Threat of repossession

If your mortgage lender has exhausted all financial solutions, they may seek to repossess the house. Reputable lenders will have followed a ‘pre-action protocol’ to prevent this from happening. If your case goes to court, both you and your lender have to prove that you followed these protocols. During the repossession process, the lender has to consider all payment options offered by yourself. Generally, repossessing a property is treated as the very last option. Nevertheless, to make a fair and affordable arrangement, total honesty is critical. Being scared to contact your lender is understandable but not keeping them informed simply leaves them unaware of the true situation, as such they have no option but to assume that you can pay the mortgage, but are refusing to do so. It is natural when dealing with your lender to over compensate and agree to pay more than you can truly afford, our advice is simply - be total honest.

 

How we can help

Mortgage lenders are usually very approachable, however if previously agreed repayments have not been maintained then they have a set protocol to recover the debt, we can step in to try and try and resolve the issue, however you must appreciate that the lender would look upon our assistance as your last chance to avoid repossession, ultimately we can appoint an independent financial advisor to put forward a workable solution, but you must keep up these payments or the bank will most likely reissue proceedings.

 

Lestons can mediate with your lender to try and seek a working solution, these may include:

• Extending the mortgage term to lower the payments;
• Accepting reduced repayments for a set period;
• Agreeing to a payment “holiday”, or possibly
• Moving your mortgage somewhere else.

 

In certain situations, a complete refresh of your financial situation will be needed to avoid repossession of the property, we have access to solutions that include liaising with a host of independent mortgage brokers and professional financial advisors who can give you great advice. Please note we make no commission from these referrals but do need clients to open a case so that we can prepare a financial brief for them. 

 

To gain our assistance you need to open a case, this is done by taking advantage of our free consultation service, activated by the link at the top of the page, should you wish to start a case the caseworker will send you the suitable payment link. Please note your caseworker can only give generic advice, their role is to prepare your details for handling by our appointed financial advisor and to act as your point of contact, they will also issue you with your Password and PIN, these will be needed to log onto your client dashboard. From your dashboard you will be able to manage and view every aspect of your case, upload documents, images, files etc.