House Repossession takes place by a lender when payments on a mortgage account have fallen behind, and the homeowner has been unable to reach an agreement as to how the arrears should be repaid.
On this page, we explain the House Repossession process and take a look at the events that can lead to your home being repossessed. We also offer information on the vital steps you should take if you are facing house repossession, and how we here at Shire Direct can usually help.
Table of Contents:
House Repossession is the process a lender will take if your mortgage payments have fallen behind, and you have been unable to reach an agreement as to how the mortgage arrears should be repaid.
The proceedings for House Repossession are usually entered into by the lender as a measure of last resort, after all other avenues that they can employ, have failed.
House repossession, in other words losing your home, is undoubtedly an extremely frightening experience for homeowners and their families. Nevertheless, if you are faced with possession proceedings, it is vitally important that you take the matter very seriously, and do not panic! The issuance of possession proceedings is just the start of a series of legal processes, and if the correct and considered action is taken, house repossession can often be stopped.
It is important to note that if you are faced with house repossession, you must act quickly. The problem will not go away, it can only deteriorate if left. We will help you to confront the problem, and solve it.
We have set out below the likely course of events that have led up to the lender taking house repossession action, and the procedures that could follow if the property is ultimately repossessed.
Needless to say, the experience for you and your family of having your home repossessed would be little short of catastrophic. You'll be unceremoniously taken away from your friends and familiar surroundings. Many decisions will be out of your hands, such as where the council will house you. Your property is likely to be sold at a property auction where it is likely only to receive a "forced sale" value, which means that you may only receive 85% to 90% of the full market value of your house. this could mean that after the legal costs of the repossession and sale are added to your mortgage debt, that there could be a shortfall, and accordingly you would still owe the lender money. once you have gone through property repossession, you may well find it is very difficult to get back onto the property ladder.
However, it is very important to remember that house repossession is not automatic. If we can assist, we will ensure the correct procedures are set in motion and fast! it may be possible to stop the house repossession proceedings at any stage prior to eviction. Shire Direct can usually help, even after a possession order enforcement has been issued by the court.
As you can see, the implications of repossession and eviction are frightening! As previously explained, most lenders will only repossess as a last resort, and will generally prefer to resolve the situation in other ways if they can.
If you find yourself in this position then it will require immediate attention, so you must act quickly!
We may be able to put you in touch with an organisation that may be able to help you negotiate with your lender. You can email us online at any time.
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