Toyin Davidson- Ero is the founder and the Head of the Legal Department of the REPOSSESSION CLINIC which is based in London, England.
The Repossession Clinic specializes in immediately stopping repossession and compensation claims for landlords who have lost their properties to the banks. Home repossession can occur as an action of last resort by mortgage lenders to recover money from borrowers that have failed to keep up with repayments on their mortgage or other loans secured on their home. Unfortunately, not only do landlords lose their homes, but their names are added to the Possession Register and the major credit reference agencies are notified which adversely affects credit ratings.
After this it could be extremely difficult for landlords to obtain any further finance, such as another mortgage or bank loan, for many years. To add to this, once the lender has repossessed the property, if they then sell it on for less than the landlords owe, the lenders may still hold landlords accountable for the balance of the debt.
Lenders (mostly banks and building societies) will usually wait until mortgage arrears reach 2-6 months before looking to take such action. All is not lost, there is help available. With Immediate Bank Claims the Repossession Clinic has other solutions and can stop repossession within hours. If landlords have negative or zero equity in their property, a credible solution can still be provided.
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