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What happens when your home is repossessed?
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If you are in arrears with your mortgage payments and are facing repossession,we can help. Even if you have already been served with a repossession order and only have hours left.
When a bank undertakes repossession of your property, they are only concerned with getting the original mortgage amount back. They often sell the property on, through auctions, at well below the market value, therefore any equity you may have built up over the years will be lost and you could still be left with outstanding debts once the bank repossession has been completed.
Avoid the long term effects of repossession such as a bad credit history for many years, the stress to you and your family, losing the home of your dreams and the social stigma attached to repossession.
Once we have all your details and have agreed a price for your home. Our solicitor will apply for a suspension order, allowing you time to complete the sales process.
As we buy with cash, we can provide an offer within 24 hours to stop the repossession and completethe purchase within 14 days.
We are fully aware of how difficult and stressful
repossession can be, which is why we pride ourselves
on ensuring complete confidentiality and sympathy
when dealing with all our clients.
Instant home values
FRUGAL FRED
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Not living in London and wish to sell your house for CASH!
Repossessions are still on the rise in the UK!!
Repossessions are still on the rise in the UK. Repossession levels are now at their highest levels for over a decade. If your mortgage lender is threatening you with repossession there may be steps you can take to prevent the loss of your home.
Over the last few years, home repossessions in the UK have risen to an all time high, partly due to record house prices and partly due to an increase in consumer debt. Currently repossessions are responsible for one in five properties listed at a UK auction.
Home repossession is now become a huge problem in the UK; however, borrowers can tackle it with ease if they keep a tab on their growing expenditure.
Repossession is something that is very difficult to rebound from, which is why it is incredibly important to stop the repossession before it starts. Repossessions on any business or home owned by you can leave a wake of turmoil and stress and leave you wishing you could acted sooner to have your repossession stopped. Repossessions generally happen when people fail to pay their debts (loans and mortgages), which are secured against their homes. If you have defaulted on your monthly mortgage payments and the bank or building society has served you with a repossession or eviction order, then now is the time to act and get your repossession stopped before the worse comes to worst.
Repossession is one of the most traumatic experiences anyone could ever face, yet there are ways to get repossessions stopped which are exceptionally fast and incredibly effective regardless of the circumstances you have found yourself in.
Repossessions can be heartbreaking, not just for the person in financial difficulty, but the repossession also affects whole families. Repossession, or the threat of repossession, is a misfortune that can strike even the most conscientious and responsible homeowner.
Repossession really is a nightmare for those involved, and should your home be seized and you and your family evicted, you may still find that your debt problems aren't over as a depressed housing market means that your home may not sell for enough to clear what you owe, your lender. Repossession would also leave you with a very poor credit rating making future borrowing near impossible. A County Court Judgement (CCJ) ordering a property, to be repossessed has a huge negative impact on your credit score. By choosing to stop a property repossession well ahead of falling into arrears you can maintain a healthy credit score.
It is NEVER too late to take action to stop your home being repossessed, but clearly, the sooner you start to oppose the repossession order, the better chance you have of a successful outcome. Even if you manage to stop repossession before it gets to a court hearing, the fact that you have had mortgage arrears with your mortgage company will count against you, and will still be recorded on your credit file.
Anything from 2 to 6 months of arrears could result in the lenders proceeding with legal action and pursuing repossession of the property. If a repossession order is made, the mortgage lender will submit a Possession Warrant to evict (typically 2-4 weeks later).
Your mortgage lender will also provide credit reference agencies with details of you repossession order.
Repossession!! Repossession!! Repossession!! Repossession!!