Stop Home Repossession

 

If you are a home owner who is in arrears with their mortgage then it is very likely that the mortgage company or lender will want to take action for repossession of your home. But it doesn't have to be this way, you can stop repossession of your home by being proactive, taking action before the property is repossessed.

The first step is to ensure timely communication with your lender - remember, for them repossession is usually the last step, they would much prefer that you paid off your arrears and sorted your underlying financial issues.

Even when the communication breaks down with the lender and they push for a court hearing its 'not over', e.g. the court will not automatically grant repossession. In fact the court will usually take efforts to find a solution that will help the home owner. The court will also be willing to give the home owner more time to find a solution.

The crunch time comes once the court decides that the borrower is unable to keep up with future payments, when this happens things can quickly move against the home owner. At this stage the lender will ask the court for a repossession order, once granted there will normally be a short period, perhaps 2 weeks, depending on the circumstances, and then the ownership is transferred to the lender, the locks changed, etc.

Having your home repossessed is painful, in most cases the home owner ends up with not where to live and a poor credit rating that can take many years to fix. But for the proactive home owner who finds themselves unable to meet their mortgage payments there is a solution, contact a company such as RepayMortgage to sell your property to and then rent it back. This way you get to clear your debts and start afresh, but as a tenant.

A word of caution, whichever company you select to help stop repossession of your home make sure you are comfortable with what they have to offer (there are some risky companies out there), if in doubt seek independent advice.