Repossession is one of the most scary words for any home owner. If you are facing the threat of losing your home there is one thing you must not do and that is…IGNORE IT!
It’s not hard to understand that the pressure of the situation causes some people to bury their heads in the sand and pretend that it’s not going to happen. But in practice, ignoring the threat of repossession never makes it go away. If you are unable to meet your mortgage repayments and arrears have built up you should talk to your lender to see if you can arrange a repayment plan that suits you both. It may be possible to do this and although it is likely to extend your mortgage, it means the threat of repossession will be lifted.
If that’s not possible you need to find another course of action. Make sure you understand your rights and see if there are any benefits to which you might be entitled but you are not claiming. The Citizens Advice Bureau and the Department of Work and Pensions will be able to answer questions and help you with these matters. If you believe your lender has treated you unfairly, the CAB may recommend that you see a lawyer; if so, ensure you find one with expertise in this area of the law.
In cases where repossession is imminent you may be resigned to letting events take their course, but this does not have to be the case. If you have already had a visit from the Bailiff and been served with a Repossession Order, contact Property Rescue without delay. They have the ability to stop repossession in its tracks. They do this by making an offer for your home which, if you accept, can be finalised within a few days.
Property Rescue liaise with your lender and the other parties involved so that the repossession is put on hold. Although you will not be offered the full market value for your home, the legal fees on your sale are included and you won’t need to pay for estate agents fees or preparation of a Home Information Pack. Everything is explained to you clearly and there is no pressure or obligation to proceed if you decided not to.
Another option is for you to sell your home to Property Rescue as described above, but instead of move out, remain as a tenant. This gives you the ability to continue your life debt free, whilst your children can attend the same school and your neighbours and friends are close by.
If repossession looms, take action. Give Property Rescue a call and talk to one of their experts who will be pleased to explain fully how they can help.