The credit crunch is hitting people hard. Failure to keep
up with your mortgage repayments will bring the inevitable
problems and stress. If you need to stop repossession you
need to act quickly.
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
and stop repossession.
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 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.
The UK government has introduced
schemes that will support home owners facing
repossession,
how easy it is to access these funds is at yet unknown.
Unfortunately
some people will face
repossession. For them the estate agent route to selling their home is
not an option due to the excessive timescales involved –
generally 6 months if all goes swimmingly well – usually
though it takes longer, certainly in today's housing market.
When its too late to stop repossession the lender sells the property.
If the proceeds fall short of the loan amount and their costs to
recover the debt, they will come after you for the balance
to pay off the remaining mortgage.
So no
home, you may be credit black-listed making future loans
incredibly
difficult or expensive, and as a final insult you may still be paying for
a home you now don’t own.
The consequences of
repossessionare hard to handle.
If you cannot stop repossession by using
the above resources, we at
Pillar Properties have the solution for stopping
repossession. If you
act in good time we will repay your mortgage and wipe out any
arrears - avoiding repossession, letting you move on with your life
without the worry of having a house repossession
on your credit file.
We can offer options of a straight sale or the ever popular sell and rentback route meaning you home life will remain
undisrupted.
If you are thinking "my house is being repossessed"
Contact us now to get things back on track.
Specialist in stopping repossessions in East Lancs including
Blackburn, Darwen, Haslingden, Accrington, Clayton Le Moors
Great Harwood, Rishton, Burnley, Clitheroe and Oswaldtwistle