Top Tips to Avoid Repossession

publication date: Nov 20, 2008
 | 
author/source: Kate Faulkner
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With repossession about to hit new heights, it's important to know that there is a lot of help to ensure that you can avoid it - without too much stress and worry.

Repossession occurs on a property that has a mortgage. If the owner doesn’t make the mortgage payments and cannot come to an agreement with the lender, then the lender will repossess the property ie take it back into their ownership and sell it on.
           
Different lenders will have different ways of dealing with repossession, but typically they will write to you to advise you have missed payments, and if they can’t come to an arrangement for you to pay off the debts, then they will turn to a solicitor and apply to your local court to legally claim possession of the property. Depending on the court’s conclusions, they can issue a Possession Warrant or Notice of Eviction. If you don’t leave they will have your removed from the property and change the locks.
 
The repossession process can take a while, but the longer it goes on for the more stressful it becomes and the more you are likely to owe the mortgage company, so it's worth tackling your worries head on to avoid losing your home in less than six months.

Need help with a property problem? Why not call Designs on Property for independent help? You can contact us on 0845 838 1763 or email your question to enquiries@designsonproperty.co.uk


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