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Repossession – What Does It Mean?

For those struggling to meet mortgage repayments, having their house repossessed by the bank or mortgage company is their worst nightmare. What can you do to fight repossession, and what does it mean if you actually lose your house?

Fighting Repossession

A lender who goes to the court to ask for a Possession Order against you may have that Order granted, in which case you will need to repay your arrears immediately or else leave your home, or the Courts may decide to postpone the Possession Order if you are able to demonstrate that you will have the means to make the necessary payments to the lender within the near future. In effect, most people who get this far down the line don’t actually have the money to pay their arrears or start making ‘topped up’ mortgage payments. So what can you do?

You can call a company such as Property Rescue, which will quickly value your home and give you a guaranteed offer to buy it. They will liaise with your lender and will be able to stop the repossession from taking place. You might want to leave your home and buy a less expensive property, but if you want to stay put, Property Rescue can offer you a ‘buy and rent back’ scheme, allowing you to do just that.

What if the Repossession Goes Ahead?

If the Courts grant your lender a Possession Order, you will be given a timeframe in which you must leave your property; otherwise, an Eviction Order will be granted. Either way, you must find somewhere else to live – and find it quickly! Remember too that interest will accrue on your loan for as long as you stay in your home. The bills don’t stop mounting up at the time when the Court Order is made. You will probably have difficulty in finding another lender who is prepared to offer you a mortgage in the future, and should you find such a lender, they will almost certainly put a premium on the interest rate they charge you because they regard people who have lost property through repossession as being potential ‘nonpayers.’

Don’t Let it Happen!

Whatever you do, don’t sit back and accept that repossession will take place. Property Rescue can offer you a way through the problem with an outcome that safeguards your home and your future financial stability.

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