Bank Repossessions

Bank repossessions are great investment opportunities as lenders are often in a rush to sell these foreclosure homes. It’s not uncommon to buy these properties for 30-50 percent lower than market value!

Bank repossession happens when ones monthly mortgage payments are not being met on time. Repossession proceedings can happen very quickly following arrears on a mortgage account. The bank has the right to do this if it feels that you are unable to clear your debts and keep up to date with your mortgage payments. In many situations where payments have been missed on the mortgage, an arrangement can be made with the bank to clear the arrears over a fixed period of time. This will usually involve making overpayments on a monthly basis over a set period of time.

Bank repossession happens to many people everyday throughout the country. Unfortunately a lot of these unlucky people do not realise that they do have options. In general the banks try particularly hard to help. Bank repo is a chaotic business but we can help.

If this arrangement cannot be made, or the bank feels that you are not taking a proactive stance to resolve the matter, then they may approach the county court to seek a repossession order. A court hearing will involve the borrower attending and there can be a number of different outcomes:

- The case will be adjourned and you will be given a new date for your hearing.

- The case will be dismissed or adjourned for ever. This will usually only happen following full payment of the arrears.

- The lender will be granted with an order for possession which can give the lender the right to possession after a fixed period

- The courts will suspend the repossession order. The order is suspended pending payment of the agreed amount to clear the arrears and of the current monthly mortgage payment.

- The courts will allow a possession warrant or notice of eviction. This will happen if you have not abided by the courts ruling following the suspended repossession order or the order of possession has passed.

We can help stop repossession, whatever the outcome from the courts. The earlier we get involved, the more chance we can stop the bank repossession.