In Business Since 2001 We accept Paypal
Home for Writers for Publishers Article Directory Article Search
Guides
Article Marketing Secrets
20-Min Article Writing
Author Resource Box
35 Traffic Strategies
Kindle Uploads 101
Fantastic Fiction Decoded


Click Here to
see on Amazon


Site Navigation
Home

Writing Services
+ FAQ

FAQ

+ About Us
+ Blogs
Search Tools
+ Search Our Articles
Article Directory
+ Authors
+ Articles
Other Sites We Own
Writing Puzzle

Professional Book Marketing

Platt Publishing

Marketing Help


 
Article Teaser: A look at what happens when you fall into debt and fail to keep up to date on your mortgage payments. Including an overview of the repossession process.

Keep reading below...

Mortgage Arrears And Repossession Guide -- How To Prevent Repossession

Copyright (c) 2007-2017

People in today's society will have differing attitudes to debt and debt repayment. There will always be those individual's who take a very relaxed attitude to debt and debt repayment, however the vast majority will take the matter very seriously and in the case of property ownership, they will take any realistic action to make their mortgage repayments on time.

With the recent rises in the interest rates many people are going to struggle to keep up with their repayments. Individuals fall into arrears on their mortgage for many different reasons; accident or sickness, redundancy or unemployment, death of a spouse, insolvency or hikes in mortgage interest rates to name just a few. The most common reason for property repossession in current times can be attributed to general high levels of consumer debt. This comes in two forms, secured and unsecured debt. Whether this is due to the borrower making payments on their unsecured debts in priority over their mortgage or a level of mortgage borrowing taken out which their income cannot afford.

But how can a few missed payments on the mortgage lead to property repossession? Very rarely will a property be repossessed over an isolated incident of a couple of missed payments. The advice given to borrowers who fall behind on their mortgage repayments is to contact their lender at the earliest possible opportunity. Speedy action on the part of the borrower can often reduce the potential arrears and put them on the road to recovery. Delaying action is likely to result in increased mortgage arrears and ultimately could lead to property repossession.


Stage 1: Lender chases for missed payments.

Initially your lender(s) will contact you in writing or by telephone to chase for missed payments. Make sure you speak to your lender, and let them know what is going on, keep notes of conversations and get details of any new agreements you reach.


Stage 2: Lenders solicitor contacts you.

If the arrears remain unpaid for a few months or more, your lender will refer your case to their solicitors to deal with.

You will need to talk to the solicitors and try and come to some arrangement, remember to get everything in writing from them.


Stage 3: Repossession Proceedings

Generally after around 4 - 8 months or more of mortgage arrears, the lenders solicitors will issue Repossession Proceedings with the County Court. Once the court has received this instruction, a hearing date will be set.

If this happens, you must complete and return the Court summons. Complete the reply form received from the Court stating your intentions e.g. that you wish to remain at the property. Include as much detail as possible about your income and outgoings as the court will require evidence that you can meet the current monthly installment and an amount towards the arrears.

Contact your lender and offer to pay the full regular monthly payment for the month together with a contribution towards the arrears. They may agree to suspended proceedings on receipt of these payments, provided they are received before the hearing date.

Make sure you attend the hearing. If you do not attend, the court has almost no alternative but to order possession against you.

Offer to pay the current installment. If the court is satisfied that you can maintain the repayments, the Judge will grant a Suspended Order for Possession enabling you to stay in your home.


Stage 4: Court Order

If you wish to remain in your home make an offer to pay the current regular monthly payment together with an contribution towards the arrears. If the judge believes you can maintain this then a Suspended Possession Order will be granted enabling you to stay in your home.

There are a number of possible outcomes at the hearing, depending on your situation and circumstances of the case:
  • Case dismissed. This means the repossession has been stopped (i.e. the mortgage arrears have been paid off).
  • Case adjourned. If for some reason the hearing cannot proceed then a new hearing date will be set.
  • Suspended Possession Order. This means that if the current regular monthly payment is made, together with an agreed amount towards the arrears each month the possession order is suspended. If however you default on the agreed terms of payment, the lender has the right to seek possession by Eviction or Possession Warrant without a further hearing. So make sure you keep up the repayments.
  • Possession Order. This is where your lender has been granted the right to possession of the property. This outcome is common where the judge has seen no attempt by you to make contact with the lender, the lenders solicitor or the courts, or where the judge deals that you simply cannot afford to meet regular payments or make a reasonable contribution to paying off the arrears.


