Home Repossession

Home repossession occurs when you have failed to repay your mortgage for a number of months and no agreement has been made between you and your lender.

If you find yourself in a position where you are unable to repay your mortgage, it is important to contact your mortgage lender to discuss your situation to prevent any legal action taken against you.

Some mortgage lenders offer payment breaks, so if you find you are in a position where you are unable to repay your mortgage for a few months, call your mortgage company and request a payment break. This will prevent any letters arriving from your mortgage company or any legal action that could be taken against you.

If you miss more than two repayments towards your mortgage not previously agreed by your mortgage lender, then your lender may begin legal proceedings against you.

Mortgage lenders cannot repossess your home without first applying to the Court.

The process of first applying for a repossession order and the time the order may come into force can be quite lengthy. Therefore, during this time you may be able to stop the order from being enforced by coming to an arrangement to repay the arrears outstanding on your property.

During this process it is also important to check whether or not you may be insured as to why you were unable to repay your mortgage. Also check to see whether you are entitled to any benefits which you may not currently be receiving.

Home repossession is the last resort for banks or mortgage lenders. By talking to your lender and keeping them informed regarding your situation, you may be able to prevent any action being taking against you, and find that your lender or bank are willing to help you find an alternative solution.