What is Repossession?

Home Repossession >> What Is Repossession?

What Is Repossession?

Repossession is a legal process that occurs when a lender obtains a court order to take possession of a property due to non payment of the mortgage.

The initial correspondence is usually in the form of a letter reminding you that you have missed payments. It will request you to contact the lender to discuss the mortgage situation and discuss when you intend to catch up on arrears.

If your lender is not satisfied with your proposals, or if your debt and arrears situation gets worse, they will probably write to you again. The second letter usually states that you must immediately clear your debts or make contact with the lenders, or their solicitors will contact you.

Lenders will then apply to the court for a possession order to allow them to take over the property.

As a home owner, you can only be evicted if your lender or freeholder has a legal reason (grounds) and the correct procedure is followed. Repossession doesn't happen automatically. It may be possible to stop the process at any stage.

If your home gets repossessed not only will you be homeless but your credit rating will be seriously affected and it is unlikely you would be able to buy your own home ever again.

Home Repossession : information and advice on having your house repossessed and how to prevent it

Home Repossession >> What Is Repossession?

What Is Repossession?