Stop House RepossessionDuring these unstable economic times, house repossession has been increasing at an alarming rate, not only in the United Kingdom but across the globe.The unfortunate result is homeowners, when faced with an insurmountable debt and possible house repossession, should be seeking alternative fast home sale solutions and appropriate legal advice on house repossession at the earliest possible moment. If you have already tried negotiating with the lender to lower your mortgage payments or pay back your arrears over time, you may be faced with house repossession. If you are behind on your mortgage payments, many lenders proceed with house repossession in as little as 3 months. Once house repossession takes place, whatever price your home brings at auction, you will be held liable for the difference owed. Assume you owe £110,000 on your home. If the lender only receives the auction price of £90,000, you still owe the lender £20,000. It is significant to note a house repossession can stay on your credit file for up to 12 years and the lender can legally pursue you for the amount owed (£20,000) during this time. As heartbreaking as it is to consider the loss of your house, the general advice on house repossession is that it is very detrimental to have this type of negative information and legal pursuit on your credit file overshadowing your family’s happiness and prosperity for a decade or more. Consider a fast home sale to relieve yourself of this burden. If you are issued a court order in connection with your house repossession, you must attend the court proceedings and explain your circumstances. It is crucial that you do not avoid going to court as they will definitely favour the side of the bank if you do not attend. Also remember, if you do not attend court your circumstances and whatever negotiation and payment arrangements you’ve tried to make with the bank will not be heard. The court wants to see you trying to pay the lender and not hiding from your obligation, so it is in your favour to attend your house repossession hearing. If you show up and plead your case and can pay the amount owed to the lender, the judge may dismiss the case or; the case can be postponed. It is also possible the court may decide to suspend the house repossession process if you are able to start making your normal monthly payments and repay the arrears over time, or can obtain a fast home sale. If the court decides to issue an eviction date, ask for more time to sell the property if you can pay off the arrears. If you are facing house repossession, we may be able to help. For more information please contact us. We buy all types of properties in the London, Northamptonshire, Greater Manchester, West Yorkshire, West Midlands, and Greater Glasgow areas so give us a call now to receive your free valuation and cash offer in 24 hours or simply click sell house fast to fill in our Free Valuation form. |
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