Court order for repossession by secure lender

lola45

Hello there,
Hope everyone had a great time at the meet. I hope to make it to the next one. Myself and my husband are both bankrupt (Feb 6 08) and we are still living in our house and waiting for the mortgage company to repossess it. We have received a court summons from the secured lender for a repossession order and we have been trying to get legal advice from people the courts have recommended but no one has phoned us back or no one is available to take our call. I'm feeling really scared because I don't know what to do. I noticed on the forms that they have only one of us as bankrupt but we both are. I sent them copies of our bankruptcy orders back in Feb registered mail to them. I am sorry if I'm rambling a bit but I'm really confused as what to do. We are looking for somewhere to rent but its not easy. Any advice greatly appreciated. Lola 45

LilyBart

Hi Lola,
I don't have any advice but just wanted to send some solidarity in your direction until someone with more experience turns up. Billy and I are also being threatened with a court reposession order by our secured loan company, and we haven't heard a squeak from the mortgage holders since going BR in June. (We had already moved into rental property.) Must say, I was very surprised that a secured loan company could do this as the mortgage holders have first dibs but our OR says they can. In our case, there will be no shortfall with the mortgage but there will certainly be one with the secured loan, though of all the debts, this is the one I feel least guilty about. Anyway, I'll watch your thread with interest (ho ho) and see what advice is offered by the old hands. Hang on in there.
all the best
Lily

lola45

Thanks Lilly,
I will keep you posted with everything that happens. We will also have a shortfall when the house is sold to the secured lender. I just don't how they can go after a repossession order when the mortgage company is first in line.
I will just try and keep calm until I can get some advice. I wonder what will happen if NR start court proceedings now? What do we do then with 2 court dates? I'm just not going to think about that right now. One thing at a time.
Keep you updated. Lola45.

debt_doctor

Hi,

I assume that there is just the two of you, no children ?

What will happen at the court is that if the judge doesnt hear that you can afford the normal payment plus something off the arrears then possession will be granted.

I dont know what position you are in on whether you could aford that.

If the answer is no then you could ask the judge for 28 days. At the end of this if you have not left then the lender must apply for an eviction warrant to be able to evict you.

The time span between possession and eviction warrant varies considerably. Some lenders go for eviction warrant straight away and some wait 6 months or more.

DD

Richard_S

Hi Lola,

We went to Court to defend a Repossession Order and the whole thing is quite civilised, and easily understood. You don't really need anybody to help you unless you feel too intimidated by the whole thing.

To get the order suspended you'll have to agree to commence payments on the secured loan, and a sum that you can afford towards the arrears. If you can't afford to pay the secured loan, then do as debto docor says and ask for sufficient time to find suitable alternative property.

Judges do tend to be sympathetic to people struggling to maintain payments on mortgages and loans secured on their house, and with it being a secured lender as opposed to the mortgage holder, then the odds are certainly stacked in your favour.

Richard

lola45

Thank you Debt Doctor and Richard. Feeling better about it all now. Thanks for the reassurance. Lola 45