We can help with home repossessions
What happens when a property is repossessed
Falling behind on mortgage payments can be a terrifying experience, and if left unaddressed, can lead to repossession proceedings. Even if you've been paying your mortgage for years, a sudden change in your financial situation can put you at risk of losing your home.
Facing the possibility of repossession can cause a great deal of personal pain and challenges. The fear and uncertainty of losing one's home can be overwhelming, and the impact on credit scores and financial stability can be long-lasting. If your house is repossessed you will be unable to take out further mortgages, personal loans, or credit cards for 6 years. The repossession process can involve legal action and eviction, further compounding the stress and upheaval.
It’s important to make sure you understand the process and the actions you can take now for the best possible outcome and the options for selling your home now.
The Repossession Process
Notice of Default
This notice is sent by the lender to the borrower and specifies the amount of money that the borrower is behind on their payments. The borrower is given a set period of time to catch up on their payments, typically around three months. If the borrower fails to make up the missed payments within this time frame, the lender may proceed with the repossession process.
If you are at risk of repossession,
take the following steps right now
Call your lender straight away
It's essential to contact your lender as soon as possible to discuss your situation and explore your options. Your lender is required by law to work with you to find a solution, and may be able to offer alternative repayment plans or other forms of assistance.
Selling your home yourself
If you're unable to keep up with your mortgage payments, selling your home may be the best option to avoid repossession. It gives you the opportunity to pay off your outstanding debt and avoid further legal action.
Don't give your keys back to your lender
While it may be tempting to hand over the keys and walk away from the property, voluntary repossession is not in your best interests. It can still result in a repossession order being granted, and you may be liable for any outstanding debt on the property. You will not be able to live in your home anymore and it can effect benefits, your credit rating and your options if you need housing help from the council.
Achieve a quick sale and fair price
with Golden Tree Estates
We can help you to sell your property quickly and to achieve a fair price on your property. This puts you in control of the sale and lets you plan your move, we can help you clear your mortgage and arrears and pay off other debts. You could have money left to rent a home or put down a deposit on a new property and avoid the stress and uncertainty of the repossession process.
Our team specialises in helping stop house repossessions. Just fill in the form below and we will be in touch to see how we can help.
1. Do you only buy houses in good condition?
No, we buy houses in any condition, including those with damp, mold, or structural issues. We will assess the condition of your property and make you a fair offer based on its market value and the cost of any necessary repairs.
2. Do you buy any type of property?
Yes, we buy all types of properties, including flats, houses, bungalows, and commercial properties.
3. Can you help with onward moves?
Yes, we can help you with your onward move. We work with a network of trusted partners to help you find a new home, and we can even help you with the logistics of moving your belongings.
4. Can I choose my move date?
Yes, you can choose your move date. We will work with you to find a date that suits your needs and schedule. We understand that moving can be stressful, and we strive to make the process as smooth and convenient as possible.