Need to understand quickly the process of repossession?

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The process of repossession is relatively long and complex. It can be broken into the 5 major stages described below:

• Stage 1. In this stage the lender will remind the customer on the amount due and request for the timely payment to prevent the repossession process from being initiated. The lender will try and use all methods to communicate with the leaned including telephone, direct communication and letters. You are well within your rights to contact your lender and re-negotiate the agreement and find a mutually agreeable settlement. Actually this is a very advisable course of action and you can stop your repossession during this stage.
• Stage 2. In the event of your not communicating with your lender, or the lender making an opinion that you appear to be avoiding him, he or she may instruct a solicitor to initiate repossession proceedings. The solicitor will in turn formally inform you of the amount due and ask for an immediate payment or face repossession of the property. You may at this time choose to contact your solicitor and try to negotiate a mutually agreeable contract/solution with the lender and avoid the process of repossession.
• Stage 3. If you still do not respond, a formal repossession proceeding might be initiated against you. The matter would most likely be brought up in the local county court. You still hold the initiative to stop the repossession proceedings by communicating with the lender or his solicitor to arrive at a mutually agreeable solution by repaying a suitable amount.
• Stage 4. The court then needs to decide on one of several actions that it can take on its discretion. These actions could be:
  • (i) Adjourn the Decision. In the event of lack of facts or the requirement to gather new facts, the court might decide to adjourn the decision.
  • (ii) Dismiss or Indefinitely Adjourn. In the event of you clearing all dues to the lender, the court may decide to dismiss the case.
  • (iii) Order for suitable amount.
  • Stage 4. The court then needs to decide on one of several actions that it can take on its discretion. These actions could be:
    • (i) Adjourn the Decision. In the event of lack of facts or the requirement to gather new facts, the court might decide to adjourn the decision.
    • (ii) Dismiss or Indefinitely Adjourn. In the event of you clearing all dues to the lender, the court may decide to dismiss the case.
    • (iii) Order for Possession. The lender gets the rights to possess the property after a duration of 28 days from the passing of the judgment, unless you are able to repay the amount in the stated timeframe.
    • (iv) Suspended Order of Possession. In the event of you making a part payment, usually a month’s installment, and assure the court that the remainder will be paid in a fixed time, the court may grant a suspended order of possession. However, the lender reserves the right to foreclose the deal and acquire the property immediately in case of a default by you.
  • Stage 5. In the final stage, after the court issues the orders to vacate, unless you willingly vacate the property, the court orders a bailiff and a locksmith to take possession of the house. It has also been seen that country courts tends to advise parties to arrive at a out of court settlement and not let every case reach the repossession stage.
  During the repossession proceeding, it is very important to take financial and more importantly legal advice. If you don't know where to start you can look at our resources page. For understanding better what would happen if you eventually get repossessed see our repossession consequences page. Mega Quick Sale can help during any of these 5 stages and even until the actual day of eviction by finding a quick buyer. All you need to do is to start talking to one of our experts who can take you through your options.