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[Help] House Repossession



L

Lenny Rider

Well-known member
Sep 15, 2010
6,185
Advice really, got a mate (he's not on NSC, hates football:oops:) who I've had coffee with this morning, its all bit sketchy but he tells me the bank he's got his mortgage with have given him the date of the 4th February for when they repossess the property.

I got the feeling the mortgage areas are in the low 5 figures, which he's frantically trying to sort, by his own admission he's buried his head in the stand to a degree, but almost all of us tend to do that in life with various issues.

Has this every happened to anyone on here, you can PM me in confidence if necessary, when mortgage companies/banks start quoting dates, is this a scare tactic or written in stone?

I'm just trying to almost placate my mate who I am worried about, but also might have to prepare him for the doomsday scenario, he made a very plausible request for a stay of execution this morning, I was sat next to him, but it was refused, and I know he's exploring various options to get this sorted.

I've never had any experience of his hence me asking on here.

Thanks

Harty
 




Motogull

Motogull

Todd Warrior
Sep 16, 2005
10,767
Cannot repossess without a court order.

Banks don't rush in to issue proceedings. 3 months of arrears will trigger correspondence.

That may not be a hearing date. Proceedings must be served on the borrower. It could be that your chum hasn't given you correct information. Maybe he has had a letter saying 'clear the arrears by 4 Feb, or we proceed with a repossession'.

They will probably accept arrears by instalments, or a tag on the end of the term. He should talk to them.
 


dazzer6666

dazzer6666

Well-known member
NSC Patron
Mar 27, 2013
56,559
Burgess Hill
Motogull said:
Cannot repossess without a court order.

Banks don't rush in to issue proceedings. 3 months of arrears will trigger correspondence.

That may not be a hearing date. Proceedings must be served on the borrower. It could be that your chum hasn't given you correct information. Maybe he has had a letter saying 'clear the arrears by 4 Feb, or we proceed with a repossession'.

They will probably accept arrears by instalments, or a tag on the end of the term. He should talk to them.
Click to expand...

This

Repossession is a last resort in the vast majority of cases and only usually actioned after several attempts at discussion, rescheduling, payment holidays etc etc unless there has been a single ‘trigger’ event. It’s a right pain in the arse for the lender and they’ll want to avoid it.
 


Chicken Run

Chicken Run

Member Since Jul 2003
NSC Patron
Jul 17, 2003
20,175
Valley of Hangleton
dazzer6666 said:
This

Repossession is a last resort in the vast majority of cases and only usually actioned after several attempts at discussion, rescheduling, payment holidays etc etc unless there has been a single ‘trigger’ event. It’s a right pain in the arse for the lender and they’ll want to avoid it.
Click to expand...
This, Lenny urge your mate to reach out to the bank
 


P

PascalGroß Tips

Well-known member
Jan 29, 2024
834
Lenny Rider said:
Advice really, got a mate (he's not on NSC, hates football:oops:) who I've had coffee with this morning, its all bit sketchy but he tells me the bank he's got his mortgage with have given him the date of the 4th February for when they repossess the property.

I got the feeling the mortgage areas are in the low 5 figures, which he's frantically trying to sort, by his own admission he's buried his head in the stand to a degree, but almost all of us tend to do that in life with various issues.

Has this every happened to anyone on here, you can PM me in confidence if necessary, when mortgage companies/banks start quoting dates, is this a scare tactic or written in stone?

I'm just trying to almost placate my mate who I am worried about, but also might have to prepare him for the doomsday scenario, he made a very plausible request for a stay of execution this morning, I was sat next to him, but it was refused, and I know he's exploring various options to get this sorted.

I've never had any experience of his hence me asking on here.

Thanks

Harty
Click to expand...

If the arrears are in 5 figures - that's a lot more than 3 months missed payments. As @Motogull has stated - a lender cannot repossess without a court order and it's a long process from getting first letters about missed payments to a the lender obtaining a court order, which will usually only be granted if there is no realistic hope of the arrears being repaid.

I have worked for mortgage lenders in the past and was involved in the mortgage industry for a big chunk of my working life. Admittedly that's a good few years ago now - but I don't think this principle has changed. If anything, I would say that the process has changed to give mortgage holders more of a chance these days.

So need to check where exactly in the process your mate is.
 




A

alanfp

Active member
Feb 23, 2024
173
Lenny Rider said:
its all bit sketchy but he tells me the bank he's got his mortgage with have given him the date of the 4th February for when they repossess the property.
Click to expand...
It would help if YOU know the actual facts.
Will he show you the actual communications? Then you will be able to help him better.

Also, some of us on here will be able to give better/more specific advice.
The responses you have had so far are exactly what my understanding is (although again, it's a long time since I personally was involved in a similar case).
 


Justice

Justice

Dangerous Idiot
Jun 21, 2012
21,634
Born In Shoreham
If he has a repossession date then it’s been to court. I know a trainee solicitor who says the amount of repossessions along the south coast is staggering massive case files and she hates attending court it’s all very sad .
Happened to me in 2008 companies I was working for all went bust, I had to pay wages and it all got rather messy. A learning curve yet it’s very distressing at the time.
 


M

Milano

Well-known member
Aug 15, 2012
4,170
Sussex but not by the sea
I think it also depends what % of the house is mortage free. If you own more than 50% of your property then your rights change slightly, the outcome being it is a longer process for a bank to get a repossession order. Most banks will also be more open to negotiation at that point.
 




portlock seagull

portlock seagull

Well-known member
Jul 28, 2003
18,192
Justice said:
If he has a repossession date then it’s been to court. I know a trainee solicitor who says the amount of repossessions along the south coast is staggering massive case files and she hates attending court it’s all very sad .
Happened to me in 2008 companies I was working for all went bust, I had to pay wages and it all got rather messy. A learning curve yet it’s very distressing at the time.
Click to expand...
Very worrying, for the entire economy too ie isn’t this called toxic debt which sold on caused the Credit Crunch in 2009?
 


el punal

el punal

Well-known member
Aug 29, 2012
12,725
The dull part of the south coast
Speaking from my own experience I can only suggest your mate ‘gets on the front foot’ in dealing with this. I’m surmising now that he has other debts as well as being behind with his mortgage payments. Try to resolve the problem, contact the bank (and others who are owed) and submit a payment plan that hopefully will be agreed to - and most importantly, stick to it.
 






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