As a nation of proud homeowners, the prospect of house repossession is rather distressing. Getting onto the property ladder is hard work and often requires lots of planning, saving, and a bit of luck. Sometimes, however, events out of our control happen, such as suddenly being made redundant, meaning that you are no longer able to meet the mortgage repayments set by your mortgage lender. Consequently, this initiates the scenario of having your home repossessed. This means your mortgage lender starts the process of taking back ownership of your property, meaning that you may lose your home. This is a horrible and stressful situation but can sadly happen to anyone. The Ministry of Justice recently announced that between January and March 2016, 4,738 mortgage possession claims were recorded in county courts in the UK.
Therefore, if you feel that you will not be able to complete a mortgage repayment on time and find yourself threatened with eviction it is vital that you act quickly and find out all available options you can take to stop the house repossession from happening. Always contact your lender as soon as possible and be clear with them about your situation. By being upfront and honest, defining how much you owe, you can always renegotiate payment plans and work together to find a solution. Furthermore, try to educate yourself as much as possible about home repossessions scenarios, seek advice from organisations such as the Citizen’s Advice Bureau and understand what you and your mortgage lenders’ rights are to ensure that everything in this process is legal and upstanding.
However, if you have exhausted all other options and it has come to the stage where house repossession is looking increasingly likely, the idea of selling your home will naturally arise. Quite often, rather than taking your home outright, mortgage lenders will seek to sell your home to a new buyer. Unfortunately, having your mortgage lender sell your home rather you selling it outright will not put you in a fantastic position as it will negatively affect your credit score. In testing times, you do not want a negative credit rating to add to your worries.
Therefore, we believe the best course of action is to take a positive step and try to secure your own house sale. Firstly, by looking to sell your home, it proves to your mortgage lenders that you are serious about resolving the threat of repossession. Secondly, this process means that you are taking control of your own situation and can secure the vital release of funds that you need.
Nevertheless, while putting your property up for sale is a positive action in this position, the open market can often be slow, complicated and can break down at any given moment. Additionally, during this time the amount owed to the lender will increase on a monthly basis as well as on-going utility bills and council tax. This will not be beneficial in your repossession situation; it is better that you secure yourself a fast house sale. If you would like to find out more information about the differences between selling to a fast property buyer compared to the estate agents route, check out our article here.
At Vivo Property Buyers, we have helped many people who have faced the threat of house repossession. How? By buying their homes fast. As a quick buying property company, learn how Vivo can help you with your repossession worries:
If you’re new to the idea of selling your house to fast property buyers, here are our top tips and advice for when you make a decision.
If you are in need of help regarding house repossession, why not give us a quick call by free phoning 0800 773 4922 to see how Vivo can help you. If you want a bit more privacy, fill in the quick form below and we can give you an offer for your house in an hour.