Repossession Order Explained
If you fall into arrears on your debts, your home is at risk. If your home is at risk, you could be subject to a repossession order. But what does the term ‘repossession order’ refer to? Firstly, it must reach a court of law. The court will then decide if a repossession order should be put in place on your property. The judge could decide upon an outright possession order, a suspended possession order or a time order. Typically, a time order is for second mortgages or secured loans.
Should a judge rule upon an outright possession order, the court has decided the lender may repossess your home. This type of repossession order sets out a date you must vacate your home by, usually 28 days. A suspended repossession order allows you to stay in the home, under special terms & conditions. This is usually a financial agreement, where strict payment deadlines are set. However, if the homeowner has already fallen into arrears, they may be unrealistic. If you break any condition as set out in the suspended repossession order, the lender may apply to the courts to evict you from your home.
Stop a Repossession Order
If you are worried about a repossession order, there is help to avail of. Rescue My Properties have unrivalled expertise in the field of debt & repossession. Indeed, we are helping homeowners stay in their homes for over a decade. We are immensely proud of our record & are pleased to be able to offer our services to clients in their time of need. If you need to discuss repossession order options, Rescue My Properties is your first port of call. We can negotiate a repossession order. Rescue My Properties can stop a repossession order. We even offer free one hour consultations with potential clients to discuss their repossession order concerns.
If you are facing the threat of a repossession order, speak to us now. Call now on 020 7127 9536.
Gov.Uk Discuss Repossession Orders: