Menu
Homeowners often turn to us for assistance and guidance when their Mortgage Lender rejects their negotiation attempts and issues threats of initiating possession proceedings
Engaging in negotiation with your Mortgage Lender is a crucial aspect of your case and can be initiated at any point. Successful negotiation can prevent your case from reaching court initially or persuade your Mortgage Lender to withdraw an eviction warrant at a later stage.
When you have mortgage arrears, your Mortgage Lender typically initiates Possession Action once your payments are three months overdue. The timing of their actions often depends on the Homeowner’s ability to negotiate and meet their Lender’s requirements.
Every Lender adopts a different approach, and no two cases, even with the same Mortgage Lender, follow an identical path. This is because various factors related to the mortgage setup and the client’s individual circumstances influence how the case unfolds.
Some Lenders may offer no room for negotiation and entrust their solicitors to handle the case, while others may create obstacles and demand extensive documentation such as payslips and bank statements to scrutinize your monthly expenses. We have witnessed numerous cases where Lenders waste time, keeping you occupied until a court date is scheduled.
We specialize in comprehending how to align your circumstances and affordability with the specific conditions of your mortgage. Subsequently, we negotiate with your Mortgage Lender in a manner that makes it challenging for them to refuse, given the regulations they must adhere to.
During any form of Lender Negotiation, it is essential to ensure that your proposal, whether it involves repaying arrears over time, refinancing, or requesting time to sell, aligns with the regulatory and legal boundaries that govern your Mortgage Lender. If your proposals fall outside of what is permissible, your negotiations will be unsuccessful. We can guarantee that your offer is within the acceptable limits set by your Mortgage Lender.
It is crucial to be cautious and ensure that your proposals are realistic and sustainable. Often, homeowners panic and make repayment offers that they quickly become unable to maintain. When this occurs, your Lender may argue that the arrangement has been breached and utilize it against you in future court hearings.