Simple tips on how to avoid Repossession, so many people have fallen behind on payments with their mortgages and loans due to the Corona Virus and the fall out around it.
If you’ve started to receive demands from lenders and threats of repossession and even if you’ve received a date for a possession hearing all is not lost.
Communication is Key
The reality is that there is still plenty that can be done to avoid repossession and losing your home.
The thing that you must do to avoid losing everything and still potentially having the bank chase you for any shortfall is communicate – don’t bury your head in the sand and avoid talking to anyone.
I know what this situation is like… In 2011 I had problems in my business due to a “less than honest” business partner, this resulted in the mortgage payments being shorted, which then lead to letters and calls from the banks but the real stress didn’t kick in until the Bailiffs started knocking on the door.
I remember hiding behind the sofa and waiting for them to leave!
This went on for months and caused a lot of added stress to the situation and my relationship with my partner.
So I know what you’re going through, I know it’s hard to talk to the banks in your position but you need to let them know that you’re willing to communicate and are willing to try to remedy the situation.
You Can Stop Repossession
If you open up dialogue with the bank you may be able to avoid repossession especially if you can start making payments and work with them to arrange a plan to pay off the arrears.
If you’re unable to make payments and the future isn’t looking good for being able to and get out of the problem, your best bet may be to sell your house.
If there is enough equity (money) in your home after paying off your mortgage you should be able to sell it and clear your debts.
Even if there is not enough or no equity there still may be something you can do to turn the situation around and all may not be lost.
In order to get a fast sale for your property speak to several estate agents, explain the situation and ask for their honest appraisal on the likely selling price of your property in this situation and the timescales you could be looking at.
Bearing in mind that nobody has a crystal ball and they can’t guarantee you a sale for a certain price in a certain timeframe.
It may also be worth your time in talking to a professional property buyer, such as our selves.
Make Sure You’re Working With a Professional
If you go down this route be sure to work with someone that you feel has your interests at heart and isn’t just looking at the £ signs.
Unfortunately not all companies that operate in this industry are that professional.
If you come to us we will give you all the help we can, we’ve dealt with people in your situation many times and as mentioned before have been there ourselves.
Buying your property is always a last resort once we’ve exhausted every other possibility.
You should also be aware that any offer for your property would take into account a guaranteed sale to a trade buyer and as such would be less than you can expect to achieve on the open market.
To speak to us about how and if we can help you simply go to our home page http://propertysalesconsultants.co.uk/ and fill in the form, we’ll be in touch really quick.
I hope this post has given you some ideas on how to avoid repossession, above all keep communicating with everyone involved no matter how hard it may be or how ashamed or embarrassed you may feel – there is nothing to be ashamed about, these problems have happened to many good people like yourselves.