Our today’s blog is about How to Stop Repossession
In the UK, most people buy a home on loan. They get a mortgage from a loan lending company and pay back the amount in small mortgage. In case you are not able to pay one or more mortgage, the mortgage lender would take the necessary steps and you would need to pay the pending amount through an arrear. If you are not able to do so as well, the mortgage lender would move to the court and by following the legal procedure would take a repossession of your home.
There are services that buy your home and let you get cash for homes immediately. They would sell it off as soon as they can and that would clear off the debt. They would not wait to get the actual value of the house but in order to sell as quickly as possible they might sell it at much lower price. However, you can still do your bit to stop repossession of the house.
How to Stop It
If the Lender has not moved to Court
The first thing to do is to discuss in detail regarding the entire situation with the lender. You must answer all the letters or emails sent by them as soon as possible. Try discussing and finalizing terms and time with them in which you would pay the arrears. Remember to choose a time line in which you are comfortable with.
Another way is to re-mortgage the amount of payment that is pending from another lender. This would help you to pay the arrears and there would be no repossession. Remember to check the terms and conditions before you actually take loan from another lender. Or look for home buyers who give you cash for homes immediately.
If the Lender has already moved to Court
In case the lender has already moved to the court, one thing that you must follow religiously is to attend each and every hearing that you have been asked to attend. You can try to convince the magistrate that you were not able to pay the motguage over a period of time due to financial issues but would be also to pay in future. If not, you want to sell off the home yourself and would pay the loan amount. This would mean that you would get better value of your home than if sold by the lender. If he agrees, a date would be finalized before which you would need to vacate the house. In case you are still there on the date, the lender would again move to the court. The bailiff would tell you the date on which you would be evicted from the house. On the day, they would come to your home and take procession.
An important thing to note here is that during the entire case, if there is an improvement in your financial condition, you can always by using N244 application. The eviction warrant would be cancelled and an emergency hearing would be called for. In that meeting you can either ask to stop or ask for a date by which you can sell of the property yourself.
It is never too Late
You can always contact us for more details Also, in case you have already been evicted from the property but it has not been sold by the lender, you can still have the repossession stopped if you are able to convince the judge that your financial condition has improved and you would be able to pay the mortguage. It is thus never too late when you can try.Blog written and posted for Put An Offer
No related posts.