Reposession advice - terrified

[Ell-enn]

Hi there,  firstly you need to work out what you can afford to pay towards the arrears in addition to the normal monthly payment - if the lender does apply for a warrant of possession then the only action you can take is to defend by applying to the court for a hearing to suspend possession and you would need to have offered a payment plan that you are able to maintain.

We also need to know the following:

How much are the arrears?

How long has the mortgage left to run?

Is your primary mortgage up to date?

I can help you with a letter to the lender once you have worked out what you can offer and have answered the above questions.

[Ell-enn]

Are you making payments towards the arrears on your primary mortgage?

[Ell-enn]

Hi,   you should fill in the affixed budget sheet - it calculates as you complete it) - as you'll need to send it with your offer letter to the lender.  This will help your case if we have to defend in court as the judge will see you've made an effort to  come to an arrangement with the lender.

Let me know when you have completed it.

Are these mortgages in joint names or just yours ?

I have to go out this evening but will check back with you tomorrow.

Budget Sheet - Blank.xlsx

[Ell-enn]

Hi,  looking at your budget sheet how much can you afford to pay towards the arrears on the second mortgage in addition to the normal monthly payment?

Have you received confirmation of how much the arrears are?