If your house is being repossessed, swift action and understanding your options are essential. Repossession can turn your world upside down, but there are steps to potentially save your home or reduce the impact on your finances.
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How can I stop my house being repossessed?
Contact your mortgage lender immediately to discuss your situation. They may offer a repayment plan or alternative solutions.
What happens when your house gets repossessed?
The repossession process involves several stages, from missed payments to eviction. Understanding this process helps you plan ahead more effectively.
| Stage | Action | Timeframe |
|---|---|---|
| 1 | Missed payments | 1-3 months |
| 2 | Formal demand | 14-28 days |
| 3 | Court action | 1-2 months |
| 4 | Possession hearing | 4-8 weeks |
| 5 | Eviction | 14-28 days |
Can I sell my house if it’s being repossessed?
Selling your property might be a better option than repossession. This allows you to potentially clear your debt and protect your credit score.
What government help is available for mortgage arrears?
Look into government initiatives such as Support for Mortgage Interest (SMI) or Mortgage Rescue schemes. These are designed to help homeowners in financial difficulty.
How should I prepare for a repossession court hearing?
- Gather all relevant financial documents
- Consider seeking legal representation
- Be honest about your situation
- Propose a realistic repayment plan
- Arrive early and dress appropriately
Can I rent out my property to avoid repossession?
If your mortgage terms allow, renting out your property could provide income to cover mortgage payments. Always check with your lender first.
What debts should I prioritise?
• Mortgage or rent
• Council tax
• Utility bills
• Food and essential living costs
Prioritising these debts can help you manage your finances more effectively during this difficult time.
How can I protect my credit score during repossession?
Take steps to minimise the impact on your credit score by continuing to make payments on other debts if possible. Keep all your accounts up to date where you can.
What is voluntary repossession?
Voluntary repossession involves handing your property back to the lender. While it might seem like an easy way out, it’s important to seek professional advice before making this decision.
How can I release equity from my home?
If you have significant equity in your home, you might be able to release some of it to pay off arrears or reduce your mortgage balance. This could involve remortgaging or taking out a secured loan.
Escape Repossession
When the threat of repossession looms, time becomes your most precious commodity. Property Saviour emerges as a beacon of hope, offering a lifeline to homeowners teetering on the brink of losing their property to the bank. Unlike the drawn-out processes of traditional estate agents or the unpredictability of property auctions, Property Saviour specialises in swift, no-nonsense purchases that can be wrapped up in as little as 10 days.
As a direct cash buyer, Property Saviour eliminates the common pitfalls of property sales. Gone are the worries of buyer chains, financing hiccups, or endless viewings. This streamlined approach is a game-changer for those racing against the clock to resolve their financial predicaments.
What sets Property Saviour apart is their unwavering commitment to their initial offer. While some cash buyers or auction outcomes might leave you short-changed, Property Saviour stands firm on their guaranteed purchase price. They even sweeten the deal by covering legal fees up to £1,500, easing the financial burden on sellers.
The certainty offered by Property Saviour is a stark contrast to the rollercoaster ride of property auctions. With auctions, you’re never sure if your property will sell or meet the reserve price, and upfront fees can add salt to the wound. Property Saviour, on the other hand, provides a guaranteed sale with a swift completion, allowing you to sidestep the devastating impact of repossession on your credit score and future housing prospects.
Choose Property Saviour, and you’re not just selling a house – you’re buying peace of mind and a fresh start.
Property Saviour Price Promise
- The price we’ll offer is the price that you will receive with no hidden deductions.
- Be careful with ‘cash buyers’ who require a valuation needed for a mortgage or bridging loan.
- These valuations or surveys result in delays and price reductions later on.
- We are cash buyers. There are no surveys.
- We always provide proof of funds with every formal offer issued.
We'll Pay £1,500 Towards Your Legal Fees
- No long exclusivity agreement to sign because we are the buyers.
- You are welcome to use your own solicitor.
- If you don’t have one, we can ask our solicitors for recommendations.
- We share our solicitor’s details and issue a Memorandum of Sale.
Sell With Certainty & Speed
- Our approach is transparent and ethical, which is why sellers trust us.
- 100% Discretion guaranteed.
- If you have another buyer, you can put us in a contracts race to see who completes first.
- Complete in 10 days or at a timescale that works for you. You are in control.
