Clear Your Mortgage Arrears Before Court Proceedings Begin
January 31, 2008 5:14 am BusinessThe lender will take the next step if you are not be able to keep up with any agreement you make. This time the lender will inform you by letter that you have seven days to make an appointment to discuss your situation further or bring your mortgage up-to-date. The letter will conclude that unless you comply they will take the advice of their solicitor. Solicitors are usually less lenient so if possible you should avoid this stage by getting in touch and working with the lender to negotiate repayments in the first instance.
Once you have received a letter from the solicitor on behalf of your lender then you will have a period of no longer than seven days to clear your mortgage arrears or at the very least to present a proposal to pay off what you owe within a decent time frame. If your proposal is not acceptable then court proceedings may begin in order for the lender to seek property repossession. It is imperative that you do make a proposal to clear off your arrears even if the lender or solicitor does not agree to it. At least you will have shown good faith at attempting to remedy the situation as well as stop house repossession and a court will take this into account if your case should be presented before them.