Whenever you take out a loan to buy a house, you can face repossession. Falling behind on your payments can lead to the loss of your home, especially because mortgage companies or banks have very strict conditions of payment. They have to ensure that your debt does not rise beyond several months. However, there are [...]
If you find that you’ve fallen behind in your mortgage payments, your lender will want to know how you are going to clear your mortgage arrears. Without any process in place, or if your situation is particularly desperate, your mortgage company could start court proceedings against you to seize or ‘repossess’ your property, leaving you [...]
Statistically, the figures for home repossession have risen by 45%, according to Government figures. There can be many reasons that lead to house repossession, such as: divorce, credit card debt, illness, secured or unsecured debts or separation.
The process of repossession can legally begin when 2 payments to a lender have been missed. The first missed [...]
Step one of the house repossession process:
If you miss two or more mortgage repayments, your bank is legally entitled to kick off the house repossession process. But before they call on the legal system, their internal debt management department will get in touch.
They will try their best to advise you, finding the cause of the [...]
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