Property News > WHAT IS REPOSSESSION?

WHAT IS REPOSSESSION?

Ask any person in the street what repossession means and they will usually reply that it's the loss of someone's home through non-payment of a mortgage. Of course, they're absolutely right, but what people often fail to understand is that if your property is repossessed you may never be able to get a mortgage again.But repossession happens quickly and for many people the options of funding have simply run out. There seems no place to turn and no alternative but to hand your home back to the mortgage company, turn the key in the lock for the very last time and look forward to a life-time of paying rent.What many people in this position fail to realise is that there is another option. Companies such as Property Rescue will value your home, buy it from you and stop repossession in its tracks. All this takes place within a matter of days - unlike normal house sales that take months to complete. You can move out of your home into a lower priced property, rent a property for a period of time until your finances have recovered, or stay exactly where you are and rent your home back from Property Rescue.

Ask any person in the street what repossession means and they will usually reply that it's the loss of someone's home through non-payment of a mortgage. Of course, they're absolutely right, but what people often fail to understand is that if your property is repossessed you may never be able to get a mortgage again.

But repossession happens quickly and for many people the options of funding have simply run out. There seems no place to turn and no alternative but to hand your home back to the mortgage company, turn the key in the lock for the very last time and look forward to a life-time of paying rent.What many people in this position fail to realise is that there is another option. Companies such as Property Rescue will value your home, buy it from you and stop repossession in its tracks. All this takes place within a matter of days - unlike normal house sales that take months to complete. You can move out of your home into a lower priced property, rent a property for a period of time until your finances have recovered, or stay exactly where you are and rent your home back from Property Rescue.

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