|
Mortgage providers are now however under a strict obligation to ensure that the debt does not mount up beyond a number of months of mortgage repayments.
If you are facing repossession then we may be able to help you by liaising with the lenders and any other organisations. One possible scenario may be that you can sell your house fast. Through our regulated partners, we may even be able to allow you to rent your house back. Lenders may be harassing you and you may well have faced a court hearing or have proceedings pending. You may even have had an eviction date issued. Even in the most difficult of circumstances we may be able to help- even on the same day of your eviction.
We are able contact the lenders and courts to stop the repossession on your property and agree to agree to buy your house fast. We pay all your legal fees and will deal with all the relevant paperwork.
By allowing us to rescue the repossession by buying the house quickly, we may, through our regulated partners offer you the option to stay in your house and rent it back from us. This is known as a “Sell and Rent Back”.
People often think that when their property is sold it is finished with. This is not true! Once you have been repossessed the lender will auction your property and possibly achieve a lot less than it is worth. If they do not achieve what you owe them when auctioning the property then you will still owe them the difference and they can chase you for up to six years after. This can adversely affect your credit rating. Your ability to obtain credit in future will be adversely affected.
There are many pitfalls with repossession that the clients are unaware of. These can lead to added stress, cost, embarrassment and discomfort. If you get repossessed you will have to find your own alternative accommodation either renting or through the council. If you decide to rent, then the repossession will show on references and this makes it difficult to get rented private accommodation. If you get housed by the council then there is no guarantee that you as a family will stay together. You can be scattered in the same building or in different accommodation leading to a break up in family life.
This is an example of what happens to the amount you owe if you are repossessed (and why you should avoid it like the plague!!):
Lenders use repossession as a last case scenario because of the fees and costs involved in completing a repossession.
These costs and fees are something the client does not always know about. Every time you go to court or they instruct a solicitor, then it brings up associated costs with fees and these are added to the amount you owe the lender. By the time the case is finished with you may be surprised to learn that the amount you owe has increased significantly!
Our strong advice is that even if you cannot afford to pay or are having difficulties you should always speak to the lender about your difficulties. They may have options available to use such as a mortgage payment holiday or switching you over to an interest only mortgage whilst you get yourself into a better position.
A small number of home-owners have fallen prey to small rogue companies who have little or no ethical standards and take advantage of peoples distressful situations. We keep to very high standards. Everything we do will be done through solicitors and done morally, ethically and legally – so you know you are in safe hands!
|
