Property Rescue Blog

This is a short guide to the process that your lender will have to follow if your house is to be repossessed.  Remember, your lender has an obligation to act fairly as well as to comply with the law.  If you don’t think they’ve done so, consult your Citizens Advice Bureau or a Solicitor, who will help you take the matter further. 

• Arrears
  Lenders can start proceedings against you if you default on two mortgage  repayments but in reality many are reluctant to do this and will work with you  wherever possible to find a solution.  Your lender will write to you chasing  payments, so you should speak to them as soon as you start experiencing  financial difficulties.
• Solicitor’s Action
   If your mortgage repayments remain outstanding for 4 to 6 months the  lender is likely to put the matter into the hands of their solicitors.  You will  receive a letter asking for payment in full of the outstanding amount.  If you  haven’t already made contact with your lender, make contact with their  solicitors – both parties want to see you remain in your home and repay your  debt, even if payments are temporarily lower or the length of the mortgage  has to be extended.  Don’t ignore any communication from your lender’s  solicitor.
• Court Action
  If you cannot pay or cannot reach an agreement to reduce your payments in  line with what you can afford, or if you fail to communicate with your lender or  their solicitor, the lender will start action against you in the County Court. You  will be informed of the date of the hearing, which you should attend after  seeking advice from the CAB or your own solicitor. 
• Court Decisions
  This article does not allow us to go into depth about the variety of options  open to the Court, but they may dismiss the case if payment has been made  in full, or, in certain instances, an adjournment may be sought.  If your home  is to be repossessed an Order for Possession will be made.  Sometimes this  Order is deferred to allow you more time to repay your debt.
• Moving Out
  If the Court has granted an Order for Possession it will have stated a date by  which you should have moved out of the property.  If you are still there after  that date you may be evicted.
• But don’t despair!
  Even once the repossession chain of events has begun you can still avoid it by talking to Property Rescue.  They have helped people in your situation, even up to the very last minute, and guarantee to make an offer for your home.  You can sell to Property Rescue but remain as a tenant or you can decide to move out and clear your debts from the proceeds of your sale.

Don’t bury your head in the sand if repossession is threatened.  It won’t go away and avoiding communication with your lender or their solicitor is likely to make matters worse.  Property Rescue’s advisers are sympathetic to your situation.  They will provide you with all the details you need in complete confidence and entirely without obligation.