Sep 10
21
UK home repossessions and resultant shortfall debt
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Published on Hellium
By Katerina Nikolas
By Katerina Nikolas
Home repossessions are still at high levels in the UK. Those who fall into arrears on their mortgage by missing a payment need to be in contact with the lender and try to sort out a solution to the problem. Those who simply ignore the collections calls and the lender can find themselves very quickly facing repossession if they don’t work with the lender.
After 60 days of none payment UK mortgage lenders can apply to obtain a county court judgment, necessary before they can legally repossess a house and evict the home owners. However once a judge has ruled in favour of the lender it is usual that the bailiffs will contact the homeowner with a specific date to leave the property which can be any time from around 28 days of the judgment being issued.
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