There are many points at which you have a chance to stop or postpone your house from being repossessed, if you take heed of the warnings. It is a scary place to be when you think you can’t make the repayments, but don’t be fooled into thinking that you’re powerless.
Seek Advice
If you think you may not be able to keep up with your mortgage repayments, then the first thing that you should do is to seek advice. Whether from your local council, Citizens Advice Bureau or charities like Shelter, talking to someone about it is essential. The worst thing that you can do is to bottle it up and keep it a secret! They can help you make a plan to get your mortgage repayments back on track.
What The Mortgage Lenders Must Do
Before they can take you to court, your mortgage lenders must go through a certain process. First, they must inform you of how much you owe. You may find that with a little help from your friends or family, that you’re able to keep making your repayments. If you have a support network that are happy to help you in this way, then you must also make sure that you have a plan for paying them back too.
You can request the way you pay your mortgage, and the lending company must consider it, and respond within 10 days with reasons of why (if they have) they have rejected your request. They will then make a proposal to you about the way you pay your mortgage. If they decide to take you to court they will give you 15 days written warning, and will inform your local council if you need to register as homeless.
Sell Your House Quickly before Repossession
If you think that the only way you’ll be able to avoid repossession is through ‘sell my house quickly’ companies, then there are a plethora of different companies available to you. Companies like House Buyer Bureau will buy your house whatever state it’s in, wherever it is in the country, and can complete the sale within seven days. They don’t charge any fees so you’ll get the best price you can for your home, and prevent repossession.
This way you will have the cash to pay off your mortgage to the lenders, as well as having time to find somewhere else to live so you aren’t left homeless.