    Stage 5: Possession Warrant or Eviction Notice

    If you have defaulted on a Suspended Possession Order or are still in your property after your Possession Order date, the lender will apply to the court for formal eviction. You will receive a letter from the court showing the exact date and time by which you must have left the property. This is often 7 to 14 days from date that the eviction notice is granted.

    At the notified date and time, a court bailiff, representative of the lender and a locksmith will arrive at your property to formally take back control and possession of the property. You will have 10 minutes to collect your belongings and leave. Generally, after 10 minutes the locks will be changed and you will be allowed one further visit to collect any remaining belongings after approximately 2 weeks.

    It does not matter if you are elderly, sick or have a young family the bailiffs will still take your property.

    The Options You Have.

    There are a number of things you can do in order to save your property, these are.
  • Negotiate revised terms.
  • Pay the arrears off in full.
  • Remortgage and switch lenders.
  • Sell your property.
  • Sell your property and rent it back.

    The main thing to remember when being faced with repossession is not to bury your head in the sand, but face up to your situation and take action, answer your phone, read the letters from the lender, contact the lender, etc. You can rectify the problem but you do need to act quickly. Generally a bad credit remortgage will be the best way to stop the repossession, providing you have enough equity in the house.


    About The Author: Shop Amazon - Top Gift Ideas
    James Copper enjoys writing on all areas of personal finance. He is a Loans Broker for http://www.any-loans.co.uk

    Follow "The Phantom Writers" on Twitter (@phantomwriters)
    to be notified when new articles are made available.


    VOTE ON THIS ARTICLE
    Needs Work >> 0 - 1 - 2 - 3 - 4 - 5 << Excellent Article

    Tell our authors what you think about their article.



    Top-Level Category: Finance Articles

    10 Most Recent Articles Written by James Copper

    Your Credit Rating And Loans - The Facts
    Written by: James Copper | Distributed: 2007-03-07 | Word Count: 679 | Page Views: 2227 | Votes: 9 | Rating: 2.44
    An overview of how credit scoring works and how it affects your ability to get financing.

    Ten Important Questions To Ask Your Mortgage Loan Broker
    Written by: James Copper | Distributed: 2007-02-20 | Word Count: 820 | Page Views: 2871 | Votes: 10 | Rating: 2.50
    A list of ten questions that you need to consider and ask your mortgage broker before you take out a home loan.

    All of Author's Articles on this site:

    Most Recent "Finance" Articles

    Credit Card Companies Reward Consumers Who Shop Around
    Written by: Braxton Heitz | Distributed: 2012-11-20 | Word Count: 1159 | Page Views: 4332 | Votes: 13 | Rating: 2.00
    With Ronald Reagan came mass deregulation in many industries. One of the industries that benefited from deregulation was the financial industry. As a result, hundreds of new financial companies were introduced to the American consumer during the 1980's. With the sudden explosion of new competitors in this industry, credit card companies began to struggle with how to retain existing customers and to recruit new customers.

    What My Mother Taught Me About Credit Cards And Family Finances
    Written by: Braxton Heitz | Distributed: 2012-11-12 | Word Count: 1285 | Page Views: 4047 | Votes: 23 | Rating: 2.52
    My mother is an amazing woman. She made some of the hardest jobs imaginable look easy. No matter how hard her day was, she always had a smile and perfect hair.

    Understanding Your 401(k), IRA and Other Pre-Tax Investments
    Written by: Irene A. Majchrzak | Distributed: 2010-08-03 | Word Count: 1005 | Page Views: 3101
    What does all of the bad economic news mean to you, the average investor. Well, if you are still working and contributing to your pre-tax 401(k)'s, 403(b)'s, or IRA savings your strategies for salvaging your retirement will include reviewing all of the investment options found in your 401(k), etc.

    Xerox Follow Apple on the Comeback Trail
    Written by: Jennifer Robinson | Distributed: 2010-07-27 | Word Count: 1238 | Page Views: 3723 | Votes: 3 | Rating: 0.00
    In many ways the companies share similar fortunes. Apple (founded by Steve Jobs, Stephen Wozniak, Ronald Wayne) produced the first successful personal computer with a graphical operating system. Xerox (founded by Chester Carlson, Joseph C Wilson) were the inventors of Xerography (later called the photocopier).

