Mortgage Lenders and their Legal Rights re Arrears

nik_k

Please could someone confirm for me the legal rights a mortgage lender has in the event of arrears on a mortgage?

We are currently 2 months in arrears, and have been visited by a debt counsellor from NCI. He mentioned that the mortgage lender has a legal right to commence legal proceedings (if they so wish) when a borrower gets into arrears by 2 months or more.

He gave the impression, in not so many words, that if a borrower brings their arrears under the 'magical' amount of the sum of 2 months arrears, that this legal right is no longer available.

Is this correct?

poorandindenial

Just bumping for you, if you get no joy you might be worth trying the mortgages board too.

Sorry I am of no help, I have nevr had a mortgage.

You could also check this out with any of the orgs in this link: http://www.moneysavingexpert.com/loans/debt-help-plan#help

LilacPixie

another little bumpy because I also have no clue.

davek1

not sure this is a legal right as such. It tends to be the view that most lenders take though.

You would need to look at your terms and conditions to establish if that is the case and what/when the lender has a legal remedy

milliemonster

I think it depends on the mortgage provider, some will start proceedings after 1 missed payment, some after 6, is there any chance you can try to negotiate with your lender now to start paying back some of the arrears? your mortgage is more important than any unsecured debt (like credit cards etc)