Stop Repossession – what does this mean?
Repossession can happen to anyone at any time, situations rapidly spiral out of control. If you are about to be repossessed it can be a very traumatic time for you. Repossession cannot only happen to residential property owners it is also a major issue for buy to let portfolio landlords.
Stop Repossession Immediately
Repossession can happen to anyone at any time, situations rapidly spiral out of control. Rescue My Properties have an in-house team who are equipped to deal with repossession within 24 hours or earlier.
Stop Repossession – Lender Action
Home repossession can occur as an action of last resort by mortgage lenders to recover money from borrowers that have failed to keep up with repayments on their mortgage or other loan secured on their home. Unfortunately, not only will you lose your home, your name will be added to the Possession Register and the major credit reference agencies will be notified which will adversely affect your credit rating.
After this it could be very difficult for you to obtain any further finance, such as another mortgage or bank loan, for many years. To add to this, once the lender has repossessed the property, if they then sell it on for less than you owe, they may still hold you accountable for the balance of the debt.
However, home repossession is not triggered as a result of one missed payment. Lenders (mostly banks and building societies) will usually wait until mortgage arrears reach 2-3 months before looking to take such action.
Stop repossession- who can help?
All is not lost, there is help available. With Rescue My Properties and our sister organisation Immediate Bank Claims we do have other solutions and can stop your repossession within 24 hours.
If you have negative or zero equity in your property, we can still provide you with a credible solution. We have a sales arm to the business which has cash buyers and property funds ready to purchase.
For more information on how we can help, or if you would like us to carry out a FREE initial assessment book an appointment [vCitaMeetingScheduler type=widget height=100],
Please complete your details in the contact form provided or call us today on 0871 221 6536.
STOP REPOSSESSION FAQ’s
Stopping Repossession is daunting, can you stop it quickly?
Rescue My Properties, Immediate Bank Claims in-house solicitors can stop repossession orders in 24 hours.
It is possible to stop repossession right up to the date of eviction. You should contact Rescue My Properties as soon as possible to stop repossession so we can assess your case and find the right solution quickly.
If I give my property back voluntarily to the bank will this Stop Repossession?
Rescue My Properties recommend you don’t do a Voluntary Surrender. If you were to hand your house back your lender will immediately put this up for sale, usually through an auction to achieve a quick sale. Auctions typically sell properties for between 25 – 45% below the true market value therefore if there is a shortfall (mortgage is higher than what was achieved at auction) your lender has a legal right to retrieve this money for the next 12 years. You will be responsible for all your lenders costs, including estate agents / auction house costs, locksmiths and their solicitor’s costs.
Could I take out an unsecured loan to repay the mortgage arrears and stop repossession?
To stop repossession this is a risky solution as obtaining more credit usually always makes the situation worse. The rate of interest for an unsecured loan will normally be substantially higher than your mortgage. Having a bad credit profile could make the interest rate even higher and what usually then happens is that you end up missing payments on both your secured and unsecured credit.
To stop repossession should I pay my unsecured debts before my mortgage?
Your priority should always be to pay secured creditors initially when you need to stop repossession. Mortgage companies / lenders have security in your house and they should always be the ones to pay off first. If you have a complex situation and need a full assessment of your finances prior to making a clear decision on this point, Rescue My Properties can offer you a free 1 hours consultation to discuss the key issues and clarity on your overall position and the best route to take.
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Why Should I use Rescue My Properties to Help Stop Repossession?
Rescue My Properties is a team of Legal and property experts with over 200 years combined experience in this field.
Rescue My Properties have experience in valuations, building surveys and investment together with years of experience in dealing with lenders and stopping repossessions for clients. Vendors can use Rescue My Properties to stop repossession with piece of mind knowing that we follow all the rules laid out by the largest governing property body globally (RICS) and subsequently everything is done by the book.
Stop Repossession and associated problems with Mortgage Arrears
If you want Rescue My Properties to work with you to stop repossession our surveying and legal team will need to establish the following information:
- Have you been threatened by eviction by your lender?
- How many mortgage payments have you missed?
- Have you lost your job and now can’t keep up with the repayments for your mortgage?
- Do you have mortgage arrears, If yes, how much?
Mortgage arrears is a very serious issue for any homeowner and you need to take advice sooner rather than later as you need to stop repossession in its tracks fast. If you don’t act quickly to stop repossession you could lose your home.
If you are having problems with mortgage arrears call Rescue My Properties as we can stop repossession within the hour. We will help you from start to finish, discussing the steps and getting you a satisfactory conclusion to your problems. Rescue My Properties will stop repossession immediately!
Rescue My Properties will stop repossession today by:
A member of Rescue My Properties Stop Repossession team will call you as soon as possible to discuss your problems. If you call Rescue My Properties directly on 0871 221 6536 or click here (vcita consultation)
- Rescue My Properties Stop Repossession team will negotiate with your lender regarding future payments of the debt.
