Having a Plan for your Repossession Court Hearing.

For those mortgagees that get in touch with us that have been given a court hearing date, we always strongly suggest that they turn up for the hearing and that they take with them a plan that can be put forward to the Judge for consideration. 

Your plan will need to include how you propose to get the arrears back on track and in order to do this you will have to take a close look at your finances and see in reality, what financial commitments you can make and more importantly, keep to the commitments.

In order to do this, you could request a modification of the mortgage terms such as temporarily lowering the interest rates or having the mortgage term extended. You could even try asking for a temporary suspension of the loan altogether until you are back on your feet, but you will have to demonstrate how you plan for this to happen. Asking for a temporary suspension of your mortgage without showing how you plan to “get back on your feet” will more than likely fail.

Getting your arrears back on track will need to have a realistic repayment plan for the arrears, spreading the outstanding amount over a reasonable timeframe and should include a current financial statement, including income, expenses, and assets. You should also show proof of ability to make modified payments.

In short, the aim of having a plan is to emphasise to the Judge, your intention to fulfil your financial obligations to maintaining homeownership.

If you feel you need help, you may want to consider www.repossessionhelp.net .