Repossession: The Terror

The prospect of having your home repossessed is a terrifying prospect for many people and the temptation to ignore the situation and pretend it is not happening is overwhelming. If you have missed mortgage payments or have had letters threatening eviction then we can help.

If you have been notified of a court hearing or have been served an eviction notice then it is still not too late to stop the repossession and ensure you stay in your home. We have even been able to help people who have been evicted to rent back their property and return to their home.

The easiest way to avoid repossession is to sell your home. We can generally complete the purchase within a 3-4 week period and we offer you the option to rent back the property so that you get to stay in your home.

If you are facing the prospect of having your home repossessed then we can give you advice on the best way to stop the repossession and can outline the best solution for you. We can recommend a solicitor who can help you, and we will pay their fees. You do not need a HIP to sell to us, and we pay CASH.

 

Mortgage Arrears

As soon as you miss 1 payment on your mortgage, you are in arrears with your Lender. They will send you a letter stating this and will ask how you intend to repay the debt. You need to call them, discuss how you will repay what you owe, and follow up that call with a letter.

If your Lender doesn’t agree with your repayment schedule, you don’t contact them, or you can’t afford to pay them back and you have missed 2 payments, then your Lender is legally entitled to start the repossession process.

 

The Repossession Process

The repossession process starts when the Lender’s solicitor sends you a letter. This letter will advise you that if you don’t pay off the arrears within 7 days, or if you have not responded with an adequate proposal for paying off the arrears, then their solicitor will start court proceedings.

The process used by your Lender and their solicitor is slick, and it is one that they are accustomed to following.

 

Possession Order

If (in the sole opinion of the Lender) the Lender gets no joy from you regarding paying back the arrears, they will go to court to seek a possession order. This is the start of the repossession process. The Judge will set a hearing date, which you should attend.

At the first hearing, the Judge will decide whether you can repay the Mortgage, on what terms and over what period. The Judge will normally give you a chance to pay back the arrears if he considers that you have the ability to do so. Remember that the court’s view is that "Repossession is the last resort" and the Judge will explore all options open to you.

The most likely outcome at the first meeting is to adjourn to a later date to allow for the collection of more information. This is called ‘directions’. A new hearing date will be set.

If, in conjunction with your Lender, you can come up with an agreed arrears repayment schedule, then the Judge may issue a suspension order so that the repossession order is temporarily placed on hold. Be warned though: If you fail to maintain the agreed payment schedule, then the lender can obtain an eviction order without further court hearings.

At the second hearing, the judge will only suspend the order if there is a change of circumstances such as a change in your employment status, buyer for your home, etc. If so, the buyer is normally required to pay off the arrears quickly. If the Judge does not suspend the order, for example because you have still not found either work or a buyer, then the next step is an eviction order.

 

Eviction Order

If in the Judge’s opinion you cannot repay the arrears and/or you will not be able to afford the ongoing mortgage payments, then the Judge will decide a date when you will have to leave your property. When the eviction order is enforced, the bailiffs will turn up at your door at the designated time, often with an estate agent to appraise your home and put it on the market.

If you have not yet moved out are still in your home, they will give you 10 minutes to collect some essential belongings, then they will escort you from your home and a locksmith will replace all the locks on your home.

If you think that not being in the property (e.g. by going to work or hiding at a friend’s house for the day) will stop the process, then you are mistaken. The bailiff is legally entitled to break into your home.

You will be entitled to a supervised visit approximately 2 weeks later to remove your possessions. Please don’t think you can negotiate with the bailiffs; you can’t. They will simply do their job and evict you. They may not want to do so, but it’s their job and they will do it.

 

The Alternative: How to Stay In Your Home

The easiest way to avoid repossession is to sell your home. We can generally complete the purchase within a 3-4 week period and we offer you the option to rent back the property so that you get to stay in your home. If you think that your financial problems are only temporary, we can even give you the option to buy your home back from us at a pre-agreed price at sometime in the future.

If you are facing the prospect of having your home repossessed then we can give you advice on the best way to stop the repossession and can outline the best solution for you. We can recommend a solicitor who specialises in repossessions and can represent you, and we will pay their fees. You do not need a HIP to sell to us, and we pay CASH.

When your solicitor informs the court that you are selling your home to us, of the agreed completion date, and (most crucially) that the sale price will be sufficient to clear your mortgage, arrears and secured loans the Judge will almost always be willing to suspend the order for a few more weeks so that the sale can complete. We pay off your debts and you get to stay in your home. Remember that the court’s view is that "Repossession is the last resort"

You do not need to put any money down yourself for us to help you as there are no estate agent fees, no HIP, nothing for you to worry about. Even the phone call to us is free.

Call us FREE now on 0800 357 9001 so we can start to help you. The sooner we are involved, the easier it is to stop the repossession process, and the sooner that you will be able to sleep soundly again.