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Repossession can 'happen in three months'

Repossession can 'happen in three months'

 

Homeowners who are struggling with their mortgage repayments could find their house is repossessed within three months of their first warning, one expert has said.

According to David Warnes, director of the Repossessions Advice Centre, the number of warnings a debt-burdened homeowner receives can vary.

"Some people might only get given two opportunities by the court but some courts are more lenient and can give up to seven warnings," he remarked.

For example, if a borrower has a £300,000 mortgage for a £330,000 house they may only receive two warnings as this loan would be considered unsafe, Mr Warnes stated.

He added that the quickest amount of time repossession will happen in is three months and that the courts try to keep families in their homes, as the council will then have to provide housing.

Repossessions increased by 21 per cent in 2007, figures from the Council of Mortgage Lenders revealed.

Your home may be repossessed if you do not keep up repayments on your mortgage.

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