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Mortgage possession Note 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. What to do if a Lender is Threatening Court Possession Action in the UK If a mortgage is in arrears this is a serious situation and can lead to the loss of a home. But it is possible to stop this process. The lender is more likely to take formal action if their calls and letters are not answered. Lenders must follow the rules given by the Financial Conduct Authority (FCA) – they must give borrowers a chance to repay the arrears, they must treat borrowers fairly and consider any reasonable request from the borrower (which could be to pay only the loan interest for a short while). Court action must be a last resort. The lender must follow pre-action protocol. Once a lender has begun court action the borrower will get a Claim for Possession of the Property from a County Court and the lender will also write to the Tenant or Occupier to say that court action has been started. A defence form will be sent out by the court and this should be completed before the court hearing. Notice of a court hearing is likely to be given between 15 and 40 working days ahead of the hearing itself. A Court Hearing in the UK A judge will review the evidence presented by the lender and the borrower and will then do one of the following: • 抄文引用元・出典: フリー百科事典『 ウィキペディア（Wikipedia）』 ■ウィキペディアで「Mortgage repossession」の詳細全文を読む スポンサード リンク
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