    Payday Advance Loans Are Now Only One Toll Free Call Away
    Written by: Tom Tierney | Distributed: 2010-07-27 | Word Count: 599 | Page Views: 2417
    A friend of mine recently went through financial troubles and asked me, knowing that I'm a finance writer, if I could push him in the right direction for a short term loan to help out with his expenses. Here's his story:

    Stock Market Falls Sharply
    Written by: Irene A. Majchrzak | Distributed: 2010-07-27 | Word Count: 879 | Page Views: 2746 | Votes: 4 | Rating: 1.00
    The stock market has been having a bad week. Wednesday the market ended the day down over 300 points. I heard reports that this was the result of investors taking their profits. Happens all the time. Then within a few days, the prices on many great stocks is so low that the investors are buying the stocks right back up.

    Finding the Best Credit Card Applications
    Written by: Jeffrey Weber | Distributed: 2010-07-27 | Word Count: 403 | Page Views: 2120
    Online credit card applications can be confusing. That's the way the banks want them. This article will help eliminate some of the confusion.

    Do You Know the Difference Between an Investment Advisor and a Broker?
    Written by: Tome Tomaj | Distributed: 2010-03-11 | Word Count: 408 | Page Views: 2726 | Votes: 4 | Rating: 4.25
    As an fee-only investment advisor I come across clients from all walks of life. Lately I have noticed something in common with many of these investors. Many do not know the difference between an investment advisor and a broker who manages and/or makes securities recommendations for their clients' investment portfolios. With the almost unprecedented volatility in the securities markets, you cannot afford to dig your head in the sand when it comes to whom is managing your assets.

    Understanding Term Life Insurance and Getting Quotes
    Written by: Brian Greenberg | Distributed: 2010-01-13 | Word Count: 520 | Page Views: 2499 | Votes: 1 | Rating: 2.00
    Buying term life insurance can be a scary process but understanding the different types of life insurance can remove the fear. What you should know about term life and how requesting life insurance quotes online can be easy and very convenient.

    The Decline in the Personal Savings Rate - What Happened to the Discipline?
    Written by: Tome Tomaj | Distributed: 2009-12-15 | Word Count: 873 | Page Views: 3226 | Votes: 4 | Rating: 1.75
    As more and more American baby boomers are nearing and entering their retirement years, many of them are concerned about whether their retirement savings will last them long enough to ensure their current quality of life, and rightly so.

    Most Viewed "Finance" Articles

    A Better Way To Sell A Structured Settlement - Via Auction
    Written by: Clayton Frantz | Distributed: 2007-11-30 | Word Count: 1342 | Page Views: 10153 | Votes: 10 | Rating: 2.20
    Structured settlements were introduced in Canada and the United States in the 1970's. They were introduced as an alternative to lump sum payments, common in insurance settlements and lottery winnings. In the decades since, they have also been accepted as legal financial instruments in England and Australia. In a nutshell, a structured settlement by legal definition is a statutory agreement to pay a specified sum of money over a period of time, on a payment system.

    Using a 401K Loan to Stop Foreclosure
    Written by: Daniel Lamaute | Distributed: 2008-02-11 | Word Count: 465 | Page Views: 8758 | Votes: 17 | Rating: 1.94
    A bankruptcy or foreclosure can cripple one's ability to obtain decent credit for many years. In addition, some employers and landlords won't hire or rent to a candidate with terrible credit history. Thus, it is a good idea to discuss all options with a financial planner before ending in bankruptcy or foreclosure.

    What Does Short, Long, Flat And Square Mean In Forex Trading?
    Written by: Sam Beatson | Distributed: 2006-10-11 | Word Count: 525 | Page Views: 6698 | Votes: 20 | Rating: 2.90
    Short, long, square and flat explained in terms of forex trading (Spot FX).

    Why Over 3,000 US Companies Have Chosen the Frankfurt Stock Exchange to Go Public
    Written by: Ron Crowe | Distributed: 2008-07-31 | Word Count: 786 | Page Views: 6350 | Votes: 16 | Rating: 2.00
    The Frankfurt Stock Exchange, one of the world's largest trading centers for securities, has over 3,000 United States companies listed. North American and other foreign companies are choosing Europe, over the United States, to go public because of the punishing Sarbanes Oxley Act introduced in the United States in 2002.

