No matter big or small, your home is the only place in whole world where you feel comfortable. But is there anything that threatens you about your home? Is it the fear of losing it or its repossession? Well, getting repossessed is a very painful experience and it often seems like end of the life for many people.
Once you miss a single mortgage and you are in debts with your lender. Primarily, they will send you a letter asking how you are going to repay the debt. So it is crucial to call them and follow up with a letter. If you are having trouble paying and he doesn’t agree with your repayment schedule or you have missed two or more payments and you cannot afford to pay them back then your lender is allowed to start a repossession process.
In order to save you and your family from the consequences of repossession, it is important for you to understand the house repossession procedure. To know what it is exactly, cast a glance below.
The Repossession Procedure
Officially, this process begins when your lender sends you a letter from their lawyer stating that if you don’t pay your debts in next 7 days or you have not responded with an appropriate proposal on how to pay off the debts, then their lawyer will start court proceedings.
Order for Possession
When your lender will not get any reply or letter from your side, then he will take you to the court and this is from where the official home repossession process starts. He will go to court seeking the possession order. Then, the judge will set a hearing date and it is crucial for you to attend.
At the very first hearing the judge will decide whether you can actually repay the mortgage and over what period of time. The most likely result to come up at first hearing is to cancel to a next date and a new hearing date will be set. If you can come up with agreed debt repayment schedule, then the judge may issue suspension order which means that possession orders are temporarily on hold.
Eviction Order
If in judge’s point of view, you are not able to pay the mortgage or to repay the debts, then he will set a next date when you will have to vacate the property. If you remain in property even after the given notice period then bailiffs will turn up to your house and you will be given a short time to collect your belongings and they will escort you from your home.
Therefore, when looking for repossession help, make sure to take a look at house repossession process and you can also take help from the repossession helpline. They will guide you through the whole process that will work best for you. Thus, understanding the entire procedure, you can keep your family protected from the fear of repossession.
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