Stop Repossession And Court Action
Repossession is a word that makes most homeowners quake. The thought of losing your home is enough to cause sleepless nights, as you work out what to do. The threat of court action may happen if you owe money that you are unable to repay to a lender. However, there are things you can do to prevent the case from going to court.
You Can Get Free Advice To Stop Repossession
The first step you should take is to get some advice. This doesn't necessarily
mean shelling out for a solicitor at this stage, but taking advantage
of the free
repossession advice that is available from many debt help
charities and organisations, such as the Citizens Advice Bureaux. These
organisations provide advisers who will listen to the details of your
problem, and help you to work out the best way to solve it. Going to
court can be time consuming and expensive, but getting the right advice
may help you to solve your debt problem, and keep the lenders happy
in the process.
Most Lenders Don't Want To Evict You
One reason why you might be under threat of court
action for repossession is if you are having problems repaying
your mortgage. Your mortgage is essentially a large loan secured on
your house, which put your home at risk if you can't make the necessary
payments. However, most lenders don't want to evict you. They would
rather find another way to solve the problem. Talk to your lender about
why you are in arrears. They will usually understand if it has resulted
from illness, job loss or other trying circumstances. After taking some
advice, come up with a payment plan that you can live with, so that
you can reduce the arrears. If lenders are happy with this, you will
stop the court action for repossession in its tracks.
Stop Repossession By Seeking An Early Payment Arrangement
A golden rule for dealing with arrears problems is to respond quickly and in writing to all correspondence from your lender. However, if you don't, and solicitors get involved, there is still a chance that you can
stop the court action for repossession. Again, seek appropriate advice and try to come to a payment arrangement. Even if you end up in court, this will count in your favour when the court rules.
Stop Leaseholder / Freeholder Repossession
You might also be under threat of court action for repossession if you are a leaseholder,
and have broken the terms of your lease. The freeholder may try to evict
you, but if you comply with the terms of your lease, then no further
action should be taken.
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