What is Repossession?

Repossession of property is when a lender takes control of the property that was used as security for the loan. This is usually done if the loan payments are in sufficient arrears. The lender then sells the property, usually at a reduced price for a quick sale, through an auction or estate agent. If any money is left after the loan and any other repossession fees have been paid, this money goes back to the person who had owned the property. So you can see, the banks always win with a home repossessed.

My home has been repossessed what can I do?

If you have a home repossessed and you have already been evicted, it is important to remember that you still own the property. Therefore if your situation changed and you could show a magistrate that you could sell the property yourself and pay back the loan, you could get a court hearing to overturn the eviction. As long as you do it before it is sold by the bank. The banks know it is still your home, even though they have evicted you. And they will continue to charge you monthly mortgage payments until it is sold. Contact us to see if a Sale and Rent Back company can help.

How can I avoid repossession of property?

To avoid a home repo you must find a way to the pay back arrears or sell your property before the lender takes control of it, and pay off the loan that way. When the banks repossess your home they will try to sell it as quickly as possible, usually at a knocked down price. As long as they get their money they are happy. They do not care if any money is left over for you. That is why bargain hunters like buying repossessed property. They get it cheap…at your expense. Contact us to see if a Sale and Rent Back company can buy your home for a price that works for you.

Can I get mortgage help to stop having my home repossessed?

You can often get good advice from Citizens Advice, Shelter and National Debtline. There are also many debt professionals who can help you negotiate with your lender for a fee. You will need to act quickly to stop having your home repossessed.

Stop Repossession

A Repossession Stop involves either finding the money to pay back arrears, or selling your property and paying off the loan before the lender takes control of it. If you want to stop a repossession you will need to act quickly. Firstly you should get good advice from a variety of sources. Then you need to execute a plan of action. You are almost always better off taking control yourself than allowing the lender to evict you.

Contact us for expert advice in stopping a repossession.

A Repossession Stop allows you to avoid having the bank sell the property quickly at a discount, charge you fees for eviction and mortgage payments while the property is empty. The best way to stop a repossession is to pay back the arrears. You may be able to borrow this money from a friend but you must work out how you will pay this back and continue meeting the mortgage payments. If you are already at court you will need to demonstrate to a magistrate that you can pay the arrears back and continue paying the mortgage each month.

A Repossession Stop can happen at court if the magistrate is satisfied of this. The magistrate will then not allow a repossession to take place, but there will be certain conditions you will need to adhere to. If you can’t keep to the conditions the magistrate has set, you may stop a repossession temporarily, but at some point the magistrate will need to allow the eviction order. The other option, if you don’t want to move, is to sell to a reputable Sale and Rent Back firm. These firms are experienced at working with lenders and magistrates, and purchasing the property quickly enough to avoid repossession .

Read more about Repossession of Home here.