Stop house repossession – how the process works
A lender will only start repossession proceedings if they think that they will be unable to recover the money they have loaned to you. Many lenders are willing to let you miss a number of payments, particularly if you get in touch with them to explain your circumstances, but there will come a time where they decide that the only way to get their money back is to take ownership of your home.
How to stop house repossession
The key to stopping your house being repossessed is to learn more about the process and have enough information to decide what you need to do. The repossession process is fairly straightforward, and it’s important to remember that you can stop it at any time – even when you are summoned to court.
Notice from lender – you will have already received letters from your lender asking you to contact them about making payments. Once they decide to repossess, you will receive a formal notice stating that they are applying to the courts for a legal order to repossess your home. Always contact the lender as soon as you receive this letter, so that you can explain your situation and to see if you can come to an arrangement that stops the house being repossessed.
Court summons – once your lender has applied to the court, you will get a summons from the court, telling you that a hearing has been arranged. You must reply to this summons, and you should find an adviser that can help you with the court process. Again, if you can make a financial arrangement with your lender, you can stop repossession before the court hearing.
At court – you should always attend the hearing, because it is your only opportunity to explain your circumstances to someone who is independent. You should be prepared to give an accurate history about the account, including whether you contacted the lender for help before the repossession order was granted. You can also show the court evidence of your intention to pay, and this may persuade the judge to suspend or cancel the repossession order.
So, no matter where you are in the repossession process, you can stop it. Selling your house quickly allows you to raise the money you need to pay back your lender, and at the Yorkshire Property Company, we’re happy to provide evidence that we’re buying your property so that the judge can make a decision in your favour.
At the Yorkshire Property Company, we believe in giving you the best deal for your property, so that you can get on with your life. Our experience and our professional standards of service make us the ideal choice if you live in Yorkshire and you need to sell your property quickly. With our no-fee service and plenty of help and advice along the way, we’re happy to talk to you about your property and how we can help you sell it with no stress and no hassle. Call us free now on 0800 088 7037 or send in your online enquiry form.
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