A suspended repossession is when you have come to some agreement with your lender and the repossession process has been suspended or “put on hold” following the outcome of a court repossession hearing.
The suspension order will only maintain in place as long as you keep to the terms that you agreed to with your lender at the hearing.
- You have agree that you will sell your house within an agreed timescale to pay back the balance of the mortgage, the interest incurred and any payment arrears.
- You have agreed to pay the monthly mortgage amount and an additonal amount to pay off the mortgage arrears until you are upto date with payments.
If you have made the decision to sell your house then this is where we can help. We can buy houses quickly with 7 days if required using our dedicated cash funds.
The court judge will give you a suspended repossession order if he feels that the mortgage arrears issues can be resolved and that your lender agrees to this. It is essential that you keep to your promise regards what you have agreed with your lender. Be realistic about what you can afford to pay back and if selling your home is a viable option.
WARNING: If you do not keep top the terms that you have agreed as part of the order then you can be evicted without the need for a second hearing.
I have recieved a suspended repossession order – what happens next?
As mentioned about above it is very important that you keep to what has been agreed. If you want to sell your house then we can offer a very simple solution and a quick sale is guaranteed. All you need to do is contact us to explain your situation and we’ll do the rest. We’ll be able to give you a cash price and arrange to buy your home from you home within a couple of hours. We can also help you in dealing with the court and applying for any extra time for you to move out if that is what is required.
Do not overstretch yourself
If you have agreed to pay back the arrears every month then it is important that you have not overstretched yourself and over promise on what you can afford. You may find yourself back in the situation you were before and facing eviction again. If you are finding it difficult to keep up the mortgage payments and also the paying extra for the arrears you can go back to the court and request the amount to changed so it is more affordable.
According to National homebuyers most mortgage lenders expect the arrears to be paid back within a 3 year time period and a judge will decide how much you can afford to pay back depending on your other financial committments and affordability.
If you are struggling to maintain your suspended repossession order then please speak to us as we have a range of solutions and ways of helping that you may not have considered or know about.
Best Wishes, Susan