to make payments towards the interest accruing over your loan. This does not in any way reduce your capital loan amount- it only reduces your monthly payments and is not to be taken as a long-term solution. (more...)

What To Do If In Negative Equity And Threatened With Eviction?

The recession has claimed many jobs from the working class and as a result a stable homeowner who has recently lost his or her job may suddenly find that they are unable to repay the mortgage on their home.

For those homebuyers who took out their mortgages years ago are stuck with a reality that they suddenly owe as much as their homes are worth if not more. Since 2008, negative equity is now a reality, which most people have to face.

Those with some equity in their homes often find themselves unable to sell due to the high costs associated with estate agent fees and penalties associated with repayment. (more...)

How To Use The N244 Form To Stop House Repossession

To be faced with repossession is every homeowner?s worst nightmare. Having to contend with the fact that you are losing your home irrespective of how long you have stayed there is disheartening feeling even to the emotionally strong.

For those who have gone through this gruelling experience and have successfully averted repossession will probably know about this eleventh hour solution to repossession. The N244 Form is best described as the homeowner?s last bid to keep the house when faced with repossession.

The N244 Form is a standard form, which is used to stop or at least postpone repossession orders, or bailiff warrants for eviction. This is after the court has made an order for eviction and is therefore an eleventh hour last bid to keep one?s home. (more...)

The Top 3 Myths About House Repossession

Common myths about house repossession are not all true.

Myths develop usually due to lack of sufficient knowledge about the process and mostly due to incorrect information being handed down on the subject.

When it comes to house repossessions, many myths exist, which upon close scrutiny are not true. Some of the myths have put terror in the lives of homeowners who find themselves unable to repay and honour their mortgage agreement. (more...)

Everything You Need To Know About Debt Management Plans

Debt can be overwhelming and not knowing how to get out of debt can be depressing and quite stressful.

Most people find themselves buried in debt with no way of coming out or at least reducing the debt. A debt management plan is an agreement between you as the debtor and your creditors wherein you agree to pay all of your debts.

The payments in terms of the plan are made on a regular basis to a licensed debt management company and the company will share this money out to your creditors. (more...)

Everything You Need To Know About Insolvency Voluntary Arrangements

Individual Voluntary Arrangements (IVAs) are a more convenient and easier way of dealing with overwhelming debt and avoiding bankruptcy.

IVA is a legally binding agreement between you as the debtor and your creditors other than your mortgage lender. It is a solution to people who have no hope of ever paying off their debts.

There are negative consequences with IVA, therefore it is important to consider all the facts before signing up. (more...)