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Repossession Looks Likely For Me
You will know that your house is about to be repossessed as there will be informal and formal threats from your lender that repossession proceedings will be taking place.
Houses do get repossessed. Even if you don't attend the court hearings the process will still continue. Before you get to court, your lender will be busily compiling details of letters sent, conversations held, and notes of what they believe was said in the run up to the court case.
They will use this evidence in court to get your home from you so be prepared. Keep records of the letters received, make notes of all calls incoming and outgoing between you and your lender for use at a later date. The good news is that courts do not like to issue repossession orders. The bad news is that they must uphold the law and if you are not prepared or have not shown a willingness to come to payment arrangements then the judge will have no alternative but to grant the repossession.
Steps to Prevent a Court Hearing
To try and prevent a court appearance, do be polite and honest at all times whilst working toward a more positive dialogue. Look to offer reduced but affordable payments if possible. If you miss an agreed payment at this stage it will only serve to exacerbate problems and may even be taken as a sign to proceed to court so do not over promise.
Consider asking for a mortgage payment holiday but do get any agreement of this nature in writing and do check how the lender intends to reflect this holiday on your credit file.
If You End Up in A Repossession Hearing
If you do end up in a repossession hearing but the debt issue has passed then do gather as much evidence as possible including new job offers and details of your current or expected income expenditure. If you convince the judge that your situation has improved then they will be more likely to suspend or set aside a repossession order.
It is very common that as part of that hearing you will be expected to agree to increased mortgage payments to reduce and eliminate any arrears. This is why it is important to have a realistic monthly income and expenditure budget to hand.
If your debt issue has not been resolved and you are facing repossession then do get professional help. In fact, regardless of where you are currently, do get proper debt advice from a professional.
Talk to someone who understands what options are available to help under these circumstances. Ask a debt professional to explain the options to resolve personal debt issues.
Get the debt help and advice you need to get back on your feet once more
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