mortgage arreers

borderterriers

i hope im in the right thread:o
need help please

our mortgage is with santander interest only and we are currently 4 months behind and have agreed a repayment plan with them
this month we are only going to be able to pay £650 of the £1050 agreed payment,

i am petrified to phone them again as last time they used words like "getting passed to litigation"

can anyone tell me what this means and at what point do you think it likely that it will

many thanks
pat

Goldiegirl

'Passed to litigation' means they would start proceedings for possession of the house.

This process takes a few months, they would have to get a Court Order for possession of the property.

If they got a Court Order, they would then have to apply for it to be executed, to get a possession date. The possession date is the day the bailiffs take possession of the house.

However, the borrower can also attend the court hearing to make representations to the judge, and the likely result would be an order, suspended upon payment of an agreed amount. So all the time the borrower was making the agreed payment, the court order would not be executed.

Lenders generally don't start legal proceeding if they customer is keeping to an agreed payment programme. However, they won't agree to accept a payment of less than the monthly payment indefinitely, so if there's not any progress they may feel they have no alternative but to seek a court order.

Hope this gives some insight into the process