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Is your lender threatening to repossess your home? Have you received a court summons regarding repossession or has your home been repossessed within the last 28 days?
The Repossessions Advice Centre helps property owners avoid repossession by providing useful advice supported by a free helpline.
Why is my house being repossessed?
There must be a legal reason for your lender to repossess your home. The most frequent reason is very late or unpaid loan payments, or if the lease has been broken and therefore voided. If you are dealing with late payments of a loan or rent, the best course of action is to continue payments for as much as you can, even during court proceedings.
Another, although less common reason for repossession is when a public body, such as the local council, decides makes a 'compulsory purchase order'. If this is the situation you are in, you are eligeable for compensation and it would be wise to get advice.
How long have I got?
Repossessing a property usually involves a number of stages, these can take anything from a few months to a couple of weeks. It's adviseable to seek advice as soon as you are aware of the situation.
What can I do to avoid this happening again?
If you think you may have problems meeting your mortgage or other loan repayments in the future, don't wait until it's too late and the bailiffs are at your door. Get advice now. Keep communications with your lender open, this might bide you some time to meet back payments or settle out of court. Remember not to ignore their letters or phone calls, as this may provoke court action sooner.
If you feel as though you're seeking further into financial difficulties, do something about it! There are many avenues open to you that you may not be aware of; talk to your lender, re-evaluate your outgoing costs and seek professional advice.
Is your lender threatening to repossess your home? Have you received a court summons regarding repossession or has your home been repossessed within the last 28 days?
The Repossessions Advice Centre helps property owners avoid repossession by providing useful advice supported by a free helpline.
Why is my house being repossessed?
There must be a legal reason for your lender to repossess your home. The most frequent reason is very late or unpaid loan payments, or if the lease has been broken and therefore voided. If you are dealing with late payments of a loan or rent, the best course of action is to continue payments for as much as you can, even during court proceedings.
Another, although less common reason for repossession is when a public body, such as the local council, decides makes a 'compulsory purchase order'. If this is the situation you are in, you are eligeable for compensation and it would be wise to get advice.
How long have I got?
Repossessing a property usually involves a number of stages, these can take anything from a few months to a couple of weeks. It's adviseable to seek advice as soon as you are aware of the situation.
What can I do to avoid this happening again?
If you think you may have problems meeting your mortgage or other loan repayments in the future, don't wait until it's too late and the bailiffs are at your door. Get advice now. Keep communications with your lender open, this might bide you some time to meet back payments or settle out of court. Remember not to ignore their letters or phone calls, as this may provoke court action sooner.
If you feel as though you're seeking further into financial difficulties, do something about it! There are many avenues open to you that you may not be aware of; talk to your lender, re-evaluate your outgoing costs and seek professional advice.
