10 Tips To Avoid Property Repossession

What is a property repossession?

Repossessed property is a home that has been seized by the lender after the previous owners defaulted on the mortgage or any other financial obligation that they’ve had. Once the lenders take ownership of a property,  they will seek to sell it quickly. Here are the 10 Tips To Avoid Property Repossession. In order to recoup the money that was loaned to the previous owner. 

Here are 10 tips that you can do to help you to avoid property repossession 

1. Firstly, make a plan to settle your mortgage debts. Just make a plan, write it out. Make a plan, discuss it with your partner or someone who can help you make that plan.
2. Write a mortgage negotiation letter to your lender. Write out terms that you can offer to say that this is how much you can afford, this is your current situation and start the negotiation process back and forth with your lender.
3. Search for free mortgage rescue services.
4. Take advantage of government mortgage holidays. Right now we’re in the middle of the pandemic, as we are writing this. The situation may change as people may be struggling with payments. So this could be something you can take advantage of.
5. Prepare evidence and legal representation for your repossession hearing. Prepare and get all your evidence together to prepare it just in case you have to attend court. Just as a caveat all this information I’m giving out sharing this is merely suggestions. I’m not a lawyer or conveyance solicitor. I cannot actually give legal advice but it’s just some tips to help rectify or sort out any of these avoid property repossession challenges.
6. Ask a legal adviser whether your circumstances qualify you for a new order which could potentially help you to get your home back. 
7. Try to make a new financial agreement with your lender.
8. Consider getting a bridging loan to pay your mortgage arrears and to avoid property repossession but this comes with a caveat. You have to be very careful when it comes to taking out a bridging loan because there are costs that are associated with this so you have to work it out properly. Make sure you’ve got the correct things in place, seek advice and get the right advice about them.
9. Write up a comprehensive proposal plan for your lender. Brainstorm with some other people to help you write this solid plan that will help you to get out of your mortgage arrears and present a viable case for your lender to consider.
10. Finally, avoid just making phone calls. Occasionally people will just make phone calls to the lender and hope they if they just keep on phoning and phoning and phoning them eventually get fed up with their calls and simply stop the repossession. Document absolutely everything if you do have a phone call, that’s fine. Follow it up with a letter. Document everything you have to do to have a good paper trail to show that you have done everything you can to stop the repossession or pay what money that’s been owed. So that when you do have to appear in court you can present all your paper trials to show that you’ve tried everything you can to stop the repossession or to aid in paying back the money that’s owed.

Summary

I hope this article helps. I’ve tried to put some information together based on some experience we’ve had where we’ve actually stopped repossessions for clients. We have managed to help people that have situations similar to this and achieve for them a win-win scenario where they’ve actually walked out with money as opposed to walked out without their property.