Repossession

When you first fall into arrears on your mortgage, the lender will probably contact you to see if what has happened and ask you to make a payment in order to return to the original payment plan. If you are unable to do this, he will discuss alternative payment plans with you.

The lender may initiate legal proceedings against you to recover the arrears or to repossess the property. Repossession is always the last resort for a lender.

Any repossessed property will be sold at auction. The lender is required to sell to the highest possible price. The proceeds of the sale will be set against your outstanding mortgage balance plus any applicable fees that were incurred. Any surplus money after the mortgage has been repaid will be returned to you but any shortfall in repaying the mortgage will be your responsibility.

Having your property repossessed is disruptive to you and your family's lives. Most lenders will only consider it as an alternative of last resort, they would much rather refinance your obligations!

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