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House repossession
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The
majority of lenders will only repossess your home as a last resort.
They usually prefer to sort out arrears problems in other ways based
upon:
- How far behind you are
with payments
- What type of mortgage
you have
- The reasons for your
arrears e.g. redundancy
Don't
ignore your lenders letters or phone calls from your lender, if
you talk to them they will try to find a way round the problem.
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Get
unbiased and free advice You'll find the best places to
get unbiased advice and information are the various 'no cost'
organisations like the The Consumer Credit
Counselling Service- this service also operates a
Helpline at 0800 138 1111.
There are also fact and information sheets to download via the Advice Guide from the Citizens
Advice Bureau.
Unfortunately
some people who are in mortgage arrears face
repossession. For them the estate agent route to selling their home is
not an option due to the excessive timescales involved –
generally 4-5 months if all goes swimmingly well – usually
though it takes longer.
When
the lender repossesses and finally sells the property
the proceeds may fall short of the loan amount and their costs to
recover the debt.
They will then come after you for the balance.
So no
home, you may be credit black-listed making future loans more
difficult or expensive, and as a final insult you may still paying for
a home you now don’t own. The consequences of
repossession are hard to handle.
Pillar Properties however have the solution. If you
act in good time we can we will repay your mortgage and wipe out any
arrears - avoiding repossession, letting you move on with your life
without the worry of house repossession.
We can offer options of a straight sale or the ever popular
sell and rentback route meaning you home life will remain
undisrupted.
Contact us now to get things back on track. |
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