Welcome to Repossession Guide
Repossession Article
. For a permanent link to this article, or to bookmark it for further reading, click here.
House Repossession: Does it Have to Happen?
from: Deb St. George - HomelessInKingCounty.comDeb St. George - HomelessInKingCounty.comIt is a good thing when we can realize the American dream of home ownership. Along with the home ownership comes a lot of financial responsibility. Unfortunately due to circumstances some people may find themselves unable to maintain the biggest responsibility; the payments. When the homeowner is unable to keep up with the payments he is at risk of house repossession.
When and if the legal action of house repossession is started it will occur in several stages and can take weeks or months to from start to finish. At any stage during the process the homeowner may be able to stop the process. If the homeowner can bring the mortgage payments up to date the process will immediately end. It is actually to the advantage of the mortgage company to keep you in the house paying off your mortgage and house repossession is usually a last resort for them. The quicker action is taken once the process has begun the more options and lower legal fees for the homeowner. Each stage has its own rules and procedures and if they are not followed the house repossession may not proceed as planned.
For a house repossession to occur there must be a sound legal reason. The most common reason is for delinquency of mortgage payments. The lender will work with the homeowner to try to refinance, modify the mortgage or come up with some other repayment plan. Once the lender plans to go forward with house repossession a letter requesting that the payments be made current will be sent to the home owner. If the issue is not resolved at this point the lender will then send a letter informing the homeowner of the possibility of court action. If no resolution comes from that action, the homeowner will be notified of the court order seeking possession of the house.
The court will notify the owner if the time and place of the hearing. At this time if the owner has not done so previously, it would be a good idea to seek qualified legal advice about the situation. The homeowner must reply to the courts; failure to do so would not be in the best interest of the homeowner. The homeowner should obtain legal counsel to represent them in court.
At the hearing the judge will listen to both sides and a decision will be made as to what should happen next. The judge has several options, some of which include allowing the homeowner to stay in the home under certain conditions, like repayment of the arrears; allowing the homeowner time to avoid house repossession by selling the house themselves or the judge may follow through with eviction.
If the judge decides to allow the house repossession, the homeowner will be given a date to vacate the house. If they do not leave voluntarily by the date set, the lender may have law enforcement to assist in having the house vacated.
Repossession News
Repossession suit widens with insurance company added
An insurance company was added Monday to a lawsuit by a former sheriff’s deputy against businesses involved in a vehicle repossession that cost him his job in 2009.
Read more...Mortgage arrears Bill withdrawn from Dáil
LEGISLATION GIVING judges powers to refuse home repossession orders has been withdrawn from the Dáil for talks about including some of its provisions in the Government’s promised insolvency Bill.
Read more...Robertson Co. Repo Men Charged After Repossession Caused Crash
In Robertson County police have charged two repo-men with reckless driving, after an attempted car repossession led to crash that blocked part of a highway.
Read more...Britain's biggest estate repossession sold
WINDLESHAM, England, Jan. 28 (UPI) -- An anonymous buyer from the Middle East is the new owner of an opulent British estate that was part of a bank bailout, the receiver announced.
Read more...Bill for hard-hit homeowners fails
Proposals for new legislation aimed at protecting struggling mortgage holders in danger of losing their homes has been shot down.
Read more...Euro directive risks repossession rise
Clause in capital requirements directive calls for EU loans to be treated as if in default at 90 days in arrears rather than UK’s 180 days.
Read more...Sale and rent back market shut down after regulator's review
The Financial Services Authority has effectively shut down the "sale and rent back" market after it found deals being offered were "unaffordable or unsuitable and never should have been sold".
Read more...