| Stopping your house repossession is all about regaining control of your own destiny. Unless you can find a means of paying off your mortgage arrears in full - which is what lenders usually demand - you're looking at one of two options. Persuade the judge your house is as good as sold or put up a convincing case that you can meet some form of payment plan to pay arrears over a period of time. |
Understanding what's going on
Trouble is if you're facing a court date (or date for eviction) it can feel as though you've lost control of your own destiny. But there are still some things you can do to help yourself. Stopping the process may still be a possibility.
It's easy to feel as if you're in over your head. We understand that once legal action has started it can be difficult to work out what your alternatives are (or even what's going on). Even if you can't afford legal advice there are a number of no cost organisations such as Citizens Advice or Shelter who can help clarify exactly where you are in the process and what your options are. In addition, some organisations are able to provide free legal advice including Transact.
The good news is that judges and many lenders don't like making people homeless even although falling house prices and the credit squeeze seem to be making lenders more nervous.
The key to being able to take the reins back is a form called N244.
The power of Form N244
Form N244 is your passport to stopping your house repossession. It works just as well in Haverford West or Cardiff or Ashford or Maidstone. You see..it is a passport. And you don't need a solicitor to make use of the form. All that it takes is a fee paid to the court - of less than £100.
N244 is simply a form you complete and take to the reception desk at the relevant County Court. The form enables you to call a court hearing where you can state your case - effectively present new evidence to the court. It is this new evidence which can be instrumental in halting your house repossession.
Using the N244 Application Notice
Anyone can get a copy of the N244 Application Notice. See no mystery.
The N244 will not be sufficient by itself to get a deferred or suspended possession order. But it will FREEZE legal proceedings no matter where you are in the process pending further investigations.
The great thing about form N244 it allows you to state your case before the judge by calling for a special court hearing. Stating why you should not be evicted or why a possession order should not be granted is more than a matter of stating you have listed your property with estate agents. You'll need to demonstrate you have adequately solved the problem of paying your mortgage arrears or paying everything off.
This means being able to show the judge you:
- can sustain paying off your arrears over time
- have exchanged contracts on your sale
- have a cash buyer lined up to buy your house
Halting your house repossession ultimately comes down to either making a convincing case for why you can now make payments or indicating you have an alternative solution such as a sale in progress.
Stating you have a sale in progress has to be meaningful. What it really means is having an exchange of contracts in place, or a cash buyer waiting in the wings.
Have you really run out of options?
Selling your house - whether you remain in it or not - is obviously a last resort for stopping your house repossession. If you haven't already done so now is the time to consider carefully whether you REALLY have no means of paying off the arrears. Many borrowers who do manage to make good their arrears end up getting a "soft" short term loan from family members or friends. This solution is usually more flexible and cheaper than approaching lenders and of course not subject to the same criteria.
However if this is really not an option, you need to be certain you've exhausted refinancing options. Stopping your house repossession may hinge on a meeting with a decent mortgage broker.
You may be able to to re-finance your property allowing you to raise cash and/or lower your monthly payments. While this may be harder during the current credit squeeze it is by no means impossible if you have sufficient equity. A good mortgage broker should be able to advise what your options are.
To find out more about stopping your house repossession please call us on 0800 043 0669.