A judgment mortgage has broadly the same effect as a conventional mortgage on your home and can be enforced by way of a mortgage suit - see above. First the creditor must get a judgment order, and then an execution order (usually a fi fa order ) and if the execution order doesnt result in payment of the debt the creditor may get a judgment mortgage on your property. Judgment order The creditor must first get a court to decide that you do owe them money. This is called a judgment order. To get a judgment order, the creditor will take their case (make a motion) to the district court, the circuit court or the high court which court depends on the amount of money involved. This motion may, of course, be contested by you (the debtor). A judgment order is made if it is established that you (the debtor) owe the money in question. When a judgment for the payment of money is obtained from a court, the person in whose favour the judgment is given is called a judgment creditor and the person who has to make the payment is a judgment debtor.
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Mortgage suit A mortgage suit is a pilot court procedure which is taken by the holder of a security on property (for example, your mortgage lender) to recover a debt by forcing a sale of that property. If a mortgage suit is successful, the court issues a well-charging order. A well-charging order usually includes: A declaration by the court that the debt owing to the person or institution (together with any interest and costs) taking the case is well charged on the property in question A direction that the property be sold (usually the. This can arise, for example, if you have dessay more than one mortgage on a property or there is some arrangement whereby some of the proceeds of sale of the house must be used for other purposes The arrangements for the sale are also generally agreed. The sale is usually by public auction. If the sale price is greater than the amount you owe, then the excess is paid over to you. If it is less, you are still liable to repay the shortfall. If you manage to make a settlement with the lender and agree repayment terms, then the lender may apply to the court to discharge the well-charging order. Executing the orders If you do not comply with the terms of the court orders, they may be enforced by the sheriff or the county registrar. Other debts and loans If you owe money for any reason and the creditor is trying to get repayment, one of the options open to the creditor is to create a judgment mortgage on your property (your home or any other property you own).
The procedure is set out in Order 38 of the barbing rules of the superior courts. The lender may apply to the high court for a possession order and, if necessary, a well-charging order. The process involves the lender issuing a special summons. This is first dealt with by the master of the high court. He sets a return date which may not be less than 7 days after the issuing of the summons. The summons must then be served on you at least four days before the return date. The lender must file an affidavit setting out the facts of the claim in the central Office of the high court. The hearing may be on affidavit only or oral evidence may be given. The master may grant or refuse the orders requested or may forward the case for hearing by a high court judge.
In order to do this, you must have given notice that you require this person to be present. The county registrar has the power to make a number of orders, including adjournments, notice to third parties and more time to file affidavits. Decisions by paper the county registrar The county registrar may make an order for possession and/or a well-charging order if you have not entered an appearance. The county registrar can also make an order for possession, if you have entered an appearance and filed a replying affidavit, but your affidavit does not disclose a prima facie defence (this means that the affidavit does not show any obvious defence). If you have entered an appearance and filed a replying affidavit which does disclose a prima facie defence, the case must be sent by the county registrar for hearing by a judge. Judge's decision The judge may grant or refuse the order requested. High court The procedures for getting well-charging and possession orders in the high court are similar. The master of the high court has a similar (but not exactly the same) role as the county registrar in the circuit court.
This is usually accompanied by an affidavit setting out the claim that is being made against you. The civil bill has a return date that is the date on which the matter will come before the county registrar. The civil bill must be served on you at least 21 days before the return date. The mortgage provider may apply for a possession order and/or a well-charging order (see below). If you intend to fight the action taken by the mortgage provider to repossess your home, you must enter an appearance (there is a specific form for doing this) within 10 days of being served the civil bill. You must then file an affidavit replying to the mortgage providers claim and serve that on the mortgage provider at least four days before the return date. When your case comes before the county registrar it will be decided on the basis of what is in the affidavits. Neither side has the right to give oral evidence except in specific circumstances. However, you do have the right to cross examine the person who swore the affidavit.
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This is a court order which, among other things, allows for the entry sale of the property. If you dont agree to have your home repossessed If you havent agreed a repayment plan with the lender, or you have been unable to meet the payment arranged by a repayment plan, the lender may take you to court to repossess your home. You must engage in the legal process if you dont want your home repossessed. In general, a lending institution may start the proceedings for repossession in either the circuit court or the high court. However, if the mortgage was taken out on or after 1 December 2009, then a case for the repossession of the home arising from default on a housing mortgage loan must be first taken in the circuit court. The land and Conveyancing Law Reform Act 2013 (described above has extended this rule to housing loan mortgages taken out before 1 December 2009. A housing loan mortgage is the usual kind of mortgage that individuals take out in order to build, buy or improve a house.
