Facing Mortgage Arrears in Glasgow?

If you are failing to keep up with mortgage payments, then you will probably be incurring late Payment charges for missed payments, plus you will be required to continue with making the monthly mortgage payments.

The combination of both can stretch a budget to breaking point and repossession.

What can I do?

Failure to make your monthly mortgage repayments can result in repossession, the lender has a right to take legal proceedings to have your home repossessed, in order to sell it, and recover any loan made to you, plus any expenses incurred.
You can approach your lender at any time before repossession has taken place, and make them an offer to clear the mortgage arrears, thus avoiding repossession. However, if the lender is not satisfied with your proposal, they can apply for an order to repossess your home, for failure to keep up your mortgage repayments.

The steps and what you can do.

You will initially receive payment reminders by post and/or telephone, chasing mortgage arrears. Most important of all is to keep your lender informed of your position and a resolution may be forthcoming
Mortgage Arrears of more than a few months will result in the lenders solicitors writing to you requesting immediate payment of all mortgage arrears, with a warning that proceedings may be started, to request a repossession order from the Glasgow Sheriff Court, or your local Sheriff court in Scotland
Repossession Proceedings: usually after six months or more Sheriff Court repossession proceedings will be issued. A date will be set by the court and you should appear.

Avoid Court Action

The Court Hearing
Adjourned (put off to another time) -

If the case cannot proceed for whatever reason i.e. your sick and unable to attend, paperwork not in order, further clarification of the case required etc;

Case Dismissed -

If you repay the full amount of the mortgage arrears

Repossession Order –

Your lender will be granted the right to repossess your home, typically twenty eight days

Suspension of repossession order –

The order can be suspended if you have satisfied the Sheriff that the current month’s mortgage arrears will be paid, plus an arrangement to repay the mortgage arrears. If you should fail to keep up your end of the arrangement, the lender has the right to seek immediate repossession

Notice of Eviction –

If you have not made the repayments as agreed, or you have continued to remain in your home after the expiry of the agreed period, then the lender will apply to the courts for formal eviction. You will be a specific time and date by which you must leave the property. A representative from the court, and the lender, including a locksmith, will appear at the appointed time, and take formal possession. Even up until the last minute it is not too late to recover the position, and a call to the Property Advice Bureau may be the answer.

The Property Advice Bureau can also buy your property from you if you live in the Glasgow area, and agree to rent it back to you; you can even buy it back for an agreed sum at some agreed point in the future.

By agreeing to let theProperty Advice Bureau buy your property and rent it back, it can be very useful to free up capital to perhaps payoff existing debt, but still allows you the freedom to remain in the property and save the expense and inconvenience of relocating.

Contact the Property Advice Bureau now, and see if we can be of help.