How To Stop A Repossession

This article will outline the steps you can take toBailiffs have the power to force their way into
stop your home being repossessed. It assumesyour home if they have to so you need to move
that notice of eviction has been issued by theout before this date if you have not been able to
court bailiffs giving a date and when eviction willstop the eviction. If they arrive when you are
occur. If you are not sure if you are at this stagethere you will have very little time to pack up
please contact the national debt helpline.your belongings and will only be able to return to
If you have been given a notice of eviction youpack up a couple of weeks later. You will then
may be able to stop this, but you must acthave to get the lenders permission to enter the
quickly.property again in the future and arrange to
Which forms you need to fill outremove your furniture. Some lenders try to
If you need more time to sell, to find somewherearguethat they can keep any belongings left in the
else to live, or want to make a revised offer tohouse. It is safer so remove all that you can
pay the arrears by monthly instalments youbefore the eviction date.
should apply for the warrant to be suspended onAfter your eviction your lender will still add
court form N244.You can pick up this form frominterest to your mortgage until the property is
your local county court.sold. They are obliged by FSA rules to sell your
When you fill in the N244 form remember to:home fast for the best price but in reality their
* Write the claim number of the case;need to get a quick sale to recover their money
* Write the warrant number;means that it is likely to sell a lot lower than the
* Include the reason you have not been able toprice you could receive on the open market. They
pay and your new offer (in part A on the frontmay sell it anything from 15% - 40% below the
of the form);market value of the property.
* Tick the box in part B saying you rely onThe proceeds from the sale are used to pay off
evidence in part C;the court costs, the estate agents and solicitors
* Attach your personal budget or write it out onbills, the mortgage and any second or third
the form in in part C on the back of the form;mortgages. The lender must tell you in writing
* Sign the statement of truth at the end of thehow the money has been spent.
form.When will the nightmare end?
Do this as soon as possible to allow the courtThey must send you any money which is left
time to arrange a hearing.over but if not enough was raised on the sale of
The court will set a date for a hearing, usuallythe property to pay off all secured debts and
before the eviction date. It is imperative you gocosts you will still owe money to the lender. Due
to this hearing or the court is unlikely to suspendto repossessed properties being sold below their
the warrant.market value this is all to common unfortunately.
If any further warrants are issued at this hearingYou do not want to get to this situation so take
you may still be able to ask the court to suspendaction as soon as possible by trying to pay off
them (for example, to give you time to findthe arrears, selling your property before you get
somewhere else to live). If all your efforts toevicted (so you get a better price) or selling and
stay in the property fail, you will be given anrenting back your property so you can stay
eviction date.there.
When the bailiffs come