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- Mortgage_repossession abstract "Mortgage possessionNote in the UK a lender can take possession of a person's home due to default on a mortgage. This process is incorrectly often known as mortgage repossession; however assets can only be repossessed if the lender was the seller, which is often the case with cars but not usually houses. The correct terminology is possession. The process typically involves obtaining firstly an order for possession in the courts, then an eviction warrant. The eviction is carried out by bailiffs. Once the lender has obtained possession, it can then sell the home to recoup any lost arrears.Mortgage possession involves legal proceedings in which a mortgagee, or other lienholder, usually a lender, obtains a court order for possession of a property, prior to exercising the mortgagor's equitable right of redemption. Usually a lender obtains a security interest from a borrower who mortgages or pledges an asset like a house to secure the loan. If the borrower defaults the lender can possesses the property.Mortgage possession is not to be confused with foreclosure. In the United Kingdom foreclosure is a little used remedy which vests the property in the mortgagee with the mortgagor having no right to any surplus from the sale. Because this remedy can be harsh, courts almost never allow it. Instead, they will usually grant an order for possession and an order for sale, which mitigates some of the harshness of the repossession by allowing the sale.It should also be noted that mortgagors can lose their properties by default on their lease; this could occur where there is unpaid ground rent or unpaid rent on a shared ownership property. In this circumstance the property (or rather the lease) would be subject to fortfeiture. Typically a lender on these properties would pay the ground rent and add it to the mortgage debt to avoid losing its rights to the property.".
- Mortgage_repossession wikiPageExternalLink www.citizensadvice.org.uk.
- Mortgage_repossession wikiPageExternalLink www.financial-ombudsman.org.uk.
- Mortgage_repossession wikiPageExternalLink rep2.html.
- Mortgage_repossession wikiPageExternalLink www.nhas.org.uk.
- Mortgage_repossession wikiPageExternalLink www.stepchange.org.
- Mortgage_repossession wikiPageExternalLink introduction.
- Mortgage_repossession wikiPageID "21703211".
- Mortgage_repossession wikiPageLength "2599".
- Mortgage_repossession wikiPageOutDegree "10".
- Mortgage_repossession wikiPageRevisionID "703268914".
- Mortgage_repossession wikiPageWikiLink Category:Mortgage.
- Mortgage_repossession wikiPageWikiLink Default_(finance).
- Mortgage_repossession wikiPageWikiLink Equity_(law).
- Mortgage_repossession wikiPageWikiLink Foreclosure.
- Mortgage_repossession wikiPageWikiLink Lien.
- Mortgage_repossession wikiPageWikiLink Mortgage_loan.
- Mortgage_repossession wikiPageWikiLink Redemption_value.
- Mortgage_repossession wikiPageWikiLink Security_interest.
- Mortgage_repossession wikiPageWikiLink United_Kingdom.
- Mortgage_repossession wikiPageWikiLinkText "homeowners defaulting on mortgages".
- Mortgage_repossession wikiPageUsesTemplate Template:Inline.
- Mortgage_repossession wikiPageUsesTemplate Template:Refimprove.
- Mortgage_repossession wikiPageUsesTemplate Template:Tone.
- Mortgage_repossession subject Category:Mortgage.
- Mortgage_repossession comment "Mortgage possessionNote in the UK a lender can take possession of a person's home due to default on a mortgage. This process is incorrectly often known as mortgage repossession; however assets can only be repossessed if the lender was the seller, which is often the case with cars but not usually houses. The correct terminology is possession. The process typically involves obtaining firstly an order for possession in the courts, then an eviction warrant.".
- Mortgage_repossession label "Mortgage repossession".
- Mortgage_repossession sameAs Q6914665.
- Mortgage_repossession sameAs m.05mr44s.
- Mortgage_repossession sameAs Q6914665.
- Mortgage_repossession wasDerivedFrom Mortgage_repossession?oldid=703268914.
- Mortgage_repossession isPrimaryTopicOf Mortgage_repossession.