Lenders can apply for repossession when you account goes into default But most commonly lenders will take you to court with a minimum of three months mortgage arrears, which do not have to be consecutive,
If you have mortgage arrears then it is important that you seek help as soon as possible. Make sure that you contact your lender asap and explain the situation and the steps that you are going to take to resolve the matters.
You may find that you are struggling to pay your mortgage because you are over committed to your unsecured debt, this is where One Advice can help. We can offer you free advice on a number of leading debt solutions, including debt management plans and IVAs.
It is sometimes possible to stop repossession. One Advice are here to help with all repossession questions, so please contact us on 0800 019 5870.
The most common ways to stop repossession are that you have a buyer for your home, you can now afford the mortgage payments or you can pay off your mortgage by selling assets.
When your home has been repossessed, it will be passed to a third party company who have been employed by the lender. This company will prepare the property for resale and for an estate agent to find a buyer for the home.
If you owe money to both your unsecured debts and your mortgage, it is important that you make payments to your priority debts, which is your mortgage. Failure to pay your mortgage means that you risk losing your home. If you find that you are struggling to stay on top of your debts, call One Advice on 0800 019 5870 to see how we can help.
A Postponed Possession Order is granted by the court when they are convinced that you are taking active steps in paying off your mortgage arrears and that you will soon be in a position to clear them.
A Suspended Repossession Order means that you have agreed a payment schedule with your lenders which will reduce your mortgage arrears. Failure to keep to the terms of this Order means that lenders can apply for a Repossession Order.