The lender will have to apply to the court for reposession. A hearing date will be set (which you can attend if you wish to fight the action). Once reposession has been granted, yopu normally have 28 days to vacate. The lender will then take ownership and seek a buyer on the open market. If the property fails to sell, then the lender will sell it at auction where it will typically achieve 75% of the market value.
repossession
Posted - 14 July 2008 : 10:44:29
