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House Repossession: Does it Have to Happen?
from:It 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 Specific links
Repossession News
Know your Rights on Repossession - WNYT
Know your Rights on Repossession WNYT, NY - Not all repossessions go that smoothly. In August of 2007, a Rotterdam resident was killed, while his Ford Excursion was being repossessed. ... |
How a car repossession goes down - CNN
 CNN | How a car repossession goes down CNN - Meanwhile, motorist two, let's call her Jane, just lost her new car to repossession. Repossessed cars often sit on the repo firm's lot until they go to an ... |
Neston's MP Asks for Assurances on Home Repossession - AboutMyArea
Neston's MP Asks for Assurances on Home Repossession AboutMyArea, UK - They have had an average success rate of 85 per cent. in averting repossessions, even at that late stage." "Despite the measures that the Government has put ... |
Rock repossession driven by 125% loans - Introducer Today
 Telegraph.co.uk | Rock repossession driven by 125% loans Introducer Today, UK - Northern Rock has claimed that repossession is a last resort for customers with homeowner loans worth 125 per cent of the value of their property. ... Northern Rock chief: I regret every repossession Buy to let market 'closed' Northern Rock chief vows to keep people in their homes |
Government helps homeowners facing repossession - Mirror.co.uk
Government helps homeowners facing repossession Mirror.co.uk, UK - The Government has been forced to act to help the tens of thousands facing repossession this Christmas. This week it issued new guidelines for lenders to ... National Debtline can offer invaluable advice to those with money woes |