ALWAYS REMEMBER that repossession of any item or property is something which must follow a set legal procedure.
With Repossession Solution, we can guarantee you that everything we do is legal.
It is always important to take actions as soon as you can! May it be immediate or not, call us so we can help you right away.
Here's how a Repossession Process goes:
- After you miss your first monthly mortgage payment, the bank or lending agency will contact you. They might increase your interest rate or penalize you for your payment delay.
- After you miss two monthly payments, the financing agency will start sending you more letters and warnings about the possible consequences of your delayed payments. If you don’t respond or get in touch with them, then they are more likely to initiate the filing for repossession of your home sooner. If you do contact them and try to start negotiations, then you can often buy yourself another month or so to try and clear your arrears. THIS IS IMPORTANT, and you must not ignore this situation. This is the part where you can get help by reaching and calling us. Our team will always be available to sort your needs.
- The law requires the agency to notify you when they are starting repossession proceedings. At this point, your lender applies to the local court and explains why they want the judge to grant them a repossession of your property.
- Your local courthouse will set a date for your hearing. On this day, the judge will decide if you can stay in your home or not. The court will mail you a copy of your lender’s claims against you. They will include the time and day of your hearing and give you a defence form.
5. At this point, you’re must complete the defence form and send your reply to the court. You’ll need to get legal advice to prepare for the court hearing and gather your evidence. If you want to settle the case out of court, you may be able to make a negotiation with your lender’s solicitor in some circumstances.
6. The court then makes an order for repossession. If the judge decides that your asset is to be repossessed, a possession order will be granted. The court order will dictate the terms of the surrender and it is usual that you will be granted 28 days to enable you to ensure you have sufficient time to facilitate the handover. You may also be ordered to pay court costs. At this point, we can still help you prevent this.
7. If you do not surrender the asset on the specified date or if you default on a Suspended Possession Order, the creditor will then need to apply to the court for the courts bailiff warrant to remove the asset from your possession (or you from your home).
8. Following the repossession, your creditor will sell the asset. The proceeds of the sale will be split, your creditor will keep the money it is owed and they will then pay you anything that is left over.
What Are Your Options
To Avoid Repossession Of Your Home?
- Make a plan to settle your mortgage debts.
- Write a letter to your lender attempting a mortgage negotiation.
- Look into free mortgage-rescue services you could potentially qualify for.
- If your lender has already filed a claim against you, take these next steps.
- Prepare evidence and legal representation for your repossession hearing.
- If you were issued a repossession order, ask a legal adviser if your circumstances qualify to file for a new order to keep your home.
- Try to make a new financial agreement with your lender.
- Consider getting a bridging loan to resolve your mortgage arrears and stop repossession.
No matter how you go about stopping a repossession order, you must sort out how you would like to deal with your mortgage problems. At the very least, you should start making a plan and then convince your lender to agree with you.
Starting a written dialogue with the lender will actually buy you more time. It’s never too late to write up a new mortgage proposal idea to your lender. You will need to keep copies of all the letters like these that you send to your lender as well as everything they send you.
You have to present them with a clear, fairly reasonable plan that could work to resolve the debts you owe them. Remember that it’s better to present some kind of repayment strategy to them rather than just sit back and do nothing. Taking no action just makes you appear to be uncooperative and gives them the legal upper hand.
Now, if ever these steps didn't work for you, Repossession Solution is always open to help you!
Are you facing repossession of your property?
We will make sure that your problem will have the most positive solution. help us to keep you from facing repossession.
KEEP YOURSELF POSTED
Sign up to receive featured articles,
products updates and more
from our finance experts and advisers.
Thanks for subscribing! Please check your email for further instructions.
CONTACT US
CONNECT WITH US
find us here