In some cases, the judge will issue a suspended possession order to give you time to sell your home. They will only do this if you can make enough from the sale to clear the whole mortgage debt. This includes all the money you borrowed as well as your arrears. For more information about selling your home to clear the mortgage arrears, see Eviction for mortgage arrears.
A money judgment allows your lender to get back all the money owed on your mortgage without having to take you to court again. This means that if your lender evicts you and isn't able to get back all the money you owe from selling the property, they can force you to make up the difference. They won't need to go to court again to do this. If the possession order is suspended , the money judgment will usually be suspended as well. This means that it won't come into force unless you don't keep to the terms of the suspended possession order and your lender is allowed to evict you.
If you believe that the judge was wrong to make a possession order, you may be able to appeal to a higher court. You may be able to do this if you think the correct procedures weren't followed, the law wasn't applied properly or the facts the judge used to make a decision at the hearing were wrong.
There is a time limit of 21 days to apply. You may be able to apply to set aside the possession order. For example, if you had good reason for not attending the hearing and you have a defence against the claim. If the court has made a suspended possession order , you can apply to change vary the terms of the order.
You might want to vary the terms if, for example, you can no longer afford to keep up the payments ordered or the sale of your property is taking longer than the court has allowed.
You can apply to vary the terms of the order on form N You can download the N form on GOV. UK or get one from the court. There will be another court hearing. You should attend the hearing with evidence to support your application. For more information about the kind of evidence a court might need to see, see Your mortgage lender takes you to court — how to prepare for the court hearing.
For information about suspending an outright possession order, see Eviction for mortgage arrears. In mortgage cases, the lender is usually allowed under their contract to pass on all their recovery costs to you, the borrower.
They do not need a court order to do this. The court might, however, be able to order that some or all of the costs are not added. They might do this if they think the costs are unreasonable or your lender has behaved unreasonably in starting possession proceedings. The situation may be different if you are getting legal aid. Your solicitor will be able to tell you more about this.
You can:. Go to www. If you're not happy with the way your lender deals with your case, you can make a complaint to the Financial Ombudsman Service. Financial Ombudsman Service Consumer helpline: or Monday to Friday, 8am to 5pm Telephone switchboard : Next-generation text relay: Monday to Friday, 9am to 5pm Fax: Complaint form Enquiry form www.
If you have mortgage arrears and you are thinking about selling your home to pay them off, you should get independent financial advice. The following organisations can help you find an independent financial adviser:. Jim January 4, at am.
Gwen Davies May 10, at am. Why do you have to pay for their negligence? Colin Robertson March 27, at am. Linda March 31, at pm. Leave a Reply Cancel reply Your email address will not be published. How to Write a Notice of Error or Request for Information Letter You can find a sample notice of error letter and request for information letter, along with useful information about what to include in the letter, at the Consumer Financial Protection Bureau's website.
Getting Help If the servicer doesn't respond to your notice of error or request for information or if the servicer disagrees that it made an error or refuses to provide you with certain information, consider consulting with a lawyer. Talk to a Lawyer Need a lawyer? Start here. Practice Area Please select Zip Code. How it Works Briefly tell us about your case Provide your contact information Choose attorneys to contact you. Real Estate. Buying a House or Property. Selling a House.
Mobile, Manufactured, and Tiny Homes. Homeowners: Taxes, Improvements, and More. Neighbor Law. Selling Your House. See All Real Estate Articles. Related Products More. View More. You're still on the hook for the money. But if you're afraid that it means you'll have to pay off your entire mortgage immediately, relax. All the terms remain in effect. In the mid s, housing prices had risen to economically unsustainable levels, driven there by low interest rates, loose lending practices and rampant investor speculation.
This "real-estate bubble" began to collapse in , as borrowers defaulted on loans they could not pay--and left their mortgage companies in possession of houses that were worth much less than the borrowers had paid for them.
In the ensuing years, hundreds of mortgage companies collapsed under the weight of unpaid loans and foreclosed houses they couldn't sell. According to research by the Mortgage Lender Implode-O-Meter, a website that tracks such failures, nearly major lenders had collapsed by late Some went out of business entirely, others were purchased by other financial companies, and still others received government assistance.
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