One of the most stressful things any of us can face in life is the need to stop repossession. Often this stems from the concerns people have over the embarrassment of having to leave their home. Let’s face it, nobody wants to be faced with neighbours watching a hurried rush with bailiffs standing by.
More often than not the very reason a lender resorts to serving a repossession notice is because the homeowner has ignored their letters.
Get Help to Stop Repossession
So what can you do to stop your house being repossessed? The simple answer is many things. First of all we suggest contacting your existing mortgage lender to see if they can help. In doing so you may be able to agree new terms and a monthly payment plan. This could enable you to make smaller monthly payments to get back on your feet and avoid home repossession.
Importantly, all mortgage lenders now have a duty to follow that is termed ‘pre-action protocol’. This is a five point list and the lender must:
1. Tell you how much you owe in full including all interest
2. Consider any reasonable proposal from you regarding how you can make payments going forward
3. Respond to any offer of payment plans that you make
4. If they are unwilling to accept your offer to then confirm in writing why this is the case and within 10 days
5. Provide you with 15 days written warning of any planned court action if you fail to meet a repayment plan
If your lender is unwilling to help you may want to visit your local Citizens Advice Bureau to see if they can help with money or legal advice. You can find a list of their offices here. Citizens Advice offer a free service and know only too well how difficult lenders can be to work with. The truth is some lenders are more helpful than others and so Citizens Advice may be able to help you establish sensible contact with your lender.
Should this fail you could also consider selling your house to one of the companies that buy houses online.
If you do come across firms that offer to help you sell and rent back your house be very careful. Before proceeding check that the firm is authorised by the Financial Conduct Authority (FCA) to carry out sale and rent back business.
It is always better to discuss your current situation with your existing mortgage lender before making any decisions. If all else fails, you could opt to simply sell your house fast and move on. But think carefuly how this may affect all members of your family.
Have you found this article helpful or has it thrown up new questions? Let us know by leaving a comment below.