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Preventing Repossession - Steps You Can Take To Save Your Home
Your account with your lender is "in arrears" when you have missed some mortgage payments for whatever reason. Once you are in arrears, having missed payments for a couple of months or more, your lender is likely to seek court action in order to take steps to regain ownership or "repossess" your property. If you fail to contact your lender and try to reach agreement, the lenders only option to get their money back is to take control of your property and sell it. They must do this through the courts. The important thing to recognise as a homeowner threatened with repossession is that there are options to consider. If a lender takes action through the courts it does not mean that you will definitely lose your home. Refinancing your home may help, or you could always sell. Getting friends of family to help with the arrears is a further consideration.
Before you decide any drastic measures, the most important thing to do is to talk with your lender. Some lenders are more helpful than others, but help may include extending the term of the mortgage, switching to interest only from a repayment mortgage, or rescheduling the debt in another way. This may prevent the need to go to court. However, even if you can't agree a suitable solution with the lender, the judge at court is more likely to sympathise if you can show you have tried to solve the situation and not hide from it.
If things do reach court at a possession hearing then this is an opportunity for you to explain what has happened and how you propose to clear the debt outstanding. The hearing will be at a county court. At the hearing there will be the district judge and a representative for the lender. There is no jury and no oaths and no black gowns and wigs. You will sit round a table in a private room so its not as daunting as you may think. However, it is important to address the judge and not be intimidated by the lenders representative.
The best solution at a hearing is to come up with the arrears. This clears your account and removes any need for the lender to seek possession of your property. Alternatively, if you can show that you can meet future monthly payments and pay a sum towards the arrears each month, then the judge may grant a suspended possession order. This means you can stay in your home provided you meet this commitment each month. If you decide to refinance or sell your home, the judge is only likely to grant extra time if you can show that your chosen option has been progressed and can be finalised in 28 days.
Refinancing your home may be an option worth considering. However, in a repossession situation time is of the essence and the broker may not have any control over timescales or being able to guarantee you will be able to get the refinance you need. The fact that you are in arrears will also limit the availability of finance to you and the long term cost is likely to be very high. Selling your home is a further option but again beware that you will have very little control over the timescales and it may take time for an offer to be made and for the buyer to get the finance they need to buy your property.
At the court hearing the judge may allow you to keep your home via a suspended possession order. For example, if the judge thinks you are able to meet future monthly payments in full, plus a contribution towards arrears. This will mean you must follow this plan and failure to do so will allow the lender to gain possession without the further need for a court hearing (though in practice you could request one). If you present options such as selling your home or refinancing it, then the judge will want to see evidence that this is happening and that things are progressing and that the lender will get the money due to them within 28 days.
Facing repossession is every homeowners worst nightmare. However, recognising that their are options available and that there are organisations available to help you is important. What's critical is taking some action and seeking help. Organisations such as Shelter, the Citizens Advice Bureau and the National Debtline are good starting points for advice, Make sure you are contacting these government supported agencies or charities and not some copy cat private enterprise.
Article Source: OrganizingWeb.net
About the Author
Author James Bailey has a good working knowledge of the repossession process and has helped numerous people save their home in the UK. Get more information, articles and obtain a full report on the repossession process at www.repossessionhelp.infoMore recent articles in Business Reviews Category
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