How To Stop Home Repossession?

By Author: Abbyjohnson
Total Articles: 5
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Even if a repossession process is underway you can still stop an eviction
If you have missed some mortgage payments your mortgage lender will start taking action to get you to pay back the arrears. If you can’t pay back the arrears within a reasonable time, the mortgage lender will seek a repossession of home through the courts. They will then sell your home as quickly as they can, and use the money from the sale to pay off the debt. They will usually sell your house for less money than you could get if you sold it yourself so it is always good to do all you can to stop home repossession.

So how do you get a repossession stop? First try and negotiate with the lender before the lender takes court action. Answer any letters from the lender or their solicitor and offer to pay off the arrears over a period of time that is affordable for you. Try changing the mortgage to interest only to lower your mortgage payments and start paying off arrears. You can also avoid a repossession of home by remortgaging with another lender if the new payments will be affordable.

If this doesn’t work the lender will go to court ...
... and you will need to attend the court yourself to get a repossession stop. You should always attend any court hearing you have been requested to attend. If you can convince the magistrate that you are able to pay off the arrears over a period of time, or that you intend to sell your house yourself to pay off the mortgage, the magistrate can stop a repossession of home.

If the magistrate grants a repossession of home a date will be set for when you need to leave the property. If you choose not to leave on that date, the lender must go back to court to apply for a bailiff’s warrant. The bailiffs will then write to tell you when the eviction is to take place. They will then come and remove you from your home.

It’s important to know that at any time during this legal process, if your circumstance change, you can get a repossession stop using the ‘N244: Application to suspend the warrant’ form. This temporarily cancels an eviction warrant and generates an emergency court hearing. At this hearing, no matter what has gone before, it is possible to suspend the possession order by the making of an arrangement, or by asking for time to sell within a realistic timescale.

Even while the repossession process is underway, even after you’ve been evicted from your property (as long as the lender hasn’t sold it) you can get a repossession stop if you can persuade a judge that your circumstances have changed and you can pay your mortgage. Look to see where you can increase your income, reduce your expenses, or get a lodger.

At any time in the process if you have found a buyer for your property you can also get a repossession stop and if you sell to a Sale and rent back provider, you can also stay living in your home as a tenant.
So the important thing to remember it’s almost ‘never too late’ to stop a repossession of home. Keep trying to negotiate, and seek good independent advice.

Have you heard about rent back? Well here at rentback-advice.org we do just that. To learn more about how many people have acted to stop a repossession call us at 0845-053-6699.