Stop House Repossessions

We explain the process below and have pulled together some suggestions so you can make the right choices for your individual situation.

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1. The house repossession process
2. Steps to avoid repossession of your home
3. House repossession advice
4. We can help with a fast sale & cash offer
5. FAQs

The House Repossession Process

House repossession is a last resort. If you let your mortgage lender know you’re struggling as soon as possible they should be able to assist you in putting steps in place to get you back on track. Communication is key when it comes to keeping your home. Don’t ignore your lender. They will help you as long as they know the facts. Trying to pretend that your financial situation isn’t as bad as it is could result in legal action and you might lose your home.

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Steps To Avoid Repossession Of Your Home

If you’re struggling to make your mortgage payments there are a few things you can do to avoid repossession:

• Become stricter with your finances – you might feel that your money is all spoken for, however if you make a list of your expenditures each month you may be surprised at some of the little non-essential items that you could really cut back on. Over the course of a few months you’ll notice a difference.
• Get expert advice –  although you won’t have additional money to pay for legal services, it is possible to get some advice for free from various experts. There are a few charities who can give you relevant information as well. Depending on your situation, you might be eligible for legal aid so look into that before considering any other options.
• Check if you’re entitled to benefits – if you’re struggling to re-pay your mortgage because you’ve lost your job or your health has affected it, then you may be entitled to certain benefits. Although the amount you’ll receive might not cover your mortgage re-payment, it will help to take a bit of the pressure off. It is worth noting that some benefits will qualify you for Support for Mortgage Interest (SME) which will help with your mortgage repayments.
• Talk to your lender – when you miss a mortgage payment your lender will call you. It is at this point that you should explain your situation and tell them that you’re struggling. They will work up a ‘payment arrangement’ between you and your creditor. The lender will only start legal proceedings if you fail to make any of the amended repayments for the next 3-6 months.
• Sell your house quickly – if your financial situation looks unlikely to improve then it might be worth considering selling your house quickly for a cash sum. Although this isn’t ideal, it will enable you to receive a lump of money and you’ll stay in control of the sale. You can do this via a traditional estate agent, however this may take a long time. Alternatively, you can use a quick cash buyer like us. Although you’ll get slightly less than the market value of your property, you’ll receive a fair cash sum and we will work to your timescale. In addition, all legal fees are included so it won’t cost you a thing. Providing you have equity in your property, the money you’ll receive from the sale will pay off your mortgage arrears and the rest is yours to keep.

House Repossession Advice

Only seek legal advice from a professional. Although we are able to point you in the right direction, we would suggest that you do your research first in order to make the best decision for you.

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We Can Help With A Fast Sale And Cash Offer

We’re property buying experts. We help people in a variety of situations to get a fair cash sum for their property. Even if you are facing repossession, as long as you have equity in your property then we could be an option for you. We’ll enable you to re-pay your mortgage arrears and whatever money is left can help you to start afresh elsewhere.

Why choose us?

• We can offer you a fair cash sum
• We can complete in a timescale to suit you
• All legal fees are included in the service so there are no hidden costs
• You’ll rescue some equity from your property that won’t be taken by your lender
• We can help you move house
• Our team of experts offer advice and support throughout the process

FAQs

1. Q: What happens to my mortgage debt after repossession?
   
   Speak to your lender if you have any specific queries regarding your arrears. Each lender is different so they will be able to talk to you about your individual case. If you sell your house via a quick cash buyer then part of the lump sum you’ll receive will pay off your debt and the rest is yours to keep.
   
   
2. Q: Does my house being repossessed impact my credit rating?
   
   Yes because you have defaulted on payments. You will have to work towards boosting your credit rating if you want to get a mortgage or loan again in the future.
   
   
3. Q: How long does a house repossession take?
   
   Around 28 days, but the judge could stretch this to 56 days, depending on your circumstances. The court order will let you know the exact date you are expected to leave the property, as decided by the judge. A possession order will be granted if the judge decides that your home should be repossessed.
   
   

• We buy any house, in any location, in any condition & of any size
• Get a guaranteed quick sale as we're cash buyers
• We cover all the legal costs, including the solicitor fees

Want to get a valuation on your home? All you have to do to get started is give us a call on:

0800 024 8444