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What do I do if I have a repossession order? |
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I have had a property repossessed in the past: Whatever your financial background - there's always a lender out there prepared to offer you credit, though on what terms? If your bankruptcy has now cleared, you will theoretically be able to get a mortgage. If you are an 'Uncleared Bankrupt' then you will not be able to get a mortgage, or in fact any other kind of credit. I am due to be repossessed because I can't make any payments on my current mortgage: If you have already received a possession order then it doesn't mean you'll definitely lose your home. In order to repossess your home then the court must conclude that there is absolutely no chance of you repaying the loan, and you will be given every opportunity to repay the arrears before they send out the possession order. In most cases the possession order will be suspended or deferred - and the borrower makes an agreement whereby they will repay the arrears gradually and affordably over a realistic period of time. If you agree to a payment schedule with the courts and you can't adhere to it, then you'll need to seek further advice. If it is obvious to the court that there is no chance of you adhering to a repayment schedule, then your home will be repossessed. The court will let you know a date by which you must vacate the property, and if you remain in the house after this time then you will be evicted. |
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Please Note:
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