Do you need help to stop your house being repossessed?
We can explain the house repossession process and help you to sell your house fast to stop your house from being repossessed.
If you encounter the house repossession process alone, we can stop the repossession and offer a swift sale with a completion date to suit you.
The house repossession process is where your mortgage lender or secured loan provider takes legal ownership of the property.
In terms of the wider repayment process, this will be a last resort for the lenders. Previous contact should have been made regarding arrears, if not contact the lender to request an explanation of the process which they have followed. Contacting the lender can resolve situations as they can set up payment plans before the repossession process begins. If no contact is made between you and the lender, court will become a more likely option for repayment and repossession.
A notice of hearing is where you are notified about a county court meeting.
You would meet with a county judge so they can decide whether your finances will allow you to stay at the property. If they deem you cannot afford the property the house repossession process will begin.
If you can show improvement or a change in circumstances they may allow you to continue to live at the property, with a payment plan in place.
If the court gives a judgement for a possession order, the judge will set an eviction date. This is typically around 28 days but under specific circumstances it can extend up to 56 days.
As for legal costs, this is typically added to the debt by the lender and repayment plan, along with asset management charges and various other professional and security fees.
If a suspended possession order is issued, you will be allowed to stay in your house under the circumstance that you stick to the agreed terms, like a repayment plan.
If you refuse to leave the property, bailiffs will be enforced to remove you by coming to your house.
They cannot use physical force but they do have the right to use the police to remove you from the property.
At this point your home will already have been repossessed and the mortgage lender will sell the property. The lender will keep all money that is owed to them, including interest, and will then pay you anything left from the sale.
There could be a payment that is required if the house does not cover what you owe. This is called a shortfall and you would be required to pay this too, even if there is a shortfall between the sale price and the debt owed.
With Open Property Group, our solicitor will act for you to stop the house repossession process and deal with everything at no cost to you.
Use our contact form and tell us about the property and the situation. Do this as quickly and honestly as possible so we can help stop the house repossession from happening.
We will assess the value of the property and formulate an instant cash offer. You can request when you complete the sale, however for house repossessions a quick exchange of contracts will be required to stop the repossession. At this point we will instruct the solicitors and take care of the legal process.
Open Property Group can buy your property as quickly as you wish. In most repossession cases we exchange contracts within 24 hours from receipt of the legal documents to ensure that we can cancel the repossession proceedings. The solicitor will handle the money and pay all the necessary fees and then you receive the balance once the solicitor has paid the mortgage and any additional fees which the creditors request.
If you required a few months to stay in the property to sort everything out, this is something we could arrange, even after we have exchanged contracts.
Please contact us today to discuss any other questions that you have. We are more than happy to meet with you and talk you through your needs.