    Advantages and Disadvantages of Individual and Group Health Insurance
    Written by: Kevin Kielty | Distributed: 2009-04-01 | Word Count: 639 | Page Views: 5686 | Votes: 12 | Rating: 2.25
    The cost of individual and group health insurance coverage varies greatly as does the type of coverage they both offer. Making the switch can bring some surprises.

    How to Hide Assets
    Written by: Rocco Beatrice | Distributed: 2007-01-19 | Word Count: 507 | Page Views: 5453 | Votes: 10 | Rating: 1.20
    How to hide your assets by repositioning your assets through an irrevocable trust with an independent trustee.

    How to Avoid Private Mortgage Insurance (PMI)
    Written by: Jim Cramer | Distributed: 2008-02-20 | Word Count: 523 | Page Views: 4753 | Votes: 6 | Rating: 2.50
    There is more than one way to get your desired home without having the 20 percent down payment and avoid PMI at the same time.

    The Good, the Bad, and the Ugly: Why Your Broker May Not Be Recommending The Most Competitive Annuity
    Written by: Tom Hamlin | Distributed: 2006-05-12 | Word Count: 1036 | Page Views: 4558 | Votes: 10 | Rating: 2.90
    There are over two thousand life insurance companies offering over fifteen thousand different annuities, and they run the gamut from horrific (I wouldn't offer it to an enemy) to outstanding...

    The Effect of Inflation and Deflation on Retirees
    Written by: Irene A. Majchrzak | Distributed: 2009-10-27 | Word Count: 1324 | Page Views: 4482 | Votes: 5 | Rating: 1.00
    When we worry about how long our retirement income will last, we consider so many factors. The current economy is causing a drain on 401(k)'s and IRA's. So we have become much more cautious about withdrawing money to use it as part of our pensions.

    9 Questions To Answer Before You Prepay Your Home Mortgage
    Written by: Frank Oakerson | Distributed: 2006-08-02 | Word Count: 1257 | Page Views: 4388 | Votes: 15 | Rating: 1.93
    We are all different. At different times in our lives we have different goals and needs. You can ask different experts in financial planning, Texas mortgage brokers, and your banker "should I prepay on my home mortgage?" and you will get answers from "that is the greatest idea" to "that will be the worst financial mistake you will ever make". So what is a person to do? Let us look at 9 things you need to consider and have answered before you "prepay your home mortgage".

    Highest Ranked "Finance" Articles

    Identity Theft: The New Threat to Your Credit
    Written by: Josh Pike | Distributed: 2006-08-24 | Word Count: 363 | Page Views: 3487 | Votes: 8 | Rating: 4.00
    When we think of thieves, images of burglars creeping into homes and apartments come to mind. However, there are new thieves that can take much more than your money or possessions. If your personal information falls into the hands of an identity thief, your credit and finances can be ruined.

    In Fear of Retirement
    Written by: Daniel Lamaute | Distributed: 2008-05-08 | Word Count: 646 | Page Views: 2753 | Votes: 7 | Rating: 3.86
    Many baby boomers are staring at retirement like a deer caught on oncoming headlights. They are not sure what to do or what else to do. They fear that whatever they have in savings just might not be enough. Less than 1 out of 5 workers felt very confident about having enough money for a comfortable retirement, according to the April 2008, EBRI Retirement Confidence Survey. And with good reasons, inflation is zooming at the same time that asset values are flagging.

    A Recipe for Good Credit
    Written by: Josh Pike | Distributed: 2006-08-17 | Word Count: 369 | Page Views: 2395 | Votes: 7 | Rating: 3.57
    If your credit is not as good as you want it to be, take action now! It's easier than you think to improve your credit.

    Equipment Financing and The Five Cs of Credit Evaluation
    Written by: Sean Marten | Distributed: 2007-10-17 | Word Count: 698 | Page Views: 2880 | Votes: 6 | Rating: 3.50
    Equipment financing lenders, as well as banks, use the Five Cs to evaluate loan applications: Character, Credit, Cash Flow, Capacity and Collateral. However, while banks look at small-to-medium size companies from a Fortune 500 perspective, equipment financing companies see applicants from a small business perspective, which highlights a sixth C: Common Sense.

