Don’t Let House Repossession Intimidate You!

House repossession is something we hear about all the time.

'Repossession' is perhaps the word most dreaded by anyone who owns a home. What it means is your bank or lender is legally authorised to possess your home if you default on your loan.

There are times when you suffer a financial crisis and go through a difficult time trying to pay your mortgage, arrears and other loans. During these trying times, if you face the threat of house repossession, the situation simply spirals and gets worse, causing you stress and worry. Is this where you are now?

Unfortunately, life does bring troubles and allowing repossession sometimes seems like the only way to overcome a money crisis. But it is possible to avoid repossession and retain your home.

If you are in this situation call us on 0845 052 2873.

The facts about repossession

What you should know, if you don’t already, is that missing one mortgage payment or even delaying one won’t lead to house repossession. You bank can proceed against you only if you default on your payments for more than two months at least. Most banks prefer to contact you to discuss how the situation can be set right and the mortgage arrears cleared. If the bank does send you the repossession order, it does not necessarily mean immediate eviction from your home.

We recommend that if you are behind with your mortgage arrears, the best course of action is to inform you bank, letting them know your circumstances. You will be surprised to know that your bank or lender will prefer to work out a solution with you rather than go through the cumbersome process and expense of taking action against you.

Read More In Our Repossession Guide

Repossession can be a traumatic experience since it involves the risk of eviction from your home. Your credit rating will also suffer, making it difficult for you to apply for financial assistance elsewhere. Another problem with repossession is the value of your property goes down. If the bank repossesses your home, they try to sell the house fast at a lower rate in order to release cash. Also, if enough money is not realised on the house sale to clear your mortgage arrears, you will continue to be in debt, as well as being burdened with the costs associated with the sale like estate agent and solicitor fees, mortgage interest, etc.

How can you stop repossession? How can you affect a quick house sale and release cash to pay off your mortgage arrears and avoid eviction? How can you continue to stay in your home even after you have sold it and even have the option of buying it back when your financial health is better?

What can you do to stop repossession?

You can stop repossession of your home. You can complete a quick house sale so that you can clear off your mortgage arrears and avoid repossession. In fact, you can even continue to stay on as a tenant in your home with a sell and rent back solution and over time, when your financial situation is better, you can have the option to buy it back.

How can we help you? Call us on 0845 052 2873 for a quote in total confidence.
Or fill in the enquiry form with your contact information – and we’ll call you back within hours.

We can generally give you between 75% and 90% of the open market value for a quick, chain free sale