Real Estate - Real Estate Investment

Here
is a brief description of what you need to be aware of regarding
mortgage arrears and property repossession. The rent back company are
constantly updating this section to provide you with more details
regarding the law. If you are still unsure about what to do to stop
repossession, do not hesitate to contact a rent back company.

What
Are The Stages Involved in a Repossession Process?

1.
When you get into
mortgage
arrears and you fail to come to an arrangement with your mortgage
lender, they will issue a court action. Anything from 2 to 6 months
of arrears could result in the lenders proceeding with legal action
and pursuing property repossession.

2.
At the court hearing, if you could present your ability to meet the
current monthly installment and to pay a contribution towards the
arrears, the judge will almost always suspend the Possession Order.
If the judge is not satisfied you could meet the payments, or you
could not promise to repay, a Possession Order will be made.

3.
If a repossession order is made, the mortgage lender will submit a
Possession Warrant to evict your property typically 2-4 weeks later.

4.
If, at court, you promised to keep up future payments but defaulted
later, the lender will apply to the court for eviction. You will
receive a date and time from the court informing you when you must
leave.

In
time-sensitive situations where an eviction is very close the rent
back company can stop property repossession by paying off your
mortgage arrears immediately and arrange for the sale to proceed
afterwards.

If
you have a large amount of unsecured loans, the rent back company are
also happy to negotiate, on your behalf, with the loan lenders to
reduce the debts.