Prevent House Repossession & How to Stop Eviction
Every year in the UK, approximately 100,000 UK householders face the threat of losing their home because of arrears in paying their mortgage. Unfortunately, after a few months of missed loan payments, lenders can trigger legal proceedings through the courts to attempt to gain possession of the mortgaged property.
Also called repossession proceedings, homeowners often feel worried by all the official paperwork and uncertain outcome. Fortunately, however, it may be possible to defend yourself and your family during this unsettling time. If you are a homeowner and concerned about mortgage repossession, read on for helpful advice and details of how to obtain dedicated expert assistance.
How to Stop Repossession
It is essential to understand how repossession works. An awareness of timescales and levels of arrears is essential, as well as where to get assistance. Also, a clear understanding of your rights and responsibilities is useful because it will help to formulate a plan to stop mortgage repossession.
Usually, lenders prefer to reach an agreement that works for the owner-occupier concerned as well as the financial organisation. Conversely, failing to respond to lenders’ letters (or responding inadequately) may result in a summons for you to attend a court hearing.
Do not panic; stay calm and contact our advice service at the earliest opportunity. Proceedings take weeks; the law obliges lenders to follow a detailed process before initiating any court action. A minimum notice period of fifteen days applies to any notices served, such as court summons or orders.
Review your non-essential household expenditure and prepare a budget to see if you can make savings. If your circumstances have changed due to health or employment reasons, you might be entitled to state benefits. Eligibility depends on income, savings and any children in the family. There is also a Support for Mortgage Interest (SMI) scheme.
Talk to your lender and make a genuine attempt to reduce the outstanding debt during the typical three or six months’ leeway. After this time, lenders are more likely to apply for repossession. During discussions, therefore, ask about extending the mortgage term to reduce monthly payments to a more manageable level. That way, you might be able to reduce or even clear the debt.
If the current mortgage terms allow it, consider a payment holiday where you have a pause or reduction in payments for an agreed fixed period. Alternatively, try to arrange special terms or investigate remortgaging to a new deal that has lower monthly instalments. You might want to check the possibility of changing lenders to a more favourable agreement.
Prepare a feasible and realistic plan that the lender should accept. Making credible suggestions increases the possibility of the lender seeing things your way — and the court, if necessary. It is crucial, therefore, to gather all the relevant detail and facts. In this sense, expert advice can help to secure a positive outcome and prevent repossession.
Even if the case goes to court, continue efforts to agree on terms beforehand. Nonetheless, do be ready to turn up at court for a hearing if scheduled, so that you can participate in your defence and stop repossession.
In some cases, selling the property online or through estate agents may be a solution, especially if there is equity after settling the mortgage.
Stop Eviction: N244 Application Notices
Importantly, if your mortgage lender or landlord has served a repossession notice against you, you should act quickly to stop the eviction. We use N244 forms to apply for emergency court hearings so that we can state your case professionally. Only when correctly presented will the N244 form delay or stop repossession.
Completing N244 applications is not straightforward; there are essential steps to follow. Above all, it is vital to present the N244 form correctly and within sufficient time. Naturally, there must be an adequate defence; merely stating that the occupier has nowhere to go is seldom enough.
Subsequently, we attend court with you to explain the background and inform the court of all the necessary facts. If the mortgage lender suggests that you are unable to clear the outstanding arrears, robust representation is of particular importance. Subsequently, the judge decides whether or not to suspend the process and stop the eviction. The court usually delivers its verdict after twenty-eight days.
For support and expert advice to prevent eviction contact HMS at
It is never too late.