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At the end of your court hearing, the judge will: The judge might also make a money judgment at the same time as a possession order. This allows your lender to get back all the money owed on your mortgage without having to take you to court again. You might be able to appeal a possession order or get it changed.
- Repossession by your landlord's mortgage lender
This is an order which says that the landlord's lender can...
- Repossession by your landlord's mortgage lender
When the lender is in possession of the property, it is referred to as the mortgagee in possession. The lender must take proper care of the property, for example by dealing with essential or emergency repairs, such as a leaking pipe. It may also undertake basic maintenance, such as mowing the lawn.
This is an order which says that the landlord's lender can take possession of your home and that you will have to leave by a certain date. Before the hearing takes place, you can apply to the court so that you can join in the possession proceedings. The judge may then agree to postpone the date by which you have to leave your home.
- Lender contacts borrower regarding their missed payments. Lenders are required to act fairly and reasonably when resolving any matter concerning mortgage arrears (PAP, para 3.1(a)) and should only commence a possession claim as a last resort (PAP, para 7.1).
- Lender initiates legal proceedings by making an order for possession. A lender seeking possession in its capacity as a mortgagor must serve the borrower with a claim form and an application notice, together with written evidence and a blank form for the borrower to write their witness statement in, within 24 hours of issuing an application with the court (CPR 55.23).
- Court sets hearing date. Upon service to the court, the hearing date will not be less than 28 days from the date on which the lender issued the claim form (CPR 55.5(3)).
- Possession hearing. The borrower must attend any court hearing. The Housing Possession Court Duty scheme can provide free on-the-day legal advice and representation.
Terms of an outright possession order mean you have to leave the property before the date given in the order. Often the date is 28 days after your court hearing. The lender has a legal right to own your home on the date given in the order. This is also called an ‘order for possession‘. What happens if you fail to leave your home by the date ...
What happens once the lender has possession. Your lender must sell the property for the best price they can reasonably get. Most lenders will advertise the property through an estate agent in the usual way. Sometimes a property can be sold at auction to get a quicker sale. Mortgage payments after repossession
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Rights and liabilities of mortgagee in possession. 3. A legal mortgagee is normally entitled to possession as soon as the ink is dry on the mortgage. A mortgagee will usually want possession in order to sell with vacant possession. 4. A mortgagee who goes into possession becomes the manager of the charged property.
