Sell Property To Stop House Repossession

Are you running out of ideas and urgently need to stop house repossession of your home? If so, you’re most likely anxious and stressed – worried about the outcome, and unsure exactly what you should do next. For example, maybe you don’t really know what each stage of the process involves. Or perhaps you’re wondering what will happen to your mortgage debt and credit rating if your home does end up being repossessed.

Below, we work through all of the questions you might have about repossession. We’ll help you understand what it means and how you can avoid it. As it turns out, help is available in a few different forms, and even once repossession begins you still have a range of choices. Ultimately, we’ll explain why a quick cash sale could be the right solution for you. This is a fast, low-stress option that frees up the money you need to deal with the threat of repossession.

What Is House Repossession?

In sum, house repossession occurs when you are evicted from your property via a court order explicitly requested by your mortgage lender. The lender themselves possesses your property after the eviction. At this point, you have very little recourse other than the assistance of a quick cash property buying company who can purchase the property.

This situation is stressful and can feel unjust, but there is sound reasoning behind it. It all goes back to the agreement you made with your mortgage lender at the point of purchase. Specifically, when you arranged to take out a mortgage to purchase a property, you created a financial connection between that property and the lending body. The relationship weakens over time as you pay your mortgage off over months and years. Then, if you don’t keep up with your debt repayments then you breach your original agreement. You are, in this case, liable to lose the house so that your lender can secure the money you’re not able to pay.

Typically, you need to miss more than three consecutive payments and you need to have failed to sort out a workable repayment schedule with your lender. As a last resort, however, repossession quickly leads to a court verdict and to eviction from your home. Let’s look at this process in more depth, now, and what you can do to stop it.

What Is The House Repossession Process?

The house repossession process itself is the mortgage lender’s last resort if they have been unable to get the repayments they are owed. This legal process is only instigated when a judge has approved the application for repossession. Then, lenders will only take their request to court when they view it as a last resort.

Due to the above, mortgage lenders are often open to negotiations even after several missed payments. The trick to avoiding repossession in the longer term is to stay in touch with them, maintain honesty, and ask for what you need. For example, if you’ve lost your job or are dealing with a painful relationship breakdown, contact your mortgage lender and disclose your circumstances, then ask what the options are to find a repayment plan that works for your changed circumstances. 

The contexts in which repossession is more likely to occur are ones in which you don’t return your lender’s calls or their requests for meetings, and simply leave them without the money you promised to deliver. If you avoid the problem in this way, there’s a good chance bailiffs will arrive at your property. While it’s nerve-wracking to take that first step, contacting your lender for an honest conversation is the best way to stop house repossession processes whilst you attempt to resolve it.

How To Stop My House Being Repossessed

If your goal is to prevent your property being repossessed, here are six useful strategies you can use:

• Seek advice: You can get advice from the Citizens Advice Bureau on mortgage payments, as well as the Government’s website. 

• Budget: If you haven’t kept a very close eye on your money, change this by deciding exactly how much you can spend each month – and on what. The more you’re able to put aside, the more likely you will be to pay all mortgage installments. 

• Get benefits: Check whether you’re currently eligible for benefit payments. For example, if you have a chronic illness or impairment then you may qualify for disability benefits.

• Appeal to your insurance policy: Does your insurance policy include mortgage protection? Your insurance company may cover your mortgage payments if you’re finding difficulty in paying due to an accident, illness or unemployment.

• Contact your mortgage lender: As above, disclose the truth about your circumstances. Perhaps they will see if you can adapt your payment plan.

• Arrange a quick cash sale: Selling your property to a cash buyer is a quick, effective way of freeing up the money required to stop house repossession. If you contact us and tell us “I want to sell my house to stop it being repossessed”, we can arrange it for you within just a few days of our first conversation. 

How can we help to prevent your house repossession? 

We can help you to stop your property being repossessed by quickly arranging to purchase your house for cash. You then receive a large amount of money that you can put toward repaying your mortgage – including missed payments. We’ll ask you for basic details about your property. Then, noting any deadlines, and we’ll make the sale happen as soon as you need it. 

What are the consequences of house repossession?

When your mortgage lender instigates repossession, you’ll no longer be able to live in your property. You’ll have to find somewhere else, and yet you’ll still likely be saddled with remaining debts. This is because it’s common for a property’s resale value to be less than the amount of debt you’ve accumulated. And there are longer-term consequences too. Your credit rating and mortgage record will make it difficult for you to secure another mortgage in the future.

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

A range of factors influence what happens to your debt once you’ve been through a repossession. Most importantly, different lenders have different policies about this. The smartest move is to ask them about it – and to ask follow-up questions if there’s anything you don’t understand. All lenders, however, agree it’s permissible to go to a cash buyer like us to pay off your debts.

Will having my home repossessed affect my credit rating?

Having your property repossessed will always damage your overall credit rating. This is because your credit rating measures your reliability with respect to debts and payments, and in the case of how to stop house repossession you’ve failed to pay what you owe. That said, credit ratings can improve over time, if you’re prepared to be very careful and consistently responsible with your money.

How long does a house repossession usually take to complete?

Most property repossessions take around 28 days to complete. The second most common length is 56 days, which occurs when a judge extends the process. You will receive a possession order once this decision has been made by a judge. Your repossession court order will name a particular date by which you must leave your property.

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

We make a “no hidden fees” promise to all our clients. In addition, we cover two further fees you would otherwise have paid. The fee for an expert property valuation, and the price of an independent legal represtative. In sum, we keep the whole process straightforward and transparent. The price you’re offered for your property will be yours in its entirety.