Advice on What to Do if You’re Facing House Repossession.

Before giving out advice on what to do if you’re threatened with repossession, it makes sense to explain what it actually means to be threatened with repossession:

• It’s a legal process, wherein either your mortgage lender or a loan provider will seize possession of your property.
• It’s usually a last resort, and you’re likely to have been contacted about mortgage and loan arrears before it gets to this stage. Do NOT ignore these.
• Usually this happens if you’re not paying, and don’t provide explanation. If you can, talk to your lender – whether it’s loan or mortgage – before it gets to this stage, and explain your situation to them.
• There are steps you can take to pay if you act in advance.
• In court, a judge will decide whether or not you can afford to keep your property. If not, then you’ll receive an eviction notice.

Very basically, that’s the process of repossession – and all hope isn’t gone until the eviction notice is up. Now, let’s take a look at steps you can take to avoid your home being repossessed.

One option you could choose when faced with repossession, is selling your home:

• Of course, selling your property on the traditional market isn’t always an option because you can’t guarantee that you’ll be able to get a quick sale.
• Instead of putting your property on the traditional market, you could opt to do business with a quick sale company.
• These companies claim to buy your property and have the cash with you in as little as seven to ten working days – so if you’re facing an eviction notice it could be a viable solution.
• However, be mindful and do your research well. For every helpful organisation out there, there is a scammer.
• The fraudulent of these companies have ripped people off for as much as tens of thousands of pounds of their money. They prey on the vulnerable – and those who are facing repossession undoubtedly fall into this category.
• Exercise this option with caution.

Voluntary repossession is where you give up your home, and hand the keys back to your lender. However, there are some reasons why you should never choose to do this:

• It affects your credit rating, still.
• It also does not clear the debt or your mortgage payment at all.
• You’ll still be responsible for paying the costs of monthly mortgage payments, arrears repayment and other things such as insurance etc. You’ll also be expected to reimburse the cost of your lender selling the property on.
• It may also well be the case that the council deem you as intentionally homeless, which immediately eliminates their responsibility of having to rehouse you.

Finally, never be afraid to reach out to professional organisations for help and advice:

• Ask the Civil Legal Service whether or not you are eligible for legal aid.
• Citizens Advice, the National Debt Line and Shelter can offer you help and advice.
• Your local council may also be able to help should you find yourself in circumstances of being homeless.

Above all else, remember that there is always a solution of sorts. Burying your head in the sand and ignoring money issues is the WORST thing you can do, as it will only get worse. Reach out for help and take heed of advice.