Repossesion order

Hollysmummy24

We have been given notice of a reposession order. Our arrears are 5k. We were overpaying our mortgage by £200 a month to sort this, the lender was happy with this agreement. I dont normally pay, hubby does so when I rang to make the payment I wasnt sure of the exact amount, I said the amount I thought it was and hoped the man on the phone would clarify, so when he repeated the amount I said I thought it was the agreed amount. Turns out it was £15 short, so now we have broken the agreement and being taken to court.
Will I need to find 5k before the court date to keep the house? Will I be able to agree anything with the lender before the court date? Im scared tbh, the kids are settled and happy here and it would be heartbreaking to leave.
Anyone with any experience this will be gratefully received.

holly_hobby

Technically the lender is well within their rights to proceed to repossession via the courts, as you have breached the terms of the arrears repayment agreement made.

Its pointless going into the why's and wherefore's on the why the amount due was not checked before hand, why it wasn't on ddm, etc .. etc... the situation is the situation.

You could speak to the lenders arrears team, plead your case and reason for breach of terms, and hope that they agree to call off the repo order, if they don't and you don't want to end up going the court route, you will no doubt have to pay the arrears and maintain your scheduled mge repayment amount from thereon in.

But only the lender will be able to tell you what they will do, and how they will play it.

Speak to them first thing Monday.

Hope this helps & good luck

Holly

magpiecottage

Why were you £15 short?