Are You Considering Buying A Repossessed Home? You Might Want To Know How That Home Comes On The Market In The First Place
Statistically, the figures for home repossession have risen by 45%, according to Government figures. There can be many reasons that lead to house repossession, such as: divorce, credit card debt, illness, secured or unsecured debts or separation.
The process of repossession can legally begin when 2 payments to a lender have been missed. The first missed payment brings the borrower into arrears with the lender, who then have to be contacted and a payment schedule agreed. If the borrower does not contact them, or cannot afford to make the payments and a second payment is missed, then the lender can begin the process of home repossession.
The first stage of this is for the lender to state in a letter that the borrower has seven days in which to meet the payments or to agree a payment scheme. If this is not possible, then solicitors will begin court proceedings, seeking a home repossession order.
Usually the court will try and see house repossession as the last eventuality. However, if the borrower is deemed to be unable to make the...
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