- Rescue My Properties Stop Repossession team will provide a purchase contract to your lender thus giving homeowners up to 6 months to stay at their property and arrange a plan to find alternative accommodation. Rescue My Properties’s housing team can assist you to find a new property.
- Rescue My Properties Stop Repossession team will also give homeowners advice for example speaking to Citizens Advice.
Rescue My Properties can stop repossession now by:
- Arranging a new payment plan for you whilst a sale is orchestrated for your home. At Rescue My Properties we can stop repossession for up to 6 months and we can negotiate pausing your payments to your lender during this time as they will be paid in full when Rescue My Properties cash buyers purchase your property.
- Rescue My Properties Stop Repossession team can change the type of mortgage thus reducing your payments per month
- Rescue My Properties stop repossession team can also allow you to pay back your mortgage over a longer period of time through negotiations with your lender.
What Homeowners can do to help Stop Repossession immediately?
- Contact Rescue My Properties Stop Repossession team as soon as possible, if you are having financial problems the quicker you tell us the quicker we can stop repossession today.
- Seek debt advice from Rescue My Properties stop repossession team if you want help managing your finances.
- If you have an insurance policy check this as in some cases this can cover your payments until you are back on track.
- Homeowners can check to see if they can receive any government benefits or tax credits which would help increase your income.
- Keep to the payment plan that Rescue My Properties repossession team negotiate with your lender otherwise you risk repossession.
Stop Repossession – Options Available to Homeowners
Mortgage lenders will normally start repossession proceedings when 2 months of arrears are accrued. According to the Council of Mortgage Lenders, 1 in 30 mortgages are now in arrears, they also predict that this figure will rise by 40% in 2014.
Not all of these homes will end up getting repossessed and Rescue My Properties below highlights some of the options available to homeowners. If you are unsure which is your best option please feel free to call Rescue My Properties Stop Repossession team today on 0871 221 6536.
Option 1 – Pay the Mortgage off in full
This option to stop repossession is only available if you have funds to pay off the mortgage in full, which due to the credit crunch in 2008 and very few homeowners are in that position.
Option 2 – Agree to pay back your arrears over a set time
If you are unable to pay the arrears in full, but you are now in a better position to start continuing your usual mortgage payments you can come to an agreement with your lender to arrange additional payments over time to repay your arrears. This can stop repossession.
Option 3 – Pay off as much Mortgage as you can
If a homeowner cannot afford to pay their mortgage payments or arrears then they should aim to pay as much as possible each month to help stop repossession, the mortgage and any secured loan should remain the priority. If you don’t feel as though your position is going to improve in the near future then you should consider one of the other options below.
Option 4 – Sell Your House Fast to a Property Buyer
Sometimes homeowners overlook this option to stop repossession however it is becoming more and more popular these days. Selling your house fast to stop repossession (and retain your credit rating) is recommended by most financial experts. By selling quick you avoid having bad credit and a repossession registry entry. The added benefits of using a property buyer to buy your house quick is that there are not always seller’s costs so it costs homeowners nothing to sell their property quick.
If you sell your house quick, your mortgage is cleared and any remaining equity is paid directly to you as a cash lump sum.
Option 5 – Sell Your House and Rent it Back
This is a good solution to stop repossession if you don’t want to sell your home and all other options are exhausted to stop repossession. By agreeing a sale price and a rental price your house can be rented back to you if the property buyer is FSA approved.
Again you can clear your mortgage and you will receive a cash lump sum for the remaining equity in your houses.
Option 6 – Re-Mortgage or Release Equity
Another option to help stop repossession is to remortgage your property with an interest only mortgage and release some equity. This option to stop repossession does come with caution as early repayment charges can be very expensive, this can be thousands of pounds. Homeowners when considering this option to stop repossession should also be wary about any fee’s associated with a new mortgage and admin charges. This can be an expensive option to take if stop repossession today was a requirement.
Option 7 – Raise Finance to sell through an Estate Agent
If a homeowner is able to raise finance to pay off the mortgage there is the option to then sell your property through an estate agent. Raising finance in today’s market is very difficult especially if you are already in financial problems as it is.
Rescue My Properties will meet you to discuss what is the best option to stop repossession.
If you need to discuss anything regarding repossession speak to Rescue My Properties Stop Repossession team, we are here to help you at all times and we will assist you wherever possible. Call the Stop Repossession team 0871 221 6536 or alternatively fill in the free valuation form on our website. If you need to stop repossession, Rescue My Properties is the organisation with the cash buyer you need to call today!!
Rescue My Properties has extensive experience of helping landlords with buy to let portfolios deal with mortgage arrears.
Mortgage arrears posing an issue – looking for free consultations?
Rescue My Properties have created a total solution to any mortgager arrears, repossession or LPA receivers issues and can give you a free no obligation one to one consultation. Book an appointment .
If you would like to speak to us please contact us on 0871 221 6536 for a free no obligation consultation.
Stop repossession in the BBC:
As the credit crunch bites, home repossessions are likely to rise by 50% in the Midlands this year. A growing number of companies are offering a scheme designed to bail out struggling home-owners.