How does home repossession work?
Generally your house will not be repossessed until 3 or more mortgage repayments are missed. • Your lender will contact you with payment reminders • If possible reach an agreement to repay the arrears while continuing to repay your mortgage. • If you fail to agree a repayment structure your account is passed to the lenders solicitor. • The solicitor will demand full payment and you will be warned of repossession. • If you cannot make payment formal repossession proceedings normally start. • A County Court hearing is set. It is in your best interests to attend the hearing. • Before the County Court will even consider granting a possession order it first has to be satisfied that every avenue has been explored by the lender and borrower. • A number of decisions are possible at this hearing: • Adjournment to a later date. • Case dismissed if you are able to pay arrears in full • Suspended order for repossession. If you are able to repay arrears a bit at a time and maintain monthly instalme
