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FAQS
How can I stop my home being repossessed?
You need to arrange to re-mortgage your property so that you
can pay off the existing lender and make a fresh start.
In the short term, however, you will need to take steps to
have any repossession order temporarily suspended.
This will give you time to make the necessary arrangements.
The mortgage company has issued repossession proceedings
for a mortgage repossession. Will I lose my house straight away?
No. You will be asked to attend a court hearing where you will
be given the change to explain your position and what steps you
have taken or will be taking to pay off the outstanding monies.
You can attend court on your own or we can arrange legal representation
for you. In most cases the court will either adjourn the first
hearing or grant a suspended possession order to allow you time
to re-organise your finances.
If the mortgage lender is granted a 'suspended possession order' what does that mean to me?
This is an order of the court granting the mortgage lender
possession of your property but suspending it by imposing
terms that you must meet. These terms are usually to pay
a minimum regular amount that includes a regular mortgage
payment plus a sum off the arrears you owe. If you comply
with those terms the mortgage lender cannot proceed with
the repossession. However if you were to miss a payment
or fall further into arrears then the lender would apply
for a re-possession order.
I have not got the cash to pay for a solicitor to help me. Does this matter?
We would advise engaging the services of a solicitor to
represent you at court and to help obtain the best deal
for you where a suspended possession order is granted.
The costs incurred in protecting your position in this way
can be added to the re-mortgage and therefore included in
your regular monthly payments. In this way you do not have
to find cash “up front” to pay your legal bills.
I am self employed and have no proof of earnings. Will this matter?
It is possible to 'self certify' your income. This is where you make
a legally binding declaration of your income without having to provide
proof of earnings such as wage slips or copies of your accounts. Some mortgage
lenders are prepared to offer mortgages based on self certification and we
can arrange such a mortgage for you.
How much money will I be able to raise against my property?
Even where there are significant arrears it is still possible
to raise up to 85% of the value of your home. Each case is
considered individually and assessed on its merits.
Contact us or call freephone 0800 915 3950 for free confidential advice.
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