Our homes are our castles. We adore, nurture and cherish them. They are a financial and emotional investment. But what happens when financial hardships occur and we suddenly find ourselves struggling to make the mortgage payments?
Under the terms of your mortgage contract, your lender will have the right to issue repossession proceedings if you do not make your required payments. Normally two months of arrears is sufficient for a lender to take action.
In reality, lenders will try to come to an arrangement to clear the arrears and avoid taking proceedings. If the lender has concerns about the level of the arrears, or is not satisfied with your proposals to repay them, they will take possession action in your local County Court. They do this so that they can take control of your property, sell it and recover the outstanding mortgage balance.
About To Be Repossessed? DON’T Hand Your Keys Back To The Bank!!!
That could be the biggest mistake you are about to make
WHY?
If You Did, here is what the bank will do:
They will start repossession proceedings against you.
Every letter sent from their legal team will add £80 to arrears. There is no such thing as a fast repossession process because banks are legally obliged to adhere to strict procedures as defined by UK Law.
Each visit by the bailiff is charged at £300 plus not to mention their legal fees. You will become liable for all this if you are to be repossessed.
Eventually when the bank does finally take possession of property, they will put it up on market for sale via either estate agent or auctions. If property was on market for £100k asking price and they achieved £80k and your mortgage & arrears were about £90k they will come after you for £10k difference. And that is apparently what you signed up to in your mortgage terms and conditions. –
Once repossessed, you will not be able to get credit again for 5 years, not even for utilities! The worst part is that your credit file is severely affected so if you work for Police, Armed Forces then your job could be at risk because of your poor financial state of affairs.
Good News:
We can help today by purchasing your property fast and in confidence.
If you like the sound of this, please fill in our enquiry form on right and we will get back to you ASAP
How do you stop repossession?
It's not too late,
even hours before an eviction, to act to avoid repossession. We can work with you to find the most suitable solution to suit your goals and situation. And we can act quickly.
We understand you'll be facing difficult decisions about your home. We treat each situation sympathetically, and know that everybody's case is unique.
Don't give up if you can't reach an agreement with your mortgage lender to save your home. We can offer flexible alternatives to help keep you living where you are, and you can even sell and rent back your home.
We don't charge any fees for valuations or for assessing your situation. And you're under no obligation to proceed with any of the solutions we present to you. We'll also cover legal fees up to £500.
The Fast Property Sale Network is a network of highly experience property professionals, our standards speak for themselves regarding Quick House Buying. If you wish to sell to us and rent it back, we will tailor make a solution for you. Â To find out more, simply fill out our FREE, no obligation enquiry form, one of our associates in your area will contact you as soon as possible