Mortgage Arrears2023-09-07T09:27:02+00:00

Mortgage Arrears

You are in mortgage arrears if you have missed at least one payment on your mortgage plan. This is usually the beginning of any issue ending in repossession and eviction and it is prudent to fix the problem before it gets any worse. We can give you tailored advice on your mortgage arrears if you call us now, alternatively read on for more information.

Mortgage Arrears

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What Happens Next?

There are many reasons that people fall into arrears with their mortgage Lender, in many cases these circumstances are unavoidable. HMS have encountered and successfully resolved every scenario and are primed to do so again with your mortgage arrears.

  • If you have only missed one payment it is unlikely that you will have any issues with your Lender as long as you make a suitable proposal to repay the arrears over time. It is advisable that you negotiate with your lender as soon as possible.
  • If you have fallen behind and are in mortgage arrears of no more than three months, once again, Lenders tend to be sympathetic and will usually be willing to negotiate a payment arrangement to allow you to catch up. On the slight chance that your Lender in unwilling to negotiate, get in touch and we will insist that they do.
  • You should get in touch if you have a longer history of mortgage arrears as Lenders will be less lenient and will persist in obtaining financial recovery of the arrears and may even pursue immediate court action.
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house evictions and repossessions

Income & Expenditure Assessments

Usually at this stage Lenders will instruct a ‘Debt Counsellor’ or ‘Field Agent’ this person will meet with you and undertake an ‘income and expenditure assessment’ designed to determine what you can and cannot afford to pay. The Debt Counsellor’s report will be sent to your Lender and their their bill will be added to your mortgage account. to your mortgage account.

Often these reports are used to shore up the Lender’s case against you in future. You have every right to refuse this counsellor’s ‘service’, but you must contact your Lender directly and say so.

Alternatively, call HMS and we will guide you through the process, making sure you are not taken advantage of at any point.

If you need any further advice regarding mortgage arrears, please call us and we can discuss your options

How to Stop Repossession

Make sure you talk to your lender

1. Don’t take emergency finance

Other companies may have misled you into believing that a bridging loan or short-term finance is your best or even only choice. That’s not true. The temporary relief will be short-lived when you are facing repossession for a much higher sum.

Try not panic and stay calm

2. Don’t accept a quick sale

In desperate situations, you may be tempted to accept a below-market-value “instant cash” offer on your home. Avoid quick sale companies at all costs—they profit from your misfortune. We can provide better options.

 Review household expenditure

3. Get us to help

We can help you navigate through your options. We will force your lender to give you time to make a decision that suits you. Our first step is to assess affordability for you to keep the property long-term. If this is not an option, then we will ensure you speak to regulated finance professionals or have time to sell your property on the open market.

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