The Red Tape of getting your Home Repossessed

At least 25,000 properties are repossessed every year throughout Wales and England and with an average number 530 000 houses sold, that makes 1 in 22 houses being repossessed. This number is at a fragile state, as the ball could swing to the worse, as the fragile economy is going through its redevelopment process.

The first problem starts when for 2 or more months of your payments start to slip and your mortgage lender sends a polite letter via the Arrears Collection Department for you to pay your outstanding amount. If you have found yourself at stage 1 and not able to pay the full outstanding amount then I recommend making contact and find a way of settling the problem at hand before it unnecessarily spirals downwards.

Stage two is dealt with a solicitor who sends a polite yet firm letter explaining the seriousness of your situation.

Its never to late to late to stop repossession, Contact Right Home Sales, we can help you out. 

If at this point you have not been able to come to an agreement with the solicitors, then the unfortunate wheel of Repossession will start. Your case will be forwarded to the County Courts whereby they will send a suited man to send the bad news of your SUMMONS and your court appearance date. You will also receive a defence form (N11M), which you must complete and return to the court within 14 days. This form gives you the chance to explain your circumstances. This is your opportunity to explain why you are in arrears, and how you plan to repay the arrears.

There are a number of possible outcomes of the hearing

Adjourn-you will be given a new date for your hearing

Dismissal of the Case- Usually followed if the payment has been settled.

Order for Possession-This will give the Lender to take ownership after a fixed period of time- Anywhere from 28 days.

Suspended Order for Possession- The Order is suspended upon payment of the current monthly instalment and an agreed amount towards the arrears. This order is very readily applied. It allows the defendant a further chance to keep possession and gives security to the lender. If the defendant default s upon payments, then the lender may take immediate possession by a Warrant Possession.

Eviction notice! This unwanted letter will only follow if you have defaulted upon your payments agreed from the Suspended Order or if you have over stayed the prescribed days allowed for the Order of Possession by the courts. There is nothing quite distressing as having your home prepossessed plus the long term affects of bad credit that will follow from it.

Take the Right steps and contact Right Home Sales (call 0800 0949 123) and avoid repossession now.