Many thousands of people are facing the threat of repossession at the moment.
At Cash Quick 4 Houses we can help you with a tailor-made solution, offering a quick sale on your property, allowing you to make a fresh start DEBT FREE.
We can instruct solicitors within hours, confirm a sale to you in writing and get the eviction stopped. We will keep you in the home on a tenancy basis and grant you the right to repurchase your home at a later date.
Avoid repossession now!
Call 0800 612 2728 or fill out the valuation Form on the right and we'll make you an offer within 24 hours.
How to deal with the threat of repossession
The important thing is not to ignore the problem. Take action NOW.
· DON'T ignore the letters and notices
· DON'T offer to pay your arrears if you cannot afford to do so
· DON'T take out further loans if you can’t afford them
· DO get advice from your local Citizens Advice Centre
· DO keep talking to your lender
· DO go to court on the specified dates
· DO give us a call
Sell-and-rent-back option
One option we can offer is to buy your home then rent it back to you, either for a short period while you make other arrangements, or long-term. This is often popular if children are involved, keeping some stability in their lives, maintaining their links with existing friends, family and schools.
Buy-back option
Another option is to sell us your house, with an agreement for you to buy it back at a later date when your financial situation has improved.
Effects of repossession
There are other implications beyond the immediate risk of losing your home.
The mortgage company which has repossessed your home will sell it through an estate agent or via an auction, and you could be liable for the costs involved in this sale.
We also know of cases where mortgage lenders have pursed people for the shortfall between the total cost of repossession and the amount the lender has been able to raise from the sale of the property.
Your name will be added to a 'repossession register'. This will seriously damage your credit rating. this has happened it is likely to be very difficult to get a mortgage again, and any type of credit for 6 years.
Unfortunately, a County Court Judgement (CCJ) ordering a property repossession will itself harm your credit rating, even if you manage to stop the mortgage repossession.
Repossession will often add to your debts. Legal fees, bank 'administration' fees, even bailiff fees are often added to the total debt owed. You may even be charged an 'early redemption penalty' if the house is repossessed.
There are yet more costs and stress in finding a new home - deposits, advance rent, moving fees etc. Most people move twice, once to temporary accommodation (such as friends, family or a hostel) and then again to a new home.
Of course the effects aren't just financial. Repossession can be very damaging to the mental and physical health of both parents and children. This study for the Joseph Rowntree organisation investigated the impact of repossession on households with dependent children, and makes for depressing reading.
The repossession process
Once you miss a payment on your mortgage, your mortgage lender will send you a letter asking how you intend to repay the debt. You need to call them immediately to explain your circumstances, and follow that up by writing to them.
If you don't contact your lender, or you can't afford to pay the arrears, then once you have missed 2 payments they are legally entitled to start the repossession process.
This begins with the lender sending you a solicitors letter, saying that if you don’t pay off the arrears within 7 days, or get in contact with a proposal for paying off the arrears, they will start court proceedings.
You will be given a court date, which you should attend.
In general the court will try to find a solution which enables you to pay off what you owe. If you can come up with an agreed arrears repayment schedule, then the Judge may issue a suspension order, putting the repossession order on hold for a while. Be careful, if you don't keep up these arrears payments, then the lender can get an eviction order without further court hearings.
If there is a second hearing, the judge will only suspend the repossession order if there is a change in your circumstances such as finding a buyer for your house, or getting a new job. If you have a buyer then normally the house must be sold within 4 weeks, and the arrears paid quickly.
The eviction process
If the court decides that you can't repay the arrears or future mortgage payments, then it will issue an eviction notice. Bailiffs will turn up at your door at the designated time, often with an estate agent to put your house on the market.
If you are still in the property, they will give you 10 minutes to collect some essential belongings, then they will escort you from your home and a locksmith will replace all the locks on your house. If you aren't at home, the bailiff is legally entitled to break into the property.
Is a cash sale the right solution for you?
A quick cash sale isn't ideal for everyone, and in some cirumstances we may not be able to help.
But we will try to find a solution to your problems, and can offer:
- A no-obligation offer on your property
- To pay off your arrears and prevent repossession
- To can deal directly with your creditors on your behalf
- No extra fees or costs
- Option to stay in your home after the sale as a tenant
- Option to buy your house back at a later date
- Friendly and helpful service
Call us for free on 0800 612 2728 or take 5 minutes to fill in our House Valuation Form and get an offer on your house within 24 hours.