phoneTwitterFacebook
ear
 
When everyone has a home

Housing advice for Northern Ireland

Mortgage debt

If the Chancery Master grants your lender possession, the lender has to apply to the Enforcement of Judgments Office to enforce the court's decision. Even at this late stage, you may be able to avoid having to leave your home if you can come up with a realistic proposal of repaying the money owed.

When your home is repossessed it is usually sold to pay off your debts. This will also happen if you hand over the keys to your home voluntarily. The money you get may not be enough to cover everything you owe.

There are a few different things that can happen if you have to go to court for a possession hearing.

Housing Rights has a special team of advisers who help people who've fallen behind with their mortgage and who are worried about repossession.

Your landlord may have a mortgage or secured loan on the property you are living in. If the landlord falls into arrears on these loans, your home could be at risk. You may have limited rights to stay in the property on a short term basis, but it is unlikely you will be able to stay there long term.

Do not wait for your lender to contact you if you are having money problems. Let your lender know if you have missed a mortgage payment of if you think this might happen soon.

The interest on credit cards can be very high. Use this calculator from the Money Advice Service to work out how long it's going to take you to pay off the balance on your card based on the amount you can afford to pay every month.

There are practical things that you can if you're having difficulties paying your mortgage. The most important of these is to get advice so you fully understand your options.

Pages

Subscribe to RSS - Mortgage debt Subscribe to Mortgage debt