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Overview Of The Stop Repossession Processes and Avoiding Repossession

The overall process of conducting a repossession involves a series of different stages which can take anywhere from as little as a few weeks to a few months.  Stopping repossessions can often be done at many of the different stages of the repossession process, however the later you leave it the harder it becomes, so it is vitally important you continue to speak and negotiate with your lender at all times, in particular if you are already in mortgage arrears .

Is important to stress that you must not delay in taking action, the sooner you start to get help the more options you will have to stop repossession and the less you will have to pay in costs.

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Reasons For Repossession

There are many reasons that can trigger the starting process for repossession.  The most common reason is if you have mortgage arrears or arrears on other secured loans that have been taken out on your home.  You are technically in mortgage arrears when you miss a “single” payment on your mortgage, however when you miss “two” payments on your mortgage you are officially in arrears and your lender is very likely to refer you to their legal department.

In majority of situations, lenders much prefer to resolve situations of mortgage arrears by negotiating a repayment plan rather than starting court proceedings, however if you have missed more than two payments, you are in official arrears and are in danger of losing your home if you do not seek repossession help to stop repossession.

 

Stages of The Repossession Process and Stopping Repossession
 

The following are the main stages of the repossession process and information points on how to avoid and stop repossession.

Stage 1 – Notice from Your Lender Regarding Late Payments  

The first stage in the process is for your lender to contact you either by phone or in writing or both to request that you pay your outstanding debts immediately.  If they are not satisfied with the outcome at this stage, they will write to you stating that they are going to start court action.  At this early stage you still have plenty of time to pay off all mortgage arrears in full to avoid any court action and avoid repossession.

Stage 2 – Letter from Your Lenders Solicitors

Many lenders have systems that alert them when you are 3 months in arrears and many of these systems pass cases directly to the lenders solicitors for action.  You will receive a letter from your lenders solicitors stating that any outstanding debts must paid immediately, including any charges and fees.  Again at this stage you have the opportunity, to pay off all mortgage arrears in full to stop the repossession process.

Stage 3 – Summons from the Court

If you continue to miss payments or do not get in contact with your mortgage lender, then your mortgage lender is likely to start court proceeding at the local county court to have the case heard by a judge.  When the local court writes to you stating that a hearing will take place, this is called a court summons.

When you hear from the court you must get advice and repossession help immediately in order to help stop repossession.  It is vital that you reply to the court summons, failing to reply or attend court for your repossession hearing can seriously damage your case and puts you at risk of automatic proceedings for repossession. 

Stage 4 – The Court Hearing and 28 Day Possession Order

During the hearing the judge will listen to all the evidence from you and your mortgage lender before making a final decision regarding the repossession.  There are several decisions that the judge could make:

  1. The Case is adjourned
  2. You are allowed to keep your property with specific conditions such as you repay your arrears. 
  3. Give you time to sell your property to stop repossession
  4. Decide that there is no alternative other than for you to be evicted and order a 28 Day Possession Order

A “28 Day Possession Order” is the right for the mortgage lender to recover all costs by means of an eviction and to sell the property to regain all costs incurred in the repossession process.  If you fail to submit a proposal to the court or do not attend the hearing this can be the common outcome.  Once this has been ordered you have 28 Days to leave your home and hand back the keys to your mortgage lender.  You need to ensure that you both attend court and have gained professional repossession advice before hand.    

Stage 5 – Possession Warrant, Bailiffs Warrant, Eviction Order  

If you have not left your house within 28 Days or the date on the order, your mortgage lender will apply to the court for a “Possession Warrant” and the court will set a date for eviction of the property which is typically 7 – 14 days from when the “Possession Warrant” is granted.  In parallel, the lender will apply for a bailiff’s warrant for you to be evicted from the property. The bailiffs will write to you to advise of the final eviction date and time.  The bailiffs will arrive at the date and time specified on the court order alongside the mortgage lender and a locksmith, they will remove all persons from the property, all locks will be changed and you will only be granted one final visit after two weeks to collect any remaining belongings.  At this final stage,  the only way to stop a warrant and eviction is to pay all mortgage arrears and fees in full and in some cases the entire mortgage.  

If you are considering selling your home to stop repossession or to stop a repossession order, Smarter Home Sales may be able help with advice and options. 

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See Also: Sell House Fast                                                                                                                    See  Also:    Quick Property Sale

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