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What to do if I am about to be repossessed? Call us!
Why would I want to sell my House?
However, if you sell your house to us, we will pay off your lender and the money left over will be paid to you as a profit.With this money you can use it to buy a new smaller house. If you let the bank repossess your house them you won't get any profit and with a repossession held on record against your name you probably will find it difficult to buy a new house or even rent a property for some time to come.
What to expect on the day of repossession
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I have received letters from my mortgage lender, what should I do?
If you are receiving letters from your mortgage lender regarding arrears and repossession you need to act fast. The first thing you should do is call the lender and explain why you haven't paid your mortgage. Tell them that you are struggling to pay and ask if you can come to an arrangement for you to pay a lower monthly amount until you can resolve your current financial problems. Apply online
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| The lender may ask you to fill in a form detailing your current financial position. Be accurate when you fill in all your details. In the current market most lenders are taking a hard line with late payers and simply going for repossession. Do not despair, before your home can be repossessed the lender has to write to you informing you of their intentions and there will probably be several court hearings at which you can put your case forward.
Apply online
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If you are in this situation, it is often better
to be in a position to go to either your lender or to the court and say you have
a buyer for your house, this is where we can help.
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I'm having money issues and can't pay the bills
If you can see that you are going to have trouble paying the bills and particularly the mortgage then you should act quickly. The sooner you act the easier your life will be. Being repossessed is a most traumatic experience and often most demoralising. Not only do you loose your home, and quite often you end up in council accommodation, but your whole life gets turned upside down. The likelyhood of you every getting credit for a car, sofa or even a simple store card for the next ten years is NIL. You will struggle to rent a nice property through a local letting agent as you will fail on their credit score. Even if you save enough money for a deposit on a small flat you probably won't find a mortgage lender who is prepared to take you as a client. |
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