If you are hearing the word repossession you are rightfully going to be concerned. However, rather than worrying yourself unnecessarily, read our guide as to what actually happens during the repossession process so you can make sense of the position that you are in.
The main point to make though, above all else, is absolutely do not ignore the situation. The worst thing you can do if you are facing repossession is to ignore the contact that your lender is trying to make with you. This will make the situation become as bad as it can be, the quickest it can get there. There are a broad range of advice options available to you – charities, help lines, government services, and lawyers. Make sure you get in touch with one or more of these organisations immediately.
There are a number of steps that your mortgage lender has to take before they are allowed to repossess your home. Throughout a lot of the process it is possible to halt it and prevent repossession so do not be immediately concerned if you feel that you are long way into the process – you may still be able to get help. When they are threatening repossession your lender must have:-
- Clearly stated to you the total debt you have with them, the payment they require and by when.
- Discussed options for dealing with the situation with you – including discussing any possible ideas for changing the way you pay your mortgage.
- If you make any payments to your lender they must accept them unless they provide you with a reason and an explanation with 10 days of you making this offer of payment.
- You must be given a fair amount of time to respond to their requests and they must respond to contact which you make.
To reiterate, it is absolutely vital that you reply to your lender. If you do not reply you are likely to miss your chance to negotiate with your lender. However, this said; even if legal action has been threatened by your lender it does not mean that you will definitely lose your home. If you haven’t made contact with your lender prior to court action being started, it may not be too late to save your home – get yourself a lawyer today. In terms of legal action:-
- Your lender must give you 15 days notice before starting legal action.
- You must attend the hearing in all circumstances, unless you are told that it is cancelled or postponed. If you do not attend your hearing this will reflect badly upon you and make it more likely that you lose your home.
- Your lender must warn your council that you are attending a hearing in which you could lose your home. They must give your local council 5 days notice of this as you may need to contact the council and declare yourself homeless.
Contact a solicitor such as Roskell Davies who specialises in repossessions today to get the support and advice that you need at this difficult time.