Re Possesion Help Please

toffee_man_2

After a sticky peroid we came to an agreement with our bank to pay off our arrears.We made our first payment but although it was approved our acount has not been credited. Their mistake obviously. Consequently the bank have moved to formally re posses the house. What do we do. Any advice please.!!

toffee_man_2

Bumping it up

silvercar

phone them tomorrow, see if they still intend going to court.

If they are going to court, then you need to go along and tell the judge that you have agreed arrear payments. The judge should then set aside the repossession, provided you keep up with the payments.

If you do fail to keep up with the arrear repayments, it will be easier for the lender to get repossession at a second court hearing, so do make sure that you keep to the payments.

The debt free wannabe board will have more info on this sort of thing.

Spudwud

You should make an application to the court in advance of the hearing, there's no way the lender is going to get your property for one missed payment under a court order - the fact you made the payment basically rules out any chance they have of repo at the moment.

If the arrangement to clear the arrears was done under a suspended court order, it's imperative that you make an application, because if they have a court order already another court hearing is NOT required for them to enforce this order and set a date for repossession.

If they don't have a court order and it was just an informal arrangement you made with the lender to clear the arrears and you can bring proof that this has been maintained, the court will simply throw the case out on the day or, worse case scenario, award the lender a suspended court order on the terms of the previous arrangement made with them.

Taking a property in to possession is much harder work for a lender than you'd expect. Courts tend to favour the consumer, after all this is your home and the mortgage company are a big faceless lender who, whether they take your house or not, will still be here tomorrow.

To briefly explain, there are 2 common kinds of court order - a suspended order and a straight order;

If the lender obtains a straight order for possession it will usually be enforceable in 28days at which point the lender can enforce the order, but they won't get a repo date for probably a month after they enforced the order. Between obtaining the order and it becoming enforceable, the lender should attempt to make an arrangement to clear the arrears with you (or more to the point, you should attempt to make an arrangement with them). As long as you maintain this, they won't enforce the order.

A suspended order will be just that, a court order suspended upon a payment arrangement to clear the arrears and unless you default on this, the lender cannot enforce and reposess.

All the best

toffee_man_2

Been told now that they have found my payment and that they have credited my account.
However they are carrying on with a Suspended Possesion order. Should I contest or agree. Is it imperative I attend and do I need representation ?

Spudwud

toffee_man wrote: »

Been told now that they have found my payment and that they have credited my account.
However they are carrying on with a Suspended Possesion order. Should I contest or agree. Is it imperative I attend and do I need representation ?

Attend - even when an agreement is made before going to court, I've known judges to grant Straight Possession orders in the clients absence, even when a suspended order is sought!

The lender would still allow you to pay the arrangement agreed with them, but when the arrears are cleared to the penny a suspended order isn't always valid there after (depends on the wording on the order) where as a straight order will sit on your file for the duration of your mortgage unless they take your property in to possession but agree to give it back afterwards (which can happen if a lump sum payment is made post-repossession).

I personally would contest them even going to court and contest in court that a suspended order is not required if they agreed not to go to court on a payment plan which you've actually maintained (bring proof of this though).

toffee_man_2

Should I ask for a Notice of Discontinuance for when the arrears have been paid off?
Thanks for everybodies help so far

toffee_man_2

Bumping it up