(Cases involving repossession for default on other kinds of mortgages may continue to be taken in either the circuit or the high court.) The usual procedure is that the lending institution applies to the court for one or more orders a possession order and/or. These orders may be granted in the same proceedings. Generally, it is the practice of the courts to allow you some time to make arrangements to repay the money owed before making any final orders. If an order for possession or a well-charging order is made against you and you do not hand over possession or comply with other terms of the orders, the orders may be enforced by the Sheriff (in Dublin and Cork) or by the county registrar. Circuit court procedure The procedure in the circuit court is governed by the rules of the circuit court as set out in the circuit court Rules (Actions for Possession and Wellcharging Relief) 2009. The circuit court process starts when the mortgage provider issues you with a civil bill.
If your home is being repossessed. If you have exhausted all the options open to you, the lender can repossess your home in order to recover the amount you owe. If you do not agree to the repossession, the lender may take you to court. The legal processes are described in detail below. When your home is to be repossessed, you will need to find somewhere else to live. You can apply to the local authority (county or city council) to be housed.
There are also a number of voluntary housing associations which provide social housing. If you rent from a private landlord, you may qualify for. Rent, supplement or a housing Assistance payment (HAP) to help with the rent. If you cannot find anywhere to live, our document on housing and other supports for homeless people may be useful. The legal processes involved in repossession If you agree to have your home repossessed you can consent to have your home repossessed. You may agree terms with your lender for the sale of the house, if you are unable to pay your mortgage. The lending institution must get a court order to repossess or sell your house unless you consent in writing 7 days before the repossession or sale. If the issue has to go to court, you are generally liable for the costs of the court action. In some cases, the lending institution may have difficulty in finding a buyer who would be willing to buy the house unless there is what is known as a well-charging order in place.
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If you are having difficulties paying your mortgage, you should talk to legs the lending institution as soon as possible. Our overview of mortgage debt describes what you can do if you risk falling into arrears, and we also describe the codes of conduct for mortgage lenders. Your lender must must take certain steps to deal with any problems you have in paying your mortgage. Repossessing your home should be the lender's last resort. Several organisations, including the, money, advice and Budgeting Service (mabs) offer advice and support to people who are facing repossession see getting help below. Mabs is centrally involved in the, abhaile scheme for people who are in serious mortgage arrears and at risk of losing their home, this scheme provides a range of services to help you to deal with your situation, including financial advice, legal advice and insolvency. Other debts and loans. Even if you have no mortgage on your home, it could be in danger of repossession if you have other debts. If you build up other debts and are unable to repay them then the people to whom you owe money may register that debt as a judgment mortgage against your house, flat or apartment and seek to recover their money in that way - see.
The uks Department for audit Communities and Local government has made sure that everyone can access free legal representation for their repossession hearing in most major county courts. For more than half of hearings where free representation is present for the homeowner, they avoid immediate repossession. Contact your local county court to enquire about this option. Contact a finance company to get Repossession loans. Contact us, an effective way to halt repossession proceedings is settle your mortgage arrears with a bridging loan, or repossession loan. Next, your debt will transfer from your current lending company to the new one, and your former lending agency will drop all repossession proceedings. This way out only works for some people who may have a history of good credit and a reliable plan to settle their debt in the near future. When you take out a mortgage to buy a property, you offer the property as security for the mortgage debt. If you are unable to pay the mortgage, you may be faced with repossession.
Even when they give you this warning, you can still negotiate with them to buy more time. The law requires them to respond positively to your negotiation attempts, so you have nothing to lose by trying. At the very least, youll gain more time to deal with your financial problems, which could make a huge difference in your future. Contact an Adviser, while you often get the best legal support from a paid solicitor, you may not be in a position to get such help. In that case, you can still get sound legal advice on repossession issues for free from these government agencies and non-profit organisations: civil Legal Advice can counsel those who qualify for free legal aid who live in England or Wales. The housing charity known as Shelter has a free national helpline you can call.
Once we have all the information we can come to an agreement on our terms of the contract. The next step is professional to find a sra regulated solicitor to represent your interest in this matter and witness the signing of documents. On receipt of the signed original documents we will release funds within 24 hours. What you need to do, contact your Lender to buy more time. After you receive the first notification from your creditor asking you to sort out your arrears, its in your best interest to start a dialogue with them. Take some time to look at all your options. Very few situations are actually hopeless, so dont assume the worst. Get some legal advice and make your own proposal about how to handle the debt. This step will buy you much-needed time to make backup plans and consider selling your property if need.
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The thought of being repossessed can be a very difficult concept to grasp, we at tic finance sympathise with homeowners who face these issues. We have been in this industry for over a decade and helped untold amounts of clients get back on their feet by giving them time to sort out their finances in the right way with a positive financial solution. Being, fCA regulated we have a duty to our clients to provide a sound individual financial package which suits our clients lifestyle and living. If you have not already done so, we advise to have a look at the following government website for further information. debt-and-money, no case is difficult for us or beyond our reach we can help everyone. All you need to do is just pick up the phone for free expert advice., how can we help, the tic Finance Process. Get In contact with us, call us or fill out our online form, reviews one of our specialist advisors will call back with an estimate and how can we assist you. Our expert advisors will guide you through the process and enquire on additional information. We do not judge our clients on the basis of their credit scores.