Repossession Advice

A situation not to be wished on anyone, yet frequently occurring since the start of the global recession, is the repossession of one’s property by their lender, which leaves owners at a total loss, often forced to find difficult solutions and sometimes having to drastically change their lifestyle. If you are facing the prospect of your property being repossessed and implicitly increased psychological pressure, the best course of action to take is research and preparation, by devising an effective strategy to either prevent the procedure itself or counteract the severity of its effects. A first step is contacting the Repossession Advice Centre, which offers consultations to owners facing the possibility of repossession..

Grounds for repossession
Generally, procedures are initiated in three distinct circumstances, the most common one being unpaid loan payments, or delays in making the payments, respectively. The risk arises when owners are unable to make their mortgage payments in time or altogether, whilst the inevitability of the problem is evident when lenders make their intentions known and, more notably, when they take legal action. Lenders may also claim a breach of contract on the owner’s part, resulting in its nullification. And thirdly, although this is not a frequent occurrence, the process may be enforced by a public institution entitled to emit compulsory purchase orders, usually towards the completion of a project of public utility; in that case however conditions differ substantially.

Duration of legal procedures
Depending on the legal grounds claimed by a lender, legal procedures may take as little as half a month or as long as a number of months to be completed and take effect. Evidently, it is advisable for owners to address this matter as soon as they become aware of it and even beforehand, when the inability to make payments on time arises.

Best course of action
A prompt response is crucial as time is of the essence – therefore owners should seek legal advice as soon as possible. Preventively, they can inform the lender of a temporary difficulty to make payments on time or justify current delays; an engaged and responsible attitude may result in flexibility on the lender’s part and a mutual agreement, without the need for court proceedings. A negative attitude, such as a refusal to acknowledge the lender’s notifications, is likely to block any chance of negotiation and determine the lender to take matters to court instead. Also, owners should continue to make the payments to the highest possible extent, including during the legal process.

If the risk of repossession is a recurring problem for you, you should place an emphasis on managing your income and expenditures in a more suitable way, to the highest possible extent. An alternative, deemed by many much preferable to the struggle to avoid repossession, is seeking expert advice in order to change your financial plan by adapting it to your current financial situation and expectations. A variety of solutions are available, such as re-mortgaging – the key issue is seeking advice immediately and from competent professionals. Matters should never be left to chance, to advance into a critical phase or to be solved at the last minute.