Stop Repossession Case Study - Stopping Repossession by Following Correct Procedures

With the job market as it is, you may be worried about your own job, already unemployed or struggling financially for another reason like illness or relationship breakdown etc.

If you have a mortgage then you will no doubt be aware that non-payment of mortgage will force your lender to instigate repossession proceedings. It is wise to understand how to stop repossession, should any one falls victim of their circumstances for no fault of their own.

Here is the process in short:

1. You miss mortgage payments
2. Lender gets in touch with you via telephone and/or letter to make enquiries
3. You continue to miss mortgage payments
4. Lender instigate proceedings to possess your property, including applying to the court.
5. If you do not come up with a good plan to pay back the arrears then the court will grant lender the order to possess property.
6. Court allows family some time (usually 28 days) to vacate the property
7. If family fails to comply court order then eviction notice is granted. Bailiffs evict the family forcefully on due date and change locks.
8. House is repossessed by lender

Whether you are at stage 1 or 8, as long as you are still in property, there are ways to stop repossession.

For example we have stopped repossession half hour before baillifs were due to turn up to evict the family and change locks.

Here are steps you can take to help yourself:

STEP 1: Keep your lenders informed

If you have missed a payment and aware that you will not be able to meet your immediate future mortgage payments the the most important step you can take is to get in touch with ytour lender and explain the situation.

Pick up the phone, dial your lender's number to let them know that you are going to fall into arrears with your mortgage. Give them some idea of how long you think it will be and when you are able to start making your mortgage payments again.

Lenders are bound to be anxious for their money at this stage. So explain how you will repay the arrears. You may mention a figure how much you can afford to pay at this stage, and what else you are doing to clear the arrears etc.

You may write them a letter for your own and their records.

Stop Repossession Case Study continued. Click here for Step 2

Are you worried that your house may be repossessed? 

Click here to stop repossession

Read more articles on stopping repossessions 

 ↑ Back to Top