Facing Eviction from your home in the Glasgow area?

 

 

The mortgage company will continue to charge for the mortgage until the property is sold, and will probably make the following charges for which you are responsible:

The original amount borrowed plus interest

• Buildings insurance until the property is sold
• Any arrears you may have
• Penalty charges for late payments
• Council Tax (if the property does not qualify for relief)
• Administration charges
• Estate agency fees
• Auction fees

 

Eviction

Eviction is something that you want to avoid at all cost. It is the last in a series of events that you will be made aware of, you may have been to court and advised of a time and date, when you must vacate the property.

What are the steps leading up to eviction?

Your lender will have advised you that you are in arrears and that you have to bring your account up to date. They will have probably written to and phoned you.

If you have failed to respond, then the lender's solicitor will have written to you requesting that your account is brought up to date, and that your arrears are paid in full, with a warning that failure to do so may result in a repossession order being sought from the local Sheriff Court in Glasgow.

After approximately six months, a date for a repossession hearing date will be fixed, which you must attend

At the hearing, if you fail to make an arrangement to pay your lender the amount outstanding, then an order will be granted to the lender to repossess your home

After a period of twenty eight days has elapsed, and you have neither paid off the arrears and still not vacated your home, the lender will apply for an eviction order

Assuming that the lender is granted a Notice of Eviction, which is likely, then you will be informed of a date by which you must leave the property

On the eviction date, a representative of the court will arrive, possibly accompanied by the Police, and formally evict you from the property.

 

What are the consequences of being evicted?

The loss of your home

A lot of stress

Where will you stay?

The embarrassment

Will the council give you a property to stay in?

Will the council provide a property you would want to stay in?

Will the council provide a property that is convenient i.e. for your family, to visit your friends, for the kids going to school etc.

Your credit rating may be affected

These are just a few of the issues that require consideration.

How to avoid eviction

• Ensure that you make paying your mortgage lender the top priority
• Approach your lender early, if you are experiencing difficulties
• Pay as much to your lender as you can afford,even if it is not the full amount
• Consider selling your property before the situation deteriorates, as this will leave you in full contro,l and minimise any amounts owing, and maximise the amount of capital you can expect
• Consider contacting the Property Advice Bureau, and even renting back your home

 

The lender is unlikely to achieve full market value for your property and with the additional charges you may end up with negative equity. Avoid negative equity and additional charges and maximise the equity in your home by contacting the Property Advice Bureau now.

See also MORTGAGE ARREARS and REPOSSESSION