Stop Repossession

Many UK homeowners don’t realise that there are ways they can stop repossession. Knowing what steps to take and who to call will help you keep your home.

What to do if facing a repossession

If you are faced with a repossession, you will want to know how to get repossession help and stop repossession right away so that you do not lose your home. Unfortunately, without professional help, most homeowners are not able to stop house repossession. But that is why we, at Donkey Finance, are here to help. We will help stop repossession of your home so you can continue to have a place to live and not lose it.

Repossession orders

When you are faced with a repossession order, it can be difficult to understand its terms and what exactly it means for you. With five different types, you want to be prepared so you can understand what kind of repossession order from the court you have and what you can do to stop the repossession order.

• Suspended possession order: This type of court repossession order will allow you to stay in your home. You have to make the regular payments that are outlined in the order, but if you do make those payments, you will be able to keep your house. Of course, if you do not make the payments as required, the lender will be able to petition the court to evict you.
• Outright possession order: This type of repossession order allows the lender to take control of your home on the date that is listed in the order. This date is typically 28 days after the court hearing you will have. If, for some reason, you refuse to leave your home by the date listed in the outright possession order, you can be evicted by the court.

Money order

This court order repossession requires you to pay the lender back the money listed in the order. There are two things that can happen if you do not make the payments as listed: the bailiffs may take things that you own from you, and money can be taken from your account to make the payments. This type of order can’t be used to evict you, but if you fail to make the payments, your lender will most likely go back to court to get a possession order for your home.

Time order: This allows the judge to change how much you pay on your mortgage for a set period of time. They can delay when you have to make a payment, change your interest rate, or change the amount you pay each month. This is usually only allowed for a second mortgage, and if you do not make the payments, then the lender will be able to ask the court to start eviction proceedings.

Possession order with money judgement

Money judgements can be added to possession orders, which state that you own a set amount of money. This can consist of the lender’s legal bills, court fees, and your arrears. This type of repossession order will not apply if your lender sells your home for more than the amount in the judgement or you pay your arrears and an additional amount in the suspended order. If you do not pay the amount listed in the judgement, the lender can petition the court to follow the instructions listed in the order of possession.

How to avoid repossession

Dealing with a repossession is very stressful, and homeowners want to do everything to avoid a house repossession. Knowing what options you have on how to avoid repossession of your home is important, as it will allow you to make decisions on what you can do to keep your family in your home. While there are many different ways to prevent repossession, you have to find the one that will work for you and your particular situation.

Talk to an expert

Your first step is to get advice on repossession and how to avoid it. Finding a legal advisor who can help you is easy, but you want to make sure they are an expert in how to avoid house repossession.

Speak to your lender

If you have concerns about your ability to pay your mortgage, then you need to talk to your lender right away if you want to prevent repossession. While they want their money back, repossessing your home is usually their last resort, and they will be able to talk to you about how to make arrangements to avoid repossession.

Make a payment for your arrears

One step in avoiding repossession is to actually make smaller payments towards what you owe. While this may not stop the process, it will help build good faith with your lender. Preventing repossession can be difficult, but showing your lender that you are willing to make payments is a good step. It will show them you are working on being reliable and have created a budget.

See if you can change your mortgage

Changing the terms to get a better deal on your mortgage is a great way to help avoid repossession, as it may make your mortgage easier to pay. Your bank may be willing to reduce your payments, extend your term, or even give you a break from payments. When thinking about how to stop house repossession, you will want to talk to your bank about changing your mortgage before you miss any upcoming payments.

Check outside options

There are some other companies that will help you when you wonder how to avoid repossession of your home. From your insurance company helping with payments to unemployment benefits and even third-party companies, you may be able to avoid repossession today with additional help.

While facing a repossession is very stressful, the worst thing you can do is ignore the problem. If you want to prevent repossession of your home, you need to face the problem and get legal help to help you keep your home.