What does 3 month stay on repossession mean?
- Thread starter ontheup
- Start date
I assume you were told this in court today?
It means that the lender has been granted a repossession order but that they can't take the house for three months. The 'stay' is usually granted to allow those living there to sort out other living arrangements. It's highly unlikely you can make new arrangements with the lender because if they've gone to court to get a repossession order, you must be in significant debt. And if the Judge granted the order, he/she doesn't believe that you will be able to repay it
It means that the lender has been granted a repossession order but that they can't take the house for three months. The 'stay' is usually granted to allow those living there to sort out other living arrangements. It's highly unlikely you can make new arrangements with the lender because if they've gone to court to get a repossession order, you must be in significant debt. And if the Judge granted the order, he/she doesn't believe that you will be able to repay it
Of course you can repay the money and then they won't repossess. Did you say in court that you would be able to get the money together? Or is it the case that the 'stay' was put on to give you time to move as previous poster advised? Did you have legal representation?
Brendan Burgess
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Did you solicitor not explain this to you?
Legally, the lender can repossess the home in 3 months and you have to leave. If you don't leave, they can ask the Sheriff to evict you.
You must prepare for that.
In practice, many repossession orders don't get to that. The borrower finds some money and starts repaying the lender and the lender leaves them there, but the order remains valid so they can evict you if it suits them.
If you go to the lender and agree to sell your home, most will allow you to do this so that it is does not have the stigma of a repossessed house. They will probably appoint the estate agent to sell it.
You should talk to your lender directly.
Legally, the lender can repossess the home in 3 months and you have to leave. If you don't leave, they can ask the Sheriff to evict you.
You must prepare for that.
In practice, many repossession orders don't get to that. The borrower finds some money and starts repaying the lender and the lender leaves them there, but the order remains valid so they can evict you if it suits them.
If you go to the lender and agree to sell your home, most will allow you to do this so that it is does not have the stigma of a repossessed house. They will probably appoint the estate agent to sell it.
You should talk to your lender directly.