In 2019, there were 4,580 home repossessions in the UK. That’s 88 per week and nearly 18 per day which means that 4,580 homes were claimed by lenders. But what exactly is home repossession – and what can you do to prevent this from happening to you? Here at Faster Property Solutions, we are here to guide you through it.
My house is being repossessed. What does it mean?
Well, in basic terms, a house repossession is a legal process where a mortgage lender (or secured loan provider) takes ownership of a property when a homeowner has substantial mortgage arrears. If this is the case for you, and you’re not able to agree on a payment plan then, as a last resort, your lender may decide on a court action.
This can definitely be avoided. You can stop your home repossession at any time, from the moment you are contacted about your mortgage arrears, to the point of eviction. At Faster Property Solutions, we specialise in stopping house repossession in the UK. We have even managed to get the keys back for customers who have already been evicted from their homes!
How can I stop my home from being repossessed?
1. Faster Property Solutions can help stop your home repossession, by helping you reach an agreement with your lender. This may include communicating with your lender to attempt mortgage negotiation, preparing evidence and legal representation for your repossession hearing, and trying to come to a new financial agreement. This could be by:
- Extending your mortgage term
- Changing your mortgage type
- A payment holiday, or reduced payments
Whatever you decide, Faster Property Solutions can help you figure out your next steps.
2. We may even be able to help you file a new order to keep your home.
3. We can provide you with cash advances to pay off debts that are holding you back. This could be:
- Money for your mortgage
- Money for repairs and refurbishment – to sell your home fast and avoid repossession
- Money for living expenses
- Money to pay off other debts
More tailored solutions?
Here at Faster Property Solutions, not only can we help stop repossession at any point but we will also explore what the best options are for you. By looking at your specific circumstances, we will aim to get you the best possible result.
This could involve:
- Helping you sell your home at market value
- Refurbishing your property to increase its value
- Helping you to assess and pay off other debts, which may be affecting your ability to pay off your mortgage.
Repossession: what happens next?
If your home has already been repossessed, we can look at positive ways of moving forward. This might include:
- Keeping you in your property until you’ve found your next one.
- Supporting you to look for your next property.
- Helping with the practical aspects of moving into a new home.
- Dealing with the legal side of moving into a new property.
- Planning your financial affairs to prevent you from getting into debt again.
At Faster Property solutions, we care about what happens to you after repossession, as much as we do about stopping your home from being repossessed.