Stop Reposession
It is possible to stop repossession at any time during the repossession process. You do not have to lose your home and you can stop repossession in one of the following ways
- If you can now afford to pay your mortgage
- If you can show that you have a buyer for your home
- If you can pay off your mortgage in full by selling other assets or taking out a new mortgage.
You would need to provide evidence of the above by supplying the necessary documentation such as an offer from a buyer or a mortgage lender.
If a the court has issued a Possession Order or an Eviction Notice, it does not mean that you are certain to lose your home. If there is enough equity in your home you could:
- Sell the house and move to a cheaper property or rent another property.
- Remortgage your home.
- Sell the house and rent it back from a company who specialises in this.
Selling your home and then buying a cheaper home or renting can have the advantage of stopping respossession and could also release much needed equity tied up in your current home.
Remortgaging your property is an option to seriously consider. House prices have risen significantly in recent times meaning you could release equity tied up in your home. This money can be borrowed to pay off expensive credit cards and store cards at much lower interest rates.
If you are under threat of repossession then please call us today for advice on 0800 389 6339 and we will be very happy to discuss the options available to you.
