What You Can Do



More and more people are leaving until the last minute before seeking a solution to stop repossession of their home.If interest rates rise further, many home owners will simply not be able to pay.

Repossession is a very stressful event. There is many reasons for this event. Many people don’t know about the process involved.

Reason For Repossession: If you miss the payment of your mortgage or any loan secured, your property could be repossessed, if you do not act quickly.Generally would wait for two payments to be missed before taking any action.

Repossession proceeding can occur because your loan provider has power to take back the control and sell it. This is the last action of lender and before this you would have many opportunities to prevent it.

1-Lender will contact you to inform for missed payment.What You Can Do: There is need of conversation between lender and you and try to reach an agreement so that you can make
additionally monthly payment off for a certain period.

2-Lender solicitors will contact you directly. They will inform you that any more missed payment could result in repossession of your property.

What You Can Do: Try to reach on an agreement. Talk to solicitors and follow the same process as above. Negotiate with them to agree acceptable terms for them and affordable term for you.

3-After 4-6 month, lender solicitors will issue repossession proceeding with country court.

What You Can Do:
(i) Complete and return court summons.
(ii) Complete the reply form received from court.
(iii) Give Your income detail as much as you can to show that you are enough capable to pay current monthly installment.
(iv) If you feel that you can make full mortgage payment plus additional contribution each month then present your proposal in front of lender.

How To Keep The Home:
1) You should clear that you are able to pay monthly mortgage payment. if you are fail then you can get eviction notice via court without further hearing.
2) Pay off all your monthly mortgage payment by borrowing fund from relative or friend.
3) Borrow money from another lender but this could be dangerous in future. Interest Rate could be high of another lender so think twice before taking this decision.
4) Remortgage: If you have sufficient equity then you can go for it.

Sufficient Equity: If the value of your property is greater then debt secured then Lender will offer you a percentage of property value.Make sure that you can afford Remortgage at higher interest rate.

5)Sell Your Property:
(i) Sell Your Property By Estate Agent: Typically they will charge 2%-3% of the property value +VAT. Decorate your house for getting the best price.
(ii) Private Sale: Private sale is much cheaper way to sell your home. Internet is most common medium for this type of selling. Buyer will come directly to you. You are free for negotiation on price of property.Major drawback of this method is very few viewing of your property.

6)Fast Cash Buyers:
(i) Pay 80-90% of market value.
(ii) There are no fees of estate agent to pay.
(iii) Guaranteed sale
(iv) Downside: you will get less than market value.Advice about this way:
(i) Never pay anybody for a valuation of your property.
(ii) Never Pay any Fees.
(iii) Check they have fund available.
(iv) Check their process deeply.