Suspended repossession

By November 15, 2008House Repossession Process

Suspended repossession

What happens with suspended repossession?

A ‘Suspended Repossession Order’ is a legal arrangement between you and your lender following your repossession court hearing. It means that the repossession order has been suspended or delayed. If a judge believes your mortgage arrears can be resolved, they’ll try to award you a suspended repossession instead of a normal repossession order.

A suspended repossession order lets you stay in your house. But you have to agree to certain conditions and it is only usually acceptable if you’ve already found a buyer and are just waiting to complete the sale.

The conditions of suspended repossession

1.    You make your usual monthly mortgage payments in full.

2.    You pay an additional monthly amount towards your arrears. Most mortgage lenders will ask for the arrears to be paid off within a strict time frame, say three years. But the judge makes the final decision based on your financial circumstances. Occasionally a judge lets a person spread their arrears across the whole of the remaining mortgage. But don’t bank on it… it is highly unusual.

3.    You agree to sell your home within a set time and repay the mortgage in full.

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Only commit to repay what you can afford

Be careful not to commit yourself to unmanageable repayments, or your suspended repossession order will fail. It is vital that you stick to the terms of the order. If you don’t, things get scary; you can be evicted immediately without another court hearing.

Abide by the Terms and Conditions

Suspended repossession lets you stay in your home as long as you stick to the terms and conditions, which are explained clearly in the court order. If they’re not clear or you find them confusing, get professional advice.

What to do if you have problems?

If you think you might have problems with your suspended repossession order, contact your mortgage lender for advice straight away. Burying your head in the sand can lead to a swift and merciless eviction!

Changing the conditions of a suspended home repossession

If you need to change the conditions of a suspended repossession order, for example if you’ve lost your job, you do so via the court by paying a fee. But if you’re on benefits or have a low income, you can often get help with the costs. – UK Govenerment to stop House Repossessions.