For many discontented home owners, stopping the repossession process is much easier said than done. Although, you are at the end of your rope and have completely run out of possible options, there is still an answer to your prayers. Keep reading on this blog to find out how you can stop your home from getting repossessed. For now, here are four effective ways to help with repossession:
Talk To Your Lender
Believe it or not, you only need talk or explain. In most of the cases, the last thing your lending institution wants to do is serve an eviction notice. By simply arranging a meeting you can get some help with repossession order and make payment arrangements.
Options include:
- Raise the terms of the loan to reduce monthly payments
- A repayment holiday, giving homeowners sufficient time to get back on their feet
- Switching from repayment to interest only
- Settle for an agreement to pay back arrears over a 12 or 24 month period
- Sell and Rent Back
Homeowners, who are struggling with mortgage payments may choose sell and rent back. By selling your home fast for a cash, you can completely avoid the repossession process and continue to live in your home as a tenant. There are however conditions and guidelines you need to look into to see if you qualify.
Government Help
If you are a homeowner whose yearly income is less than 60,000GBP and have a family with dependent children; you may qualify for the Government Rescue Scheme. There is assistance available in the form of a loan from the Registered Social Landlord.
Don't Panic And Get The Facts
If you find yourself facing property repossession, it's always best option to get advice from a legal expert. However, if you know for a fact you are out of options and wish to be rid of your home, a quick house sale is worth considering.
It is possible to sell your home, make some money and save your credit rating all within a time period of one week. Providing you qualify, it is more than possible to walk away unharmed to start fresh.
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