What is Repossession?

Repossessions and foreclosures are different things.
The definition of repossession proceedings is: litigation begun in a court of the United Kingdom by the lender or landlord for purposes of recovering possession of property that is occupied by the debtor or tenant as her or his main or sole residence.
Repossession (UK): The lender “takes back” the property, sells it, uses the proceeds to pay off the amount owed to it, and then sends the balance to the borrower. In the Building Societies Act 1997 the lender has to “take reasonable precautions to obtain the true market value of the mortgaged property”. They don’t need a Court Order, ‘though that is the norm. They need not sell the place via an auction. This is good, as they may thereby get a better price.
Foreclosure (UK): They “take back” the property, sell it, and keep the entire proceeds. This can only be done via a Court Order, and is highly ususual nowadays; usually only repossession orders are granted.
A property will be not be repossessed over one or two missed payments. You must, however, communicate with your lender ASAP. Tell them what is happening, and what you will do to make it up.
Note: “Handing back the keys” is a myth. It does nothing to stop a repossession.
We Also Recommend:

How to Use Equity Release to Fund Your Life in Retirement
Are you property-rich, but cash strapped and are looking for a way to get some extra finances to help pay

The Most Valuable Information on Payday Loans
A payday loan is a modest short-term loan you can use to insure cost until the next payday. It’s possible

Quick Access to Payday Loans and More Info
With prices of pretty much everything slowly but surely rising and inflation reducing the purchasing power of most Europeans and

Pros and Cons of Payday Loans
Now, here’s a financial sector that’s been doing pretty well given that we’re all over the world in the midst

Easy Loans for Immediate Needs
While picking up a loan is not really recommended under any circumstances, today’s society is pretty much debt based. Even


