Menu
If your Mortgage Lender is attempting to take possession of your home
Lenders tend to prioritise the establishment of a mutually advantageous arrangement that satisfies both the homeowner and the financial institution. Conversely, if you fail to provide a satisfactory response or disregard letters from lenders entirely, it could potentially result in a legal summons being issued, necessitating your attendance at a court hearing. It is crucial to acknowledge the importance of promptly and adequately addressing correspondence from lenders to avoid such consequences.
There is no need to panic; instead, stay calm and reach out to our advice service as soon as possible. It’s important to note that the legal process involved in court proceedings takes several weeks, as lenders are required by law to follow a thorough procedure before taking any court action. Please be aware that any notices, including court summons or orders, must be served with a minimum notice period of fifteen days.
Examine the non-essential expenses in your household and create a budget to determine if you can make any savings. If your situation has been altered due to health or employment factors, you might be eligible for state benefits. Eligibility criteria consider factors such as income, savings, and the presence of children in your family. Additionally, there is a Support for Mortgage Interest (SMI) program available.
It is advisable to seek independent financial advice before making any decisions regarding your mortgage.
If your Mortgage Lender has initiated legal action to repossess your home, seeking assistance from a reputable advisory service can be beneficial. They can help you explore potential agreements with the lender and potentially suspend the legal proceedings.
Even if your lender has obtained a court order for eviction, there may still be options available to help you retain your home.
If you haven’t received any threats of legal action but are struggling to meet your mortgage payments, there are options to consider. You can find more information on what to do if you are unable to pay your mortgage.
It is important to respond to letters from your lender. If you have received a letter and haven’t replied, you may receive a second letter with a deadline for response or payment.
Contacting your lender and explaining your situation is crucial. They can provide guidance on the next steps to take.
If your previous arrangement to repay the arrears has broken down, you may face the possibility of legal action for repossession. However, your lender may still be open to establishing a new arrangement to prevent eviction.
Even if the case proceeds to court, it doesn’t automatically mean that you will lose your home. Your lender must follow specific procedures, including sending you notices as a warning that repossession proceedings are commencing.