How to Stop Repossession of Your Home
Facing repossession of your home is an overwhelming experience and it is important to act quickly in order to stop the repossession and avoid losing everything.
By selling your house to a property cash buying company such as Serene Homes, you can complete your house sale within 7 days and avoid any fees, as well as avoid legal action related to home repossession.
There are various reasons why a resident of a house or flat may be unable to keep up with their rent or mortgage payments. They may have been made unemployed, become sick, experienced a rise in living costs, fallen into debt, or gone through a divorce. If the house or flat is rented, then the landlord will look to evict the tenant through legal means. If the house is owned with a mortgage, and the homeowner has fallen behind with mortgage payments, then the bank will issue a number of letters demanding that the outstanding mortgage payments be paid. Threats of legal action will follow and if too many mortgage payments are missed, the bank will look to take full ownership of the property. In other words, the bank will repossess the property and the homeowner will get nothing.
The prospect of repossession is scary in that it means losing your home. Not only that but there can be significant legal costs involved. If debts are also a factor and these debts keep escalating, then this can also lead to bankruptcy which is a long process and significantly affects any future mortgage applications. A house repossession will stay on your record for 7 years and will have a heavy effect on your credit score. It is therefore advisable to avoid repossession altogether.
What Are The Steps Involved In Repossession?
Taking out a mortgage to buy a home can be an exciting time as it means getting on the property ladder. However, banks are notoriously ruthless when it comes to lending money, and they are unforgiving when it comes to repaying the mortgage loan that was taken out on purchasing the property. Unlike borrowing money from a friend where there may be a grace period given and some compassion for difficult circumstances, a bank will do everything legally possible to be repaid the outstanding mortgage loan.
The first step of any house repossession is for the lending bank to make contact with the homeowner who took out the mortgage to inform them that they are late making a repayment. This is done promptly, so even if one payment is missed the bank will send a letter or make contact by telephone. If multiple payments are missed, a number of attempts at contact will be made, both via mail and phone, until a final demand letter is sent.
By the time the final demand letter is sent, legal action will already be underway, which is a difficult and stressful process. It involves attending a possession hearing with the result often being that the bank takes, or repossesses, the property.
How Do I Stop A Repossession?
Despite how frightening the repossession of a property can be, there is an alternative route that can allow homeowners to sell their property, receive what equity is left in the property, avoid fees and pursue a much less stressful and scary route. Serene Homes is a property cash buying company that can complete on the purchase of a house in as little as 7 days. Serene Homes can directly stop a repossession.
The first step for any homeowner wishing to stop a home repossession is to contact Serene Homes. This can be done online at www.serenesale.com or via telephone on 0800 048 5392. A member of the Serene Homes team will then provide an online valuation of the property and provide friendly advice as to what will happen next. Visit our valuation page for information on how to get a free house valuation in less than 24 hours.
Once a price has been agreed for the property through a 100% cash home buying company, solicitors are then instructed to make contact with the legal firm handling the repossession. It is important to understand what date has been agreed for the property to be repossessed as this allows Serene Homes to make sure that the property sale is complete before the repossession date.
From the date of contact with Serene Homes, there are only three simple steps involved:
- An initial call to discuss the situation
- A survey undertaken at the cost of Serene Homes
- Completion of the house sale
No delays, no hassle, no fees, and the avoidance of an enormous amount of stress. Instead of having a property aggressively taken away by a bank, it is possible to avoid all fees and legal action that come with repossession and actually walk away with some money in the bank. On top of this, your credit score can be maintained allowing you to freely apply for another mortgage when you are back on your feet. If required, the Serene Homes team will also happily help with finding you a rental property to move into once the house sale completes.