Tuesday, April 12, 2011

Bank Repossession - How You Can Avoid It Article



In the UK, one of the blessed aspects of our legal system is that we are afforded a number of legal protections and rights in the event of situations such as being given a bank repossession order. What it means is that even if you do not keep up with your mortgage repayment schedule, you will not automatically lose your home or property. In order for a bank repossession of your home or property which has been used as security in order for a mortgage to take place, the mortgage provider will be required to satisfy a legally defined procedure before they can take this final step and possess your property.

You may be struggling to keep up with the repayment schedule of your mortgage interest repayments due to a reduction in your income (perhaps due to ill health, redundancy or disability). As such, you may be eligible for assistance from the "Homeowners Mortgage Support" scheme which is funded and led by a government initiative designed to ensure that home owners who are in the situation of not being able to pay back their mortgage do not face the risk of bank repossession.

As the name of the scheme would perhaps highlight, one of the most basic and essential perquisites for eligibility of this scheme is that an applicant is actually a home owner. In addition, this scheme only covers homeowners within England, although there are similar systems in place for Scottish, Irish and Welsh home owners.

The basic premise of the HMS scheme is that the home owner who is struggling to keep up with the mortgage repayment schedule specified by their mortgage provider will be able to postpone the interest rates of their mortgage for a maximum period of two years. Please note that this interest is merely postponed until a future date, it is not cancelled and therefore you WILL be required to pay it off.

It is also important for applicants to the HMS scheme to be aware that whilst the maximum period of coverage they can acquire under this system is 2 years, there circumstances will be automatically reviewed at the end of the first calendar year. Whilst it is by no means a magic bullet, the HMS scheme is an excellent means for people who are currently experiencing short term problems to be able to get their life back on track without having to suffer unduly.

Article Source: http://EzineArticles.com/6152493

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