Stop Repossession! Be Proactive NOW!
Your home could be taken away from you and could become homeless if you do not maintain your monthly mortgage payments. Burying your head in the sand can only make matters far worse and more quickly while making it more difficult to cap and reduce your debts and stop repossession. Be proactive now by talking to your lenders and getting professional advice on your options to stop repossession.
Repossession is the inevitable consequence of inaction on debts. It happens when a primary mortgage or secured loan lender takes legal proceedings, a court order, to take possession of a person’s home because of that persons failure to make consistent and timely mortgage or loan repayments.
The lawyers of your mortgage provider will take you to court if you don't pay your home loan or any other loan secured on your home. The organisation holding the freehold of your property can also take legal proceedings against householders who break one or more of the conditions of the lease, however this is very unusual.
There are several different options for a homeowner to stop repossession. The threatened homeowner can refinance or take on more debt as two options that are open to them. Refinancing is the changing of either your lender or your loan contract or both to achieve lower repayments. You could stop repossession with this option if the interest rates on offer generally are 2% below your current rate, if you plan to stay in your home for at least the next two years and if you have had your current mortgage for more than two years. This is called the 2-2-2 rule of thumb.
By arranging a remortgage you could clear your outstanding arrears and even reduce your monthly repayments by achieving a more competitive rate of interest - this will largely be dependent on your current financial position.
If you can’t refinance, you can take option two, which is more debt. Of course you must be able to repay any increased mortgage or loan repayments in the long term - along with the need for a sufficient amount of equity within the property.
If you are a homeowner, your lender may only take possession of your property if the court makes an order telling you to leave. The most common reason for a property to be repossessed is arrears on a secured loan. It is only possible to avoid repossession by being proactive now - whether you are looking to renegotiate a solution with your present lender or whether you are looking to switch mortgage provider completely.
The courts may turn away a lender's application for a repossession order for a number of reasons - This may be because there wasn't enough good reason to repossess your home or simply because the judge believed that you should be allowed to stay, allowing you time to put the situation right.
The time taken to stop repossession will depend on the individual situation of the applicant. However this can usually be done within a few days. When the eviction order is granted you will usually have six weeks to make arrangements.
Remember, to stop repossession, the time is now so pick up the phone and talk to your lender and get professional advice.
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