Mortgage Payment Arrears: How Long Do You Have?
Naturally, if you have been affected by repossession of your home, you might be wondering what will happen next. Repossession for non-payment of a mortgage is, unfortunately, an unsettling event for individuals and families alike.
Although various factors can lead to the repossession of a residential property, the most common cause is mortgage arrears – in other words, failing to make regular repayments. According to published statistics, more than 7,800 homes were subject to possession orders in England and Wales during 2018. Significantly, the North West and North East, including Yorkshire and Humber, saw the highest incidences of foreclosure.
On a more positive note, repossessed homes accounted for less than one per cent of those sold during the same year. To discover more what happens following property repossession, read on. Below, we explain lenders’ legal duties, additional costs and legacy debts.