    Reverse Mortgage Costs Are Not Too High
    Written by: N. Sioris | Distributed: 2008-07-29 | Word Count: 1120 | Page Views: 2594 | Votes: 6 | Rating: 3.50
    Reverse mortgage costs are repeatedly cited as one of the main reasons for seniors not to get a reverse mortgage loan. However, the same folks that harp on costs as being a reason not to use this financial resource rarely offer a less expensive option or an alternate proposal. Don't fall into the trap of listening to the negative hype without doing your own research. Find out what the true costs are and whether they are justified or not. Compare the cost of a reverse mortgage to the cost of selling your home, downsizing or moving into assisted living. Pull back the curtain and take a good look, then make your own determination. Don't base your decision on an uninformed friend, relative or media reporter.

    Medicaid Asset Protection
    Written by: Rocco Beatrice | Distributed: 2007-01-23 | Word Count: 646 | Page Views: 3011 | Votes: 7 | Rating: 3.43
    Learn how to include senior Medicaid asset protection as part of your senior tax planning strategies. What are the tax implications of Medicaid and why it needs to be planned carefully? About seniors Medicaid asset protection as part of the senior tax planning strategies. Explains the new 5-year look back provisions for seniors to qualify for Medicare assistance into nursing home program.

    How to Invest in a Rough Economy: Investment Advice from the Experts
    Written by: Sarah Simmons | Distributed: 2009-07-08 | Word Count: 692 | Page Views: 2250 | Votes: 8 | Rating: 3.38
    The stock market crash of 2008 lost many investors a lot of money, and had many other investors bailing out of stocks for the safety of savings and checking accounts, treasury bills and gold. However, it is still possible to invest - and yes, even make money - during the current rocky economy.

    Section 179 - 4th Qtr Tax Saving Strategy for Small Business
    Written by: Sean Marten | Distributed: 2007-12-05 | Word Count: 345 | Page Views: 3748 | Votes: 6 | Rating: 3.33
    Use the power of available deductions to boost your business's bottom line in 2007. Purchase new or "new to you" used business equipment now. Then place it in service by December 31st to realize exceptional tax savings.

    Why You Should Buy a Home Now
    Written by: Clint Wooley | Distributed: 2007-01-09 | Word Count: 588 | Page Views: 2437 | Votes: 9 | Rating: 3.22
    These days there is literally too much information for first time homebuyers to make a decision sometimes. Fear can prevent first time home buyers from ever acting on their dream of home ownership. When you look at facts, though, buying a home makes as much sense now as it ever has.

    Payday Loans - Convenience and Danger
    Written by: Fred Vanhoosen | Distributed: 2008-12-08 | Word Count: 1027 | Page Views: 2417 | Votes: 6 | Rating: 3.17
    Payday / Cash Advance Loans are a godsend for those consumers who truly have a temporary short-term cash need, but what is a blessing for one consumer can easily be a nightmare in the offing for another consumer whose financial needs are more dire and long-term in nature. Get the facts before you select this kind of loan product.












    Download an eBook today
  •  
    Directory Navigation
    Locate By Author

    Locate By Category:
    ALL Categories
    Arts & Crafts
    Arts & Entertainment
    Automotive
    Business - Offline
    Business - Online
    Career
    Computers
    Education
    Family
    Finance
    Food & Drink
    Health & Wellness
    Home & Garden
    Humor
    Internet
    Nature & Pets
    Real Estate
    Religion
    Self Improvement
    Shopping
    Society
    Sports & Recreation
    Technology
    Travel & Leisure
    Uncategorized
    World Events
    Writing & Speaking

    Change Number of Results:
    50 - 100 - 200 - 500
    Article Reprint Rights
    Creative Commons License

    This work is
    licensed under a
    Creative Commons
    License


    You are not required to show the creative commons license notice when you reprint this work.
    Article Publishing Tools
    Print Article
    Email-to-Blog
    HTML Source Code
    Text Newsletter Format
    Link Back HTML

    Blog Publishing Tools

    Internal ID: #4500
    Article Statistics
    Word Count: 1084

    Total Views: 3075

    Article Rating: 2.33 of 5
    Votes Cast: 6

    More Articles By Author:




    Article Title Search:

    Widow Search
    Right Blinker
    Google
    Yahoo!
    Zuula
    Bing
    Cuil

    Last Distribution Date:
    2007-03-09 10:36:00






    All Articles are Copyright © 2001-2017 of the Defined Authors.

    All other material and images on this site are:
    Copyright © 2001-2017, ThePhantomWriters.com