The repossession process begins when borrowers fail to make payments on any loan secured on their property and fall in to arrears. If the situation continues to escalate then they could be in danger of having their home repossessed.
Under the terms of the mortgage contract, lenders have the power to take back control of the property and sell it to recover any arrears and outstanding balances. However in these circumstance it is very likely that the lender will eventually sell the property for a knock down price at a public auction. If you are in negative equity or your loan is higher than 80% of the value of your property (LTV) it is also likely that the sale will not cover the debt to the lender and they will still pursue this from you.
In many cases this can lead to Bankruptcy as the only way of moving on in life without the burden of a huge debt with nothing to show for it.
There are however several stages where borrowers have the opportunity to prevent this from happening.
The following is a general overview of the stages involved with the repossession process:
The key to avoiding the repossession process is to contact your lender as soon as you know that you are starting to struggle, always make contact with the lender in writing and send all letters recorded delivery. If you are unable to communicate with your lender or you want specialist help then call the Repossession Team on 0345 5484 345 for an assessment of your case.
Frequently Asked Questions
I have been given a court date, How can Lender & Court Services Ltd Help?
Being sent a court date means that your mortgage lender wants to apply to the court for a Repossession Order at a court hearing. The outcome of this court hearing is dependant on the individual circumstances of your case. However, if you have fallen on hard times, and now you are getting back on your feet as long your case is presented clearly and you can prove that you have an income and can afford your normal mortgage plus a small amount towards the arrears, it is likely a suspended possession order will be granted with a first hearing.
Is it too late for Lender & Court Services Ltd to help me if I have been sent a Possession Order?
It is never too late for Lender & Court Services Ltd to help with your home being repossessed , but you need to call Lender & Court Services Ltd straight away. The longer we have then the more chance there is of saving your home.
Can Lender & Court Services Ltd Really save my home?
Mortgage and Secured Loan Lenders see repossession as a last resort and there are many ways that you can avoid repossession. regardless at what stage of the repossession process you are at, Lender & Court Services Ltd can help.
How quickly can Lender & Court Services Ltd stop Repossession?
Mortgage and Secured Loan Lenders see repossession as a last resort and there are many ways that you can avoid repossession. regardless at what stage of the repossession process you are at, Lender & Court Services Ltd can help.We have stopped repossessions where it has been literally the day before the repossession is due to take place. The more notice that Lender & Court Services Ltd get then the longer we have to draft your case, brief our specialist law firm, organise an emergency hearing and book your representative for court to get the repossession stopped.
What is the last point Lender & Court Services Ltd can stop my Repossession?
Lender & Court Services Ltd can stop a Repossession up to the day of the eviction taking place, depending on your circumstances however you must talk to Lender & Court Services Ltd as soon as possible.
What is a Suspended Possession Order?
A Suspended Possession Order is when the court rules that you have agreed to a payment schedule with your mortgage lender in court. This means you will pay your usual mortgage payment plus a small amount each month towards your mortgage arrears. If you break this court order then your lender can re-apply to court to continue with the repossession process, and it is likely that the Judge will not be as understanding and may rule in favour of the lender, depending on the circumstances.
How Successful are Lender & Court Services Ltd at Negotiating with Lenders?
Lender & Court Services Ltd have quickly become a recognised brand in dealing with people with mortgage arrears or facing repossession. We deal with Lenders every day in presenting our clients cases and establishing agreements to pay arrears over time, with a manageable and affordable payment arrangement.
It is always much easier to reach agreement with a Lender prior to any legal action and arrangements can be put in place more quickly.
Call us now for a FREE review of your case on 0345 5484 345