Sell Quickly To Stop Home Repossession

Having the option to sell quickly when you’ve been told your home will be repossessed if you can’t pay off your current debts may sound far fetched – this might be the final chance you have to stop home repossession. The possibility of losing your home is a frightening thing to hear. This may make you feel at a loss when you think about what can be done to prevent repossession. It’s common for people to feel confused about what the repossession process will look like. Even unsure of the options on the table – let alone which option is right.

Here, we will discuss the main facts about how to stop home repossession. We’ll aim to walk through what you can expect and what you can do to survive the situation. In particular, we’ll look at how you can avoid repossession. Considering the long-term ramifications for your financial situation if your home does end up being repossessed. As we’ll see, one of the best options here is a quick cash sale. This option will immediately provide you with the money you need. 

What Is Home Repossession?

A brief definition of property repossession is as follows: the process by which you are evicted from your home due to failure to pay at several consecutive payments to your mortgage lender. When repossession occurs, the lender then has full ownership of your house or flat, and there’s little room to act. As we’ll explore later, a cash buyer to help you sell quickly is one of the only options open to you during repossession. 

The legal justification for repossession derives from your original signed agreement with your lender. More specifically, when you wanted to buy your property you will have agreed to a payment plan. This will allow you to gradually reimburse your lender for the money they provided to buy the house. And if you don’t stick to the letter of that agreement for more than 2-3 months, then you’re at risk of breaching your mortgage contract. The lender can then go to court to get a judge to support repossession in order to ensure the lender gets what they are owed.

Of course, mortgage lenders typically don’t want to resort to repossession. Most will give you several chances to pay what you owe. Some will actively pursue negotiating a management repayment plan with you. However, if this doesn’t work, then you can expect the bailiffs to arrive at your front door. We can now turn to the finer details of the repossession process – and to the main options once this begins.

What Is The Home Repossession Process?

The house repossession process is a legal option available to mortgage lenders who have not been paid. If someone has repeatedly avoided paying their latest mortgage installments, the lender can seek an audience with a judge who will approve the request to repossess the property. 

Lenders typically view this as the final possible solution on the table, and they are keen to pursue all other options. The good thing about this attitude toward repossession is that it means lenders will likely be receptive to suggested alternatives. When asked what property-owners can do to prevent repossession, mortgage lenders tend to stress the importance of transparency. In other words, if you’re having a hard time paying because of personal difficulties, approach your mortgage lender for a meeting and try to find a solution together. For example, you might temporarily change the payment plan until your employment situation improves.

In contrast, those who just don’t talk to their lender or who attempt to deceive them are far more likely to end up having to deal with an official house repossession. While no one enjoys making that call to discuss missed payments or debt. Taking that leap could be what stops the bailiffs from arriving at your door.

How To Stop Home Repossession

If you’re worried about your house being repossessed in the near future, you have options. Here are six actions that can make a significant difference when it comes to stop home repossession: 

Budget: If you haven’t yet fallen too far behind on payments, you can stop your problem from going much further. In particular, set a monthly budget and don’t deviate from it. Consistently setting aside the amount you’ll need for your mortgage.

Reach out for help: The Government’s official website has a range of resources for home-owners. Plus, Citizens Advice is also on hand to give their input.

Apply to get benefits: If you’re disabled, a single parent, unemployed or struggling after an accident, you may qualify to receive benefit payments that could help you stay afloat.

Use your insurance policy: Some insurance policies have a mortgage coverage component. This means that means they’ll pay your monthly amounts if you are struggling to pay. They will take into account changes in your life circumstances. 

Meet with the lender: As previously noted, keeping lines of communication open with your mortgage lender is crucial. Approach them and ask if you can work out a different payment plan.

Arrange a fast sale for cash: A cash property buyer will take on any property in any condition, completing a sale within a few weeks. If you tell us “I want to sell my house”, we’ll ask “When”? and make sure we get it done.

Do You Need Home Repossession Help?

How can we help to prevent your house repossession? 

Are you worried about the possibility of your house being repossessed? If so, we offer a fast and effective way to free up money. You can simply sell quickly to us, and then use that cash to pay off your mortgage installments. Simply fill out our online form with basic details and tell us what you need. Next, we’ll arrange a sale that keeps your living situation stable and secure.

What are the consequences of house repossession?

If you’re living with the threat of house repossession, the consequences include needing to find a new place to live. Your home will be gone, and you’ll still have debts to repay if the resale value of your house isn’t as high as the debt you’ve accrued. Plus, if you want to get another mortgage in the future, your previous repossession experience will make it much harder to get an arrangement.

What happens to my mortgage debt after my home has been repossessed? 

Individual mortgage lender companies differ in their approach to debt after a repossession process is complete. To find out more, contact your own lender and ask them to explain exactly what will happen to you. Regardless of their approach, they will be aware that one option is for you to sell your property to a company like us, where there’s a guarantee of a fast sale. This is a common way to ensure it’s possible to pay off debt.

Will having my home repossessed affect my credit rating?

Yes, your credit rating will decrease as a result of your home being repossessed. When you intervene and stop home repossession, it is a case of paying off debts that you owe, and so it’s thought to have predictive value regarding your future responsibility with debts. Nevertheless, you can rehabilitate your credit rating in the months and years to come – provided you don’t rack up similar debts, and stay on track with repayments.

How long does a house repossession usually take to complete?

The average house repossession takes 28 or 56 days. Which length applies to you will depend on the specific ruling of the judge involved in your case. Once this has been decided, you’ll receive a court order with a date by which you must move out of your house.

What fees, charges or costs would I have to pay if I decided to sell my house quickly for cash?

We never charge any extra fees for a quick cash sale. Not only do we not add fees, but we remove fees you would normally expect to pay – we provide you with an independent solicitor for free, and arrange a free valuation of your house to decide the price of the final offer. When you see that offer from us, that’s exactly the amount you’ll get, with no surprise last-minute fees.