Hi I have a mortgage with Abbey National (79K)and a second charge with Future mortgages (44k - 2 months arrears). Abbey have instructed a Solicitor - Halliwell Landau to start reprocession proceedings against me. I have about 4 months arrears. I am worried sick and do not know what to do. I have tried to re-mort but have been turned down.

-- (The_Original_Binky@yahoo.co.uk), January 08, 2004

Answers

What will happen is this.

You will receive a possession sumons from your local county court. With the claim form, there will be forms for you to fill in and make an offer which basically should be to pay the ongoing monthly payment and something off the arrears on top.

The possession summons will show a hearing date - YOU MUST GO TO THE HEARING OTHERWISE A POSSESSION ORDER WILL BE MADE. At the hearing, you ask for the possession order to be suspended on terms of £x per month off the arrears as above. The judge has to allow you under the Norgan rules, the rest of the mortgage term if necessary, but generally, paying the arrears off within 1 to 2 years is better.

Also the judge will make a judgment order for the full amount of the mortgage that is due at the hearing date. Both the judgment and possession order are suspended on terms and will not be enforced or entered on credit files unless you default on the arrangement.

If you keep to the order and pay off all the arrears, the judgment and the possession orders lapse and cannot be enforced.

Note that when you get the actual possession order which is sent to you after the hearing, it will actually order you to give up possession in (usually) 28 days and will then go on to say that the order is suspended etc.

Grabbey National must be short of decent properties to sell or something - see the post below yours - thats Abbey Grabbey National as well!!!!

-- David J. Button (davidjohnbutton@supanet.com), January 08, 2004.