Manage the arrangement or you could face repossession.

If you have mortgage arrears and you want to arrange a voluntary agreement between you and your mortgage company, you need to ensure that you keep up the payments and inform you mortgage company of any changes in your circumstances as they occur. You need to try and arrange a new agreement or payment plan with your mortgage company to prevent any repossession proceedings.

If your mortgage lender does not agree with your new proposal, it is highly likely that they will pursue court action, meaning the court would now decide on whether your mortgage company has to agree to the new proposal or not. If the court agrees in favor of your mortgage company, then they will start the repossession process.

If you have already been to the court, but can not afford to pay what the court had previously decided, you need to apply for another court hearing. At the court hearing you can ask for reduced payments but make sure you have relevant information and evidence i.e. reduced wages or reduced family income, to support your case.

There would be two possible outcomes from the court hearing. The first is, the court would agree to the reduced payments and issue a new order. The second is, the court may decide that the previous order was fair and would decide in the lenders favour, enabling then lender to apply for the repossession of your property, if the original payment plan is not adhered to.

Also see:

Stop repossession
Mortgage arrears
Paying your mortgage arrears
Late payments may not count as arrears

Contact us or apply online for advice and to see how Quick Purchase can help stop repossession