My House is Being Repossessed, What Can I Do?

Having to admit my house is being repossessed is something that homeowners never want to do. Unfortunately home ownership comes with a lot of financial responsibilities. Not meeting these responsibilities can lead to serious problems. It can put you in a position of having to admit my house is being repossessed. Learn your options when facing reposession

Having to admit my house is being repossessed is something that homeowners never want to do. Unfortunately home ownership comes with a lot of financial responsibilities. Not meeting these responsibilities can lead to serious problems. It can put you in a position of having to admit my house is being repossessed.

 

What Can Lead to My House is Being Repossessed

Everyone has their own unique personal situations. These are comprised of circumstances that can change. There are some common factors that can lead a person into a situation where they have to say my house is being repossessed.

 

Change in Health

In order to be able to earn a decent income you need to be in good health so you can undertake work duties. This applies to all individuals, whether they are employees or those that own their own business. If poor health limits your ability to make money it can have an adverse effect on your finances. This can put a person in a position where they cannot afford to pay their mortgage.

 

Change in Relationship

Often a couple that is going through a divorce or separation can experience a big change in their finances. It may be difficult to agree on who will be responsible for the house and any mortgage payments. As a result the mortgage can soon end up in default and notices of default being issued.

 

Over Extending Finances

Owning our dream home can often push us to our limited financially. Many people over extend themselves financially. This includes the mortgage on their main home. They soon find out that the mortgage is taking up more of their monthly expenses that expected. This means that people cannot keep up with the repairs and maintenance, or other unexpected repairs.

Any of these circumstances can put you in a position where you are now saying my house is being foreclosed.

 

Stop Repossession Options

When you are dealing with my house is being repossessed your lender is also unhappy about this. Repossession procedures are a hassle for them – they are costly and take time to complete. They would rather find a solution. They may offer some help with Repossession options.

The lender may offer a compromise. The lender may offer you a grace period as help to resolve the Repossession issues. This may work if your financial situation is temporary. You have to be realistic as to whether temporary help is all you need. Or, is it just prolonging the inevitable repossession? Will it mean that eventually you will need to deal with the house being repossessed.

Selling your house may be viable. From a financial aspect it may be better for you to sell your home yourself. The price you get for it may be better than what you would get at an auction. Many times the lender will accept this option. This is because it saves them the time and relieves the hassle of the Repossession procedure.

 

The Repercussions of Disclosure

Of course there is the huge range of emotions that come with repossession. You can feel embarrassed and a sense of failure when facing the repossession situation. This is difficult to deal with when you are already under the financial stress that has resulted in facing repossession. There is also the uncertainty and worry about how quickly the process will take and how soon you will have to need to leave your home. The next problem is trying to find another place to live. Stopping Repossession only seems viable if your financial situation is temporary and you will soon receive more money. If this is not the case then the negative effects of Repossession may carry forward. This is because Repossession also impacts your credit rating.

 

How To Avoid Repossession

If Repossession can be avoided then those in this situation are going to want to do this at all costs. There are the options outlined above to help stop Repossession. There is also another option to avoid repossession that has a lot of great benefits to it.

 

Selling Your Property to a Cash Buyer

There is the option of a quick sale. This is often in preference to the hope that a traditional buyer comes along when your house is on the market. This is not always easy and depending on the state of the property market at the time. If the market is slow you may be unable to sell your house via the traditional route for months. Often the buyers see the fact that a repossession is pending to make a low offer.

Another option, and often the best option, is to look for investors who buy houses for cash. There are many reputable investors that buy property in this way. They will not make the purchase based on your dire circumstances. They will make an offer based on the value of the home as the market dictates. It may be lower than what you are expecting but there are several things to keep in mind.

  • You will not be paying any estate agent fees that you normally would. If you are trying for a quick sale then you would have to rely on an estate agent to help you with this. Their fees would be taken out of the sale.
  • You do not have the stress and fear of trying to strike a deal with the lender of your mortgage.
  • You don’t have to deal with the embarrassment of everyone knowing that your home is close to, or in the process of, being repossessed.

If you have no options to turn your finances around then seeking out a cash buyer is your best option. This is something that you can do quickly. It is a way to avoid having to admit your house is being repossessed. It removes the stress of not knowing what is going to happen and when, regarding your home. Dealing with a reliable cash buyer is really the best answer to how to avoid Repossession.

 

Need to Stop Your Repossession?

We understand that facing Repossession is a scary and stressful time for you. That’s why we’re here to answer any questions you might have about the Repossession process. At K&G Lettings Limited, we’re here to help you. Ready to sell, or just have a question? Give us a call on 01482 961961. We’ll give you a no obligations cash offer to help you stop Repossession in its tracks!