At what time you take a home loan, your house is taken as security. This just implies that the lender has the right to repossess your house and sell it if you don't make timely payment as per your loan agreement. If you fall back in your finance payments or assume you are going to fall back, it's vital that you keep your lender well-versed regarding your conditions, ask them for an adversity variation and notify then the steps that you are taking for keeping up your payments. If you don't advise them regarding your situation, then they'll ultimately begin taking their action for repossessing your house.
Well, you need to get in touch with your lender in advance and apply for an adversity variation to your loan throughout this time as a lender can start proceedings for taking possessions of your house if -
You should perform rapidly as the time-limit for your lender to impose its advance just by selling your property is rather short.
In case your lender rejects to allow you a adversity variation (or any other that will fulfil your requirements) or sanction legal-proceedings against you then you need to apply for a hardship-variation for your house loan immediately with the peripheral dispute resolution system belongs by your lender. Please be informed that each and every lenders of customer credit have to belong to either FOS (Financial Ombudsman Service) or COSL (Credit Ombudsman Service). The fallout of filing a complaint is to prevent the legal move though the complaint is being deemed. In case, the court has issued an order against you already, then it's too late for applying to an external dispute resolution system.
In case you haven't reached a contract plus your lender wishes to insist on the loan circumstances then it can start legal proceedings for repossessing and selling your house by either private sale or auction.
Be informed that your lender:
Another important point to keep in mind that your lender will allege you all the legal as well as sale costs incurred at the time of sale, repossession, and court action.