Knowing the different types of repossession orders will ensure that if you are faced with a repossession, you understand the formal notice you receive.
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 court
you have and what you can do to stop repossession 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.
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.
This court order repossession requires you 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.
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.
Money judgements can be added to possession orders, which states 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 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 instructions
listed in the order of possession.
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