
Charles J Edwards asked:
Mortgage repossession can be stressful event the possibility of being moved from your house and dealing with the financial problems that have led up to it can be an emotional turbulent time.
However there is some legislation called “Prevention of Homelessness Act”, and it protects residents of England and Northern Ireland.
The general gist of the legislation is that if someone does not have any were to live, the courts can suspend the eviction to allow time for the individual or person to find another place of residence.
The legislation also says that this does also apply to the circumstance of eviction due to mortgage repossession.
The application can be made by someone who is subject to eviction prior to action being taken
Were the home in question is inhabited as the persons only dwelling the court has the power to suspend the repossession process for any period that they see fit. The way the legislation is worded gives the judge a very open amount of power to do what they perceive as fare in the circumstances
The legislation stipulates that a court can decide to suspend the repossession for mortgage arrears or eviction for unpaid rent to prevent the person or persons residing there from “sleeping rough” or having to reside somewhere considered nor fit for inhabitation by humans
Another part of the legislation talks about variable rates of interest and gives power to the court to change the rate of interest that the individual is paying on the mortgage if that is a reasonable action to take to prevent the repossession taking place which would lead to someone being homeless.
There are some stipulations built in, however. The rate of interest that the court alters the mortgage to cannot be less than that applied by the UK federal Department for Work and Pensions
It also gives the court power to waiver any of the charges and fees or interest associated that may be a contributing factor to the repossession.
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