Stop Repossession Fast
Facing repossession? Don’t panic. At Midland Home Buyers, we care about what happens to your property.
Being faced with repossession can be a scary position to be in. If you have found yourself in this situation, don’t panic. There are ways to avoid the worst outcome and get back on your feet quickly. Repossession can be a confusing process, but it’s far more common than you might realise. At Midland Home Buyers, we can offer you a practical solution to repossession as well as a friendly, empathetic voice during a difficult time.
Take back control with our help.
In 5 easy steps, you can sell your house to us, put the past behind you and move on to a better chapter. Our team are entirely empathetic to your situation, and will be here every step of the way to help you get the best out of your situation.
How We Can Help
- Get a fast, cash payment for your house.
- No hidden fees or costs.
- The quickest & simplest solution for repossession.
- Friendly advice & help from people who care about your situation.
Sell your house in 5 simple steps!
What is Repossession?
When you take out a mortgage on your home, your mortgage lender has part ownership of the property until the mortgage is entirely paid off. If you miss your mortgage repayments, your lender has the right to reclaim the property from you to cover your debt. This is known as repossession.
There are many reasons a property might be repossessed including health problems and financial problems. Repossession is usually the last resort taken by mortgage lenders after several missed payments. However, if your mortgage lender does decide to proceed with repossession, they will reclaim your property and sell the house, using the money to pay off your mortgage debt and any of the legal costs involved in the repossession process.
The Repossession Process:
1. Missed payments
In England, repossession of your home often comes about because of frequently missed mortgage payments. When you miss a mortgage payment you will usually be notified by a letter from your mortgage company reminding you to make the payment. At this stage, you might be able to come to an arrangement with your mortgage lender where you make the payment at a later date.
If your lender refuses to negotiate and a second mortgage payment is missed, your mortgage lender will contact you a second time to inform you that they will be taking court action.
2. Solicitor’s notice
If your lender decides to take legal action against you, you will be contacted by the lender’s solicitor to inform you of their decision to apply for a court order with the date of your court hearing. You will be required to respond to the court order with a defence form, which gives you the opportunity to state whether you agree with the mortgage lender’s claims.
At this hearing, a judge will decide whether your home will be repossessed, and will use the information you provide on the defence form to make their decision.
3. Repossession hearing
At your repossession hearing, the judge will gather evidence to decide whether you’re financially able to pay back the mortgage. If the judge decides to grant the lender a repossession order, you are usually given 28 days to leave the property. The court costs might also be added to your debt.
4. Eviction notice
The eviction party may be granted access to your home to remove your belongings. If you don’t leave the property on the date agreed, bailiffs will be sent to the property to remove you. If this happens, you will be sent written warning.
Find more about the repossession process
How to Avoid Repossession
If a mortgage lender is claiming repossession of your home, there are a few things you can do to try and prevent the finalised repossession of your property.
When you fall behind in your mortgage payments, try to negotiate with your lender by coming up with a proposal of how you will pay back the arrears. You might be able to come to an agreement of a payment holiday, where you take a temporary break from making your mortgage payments until you’re in a better financial position to do so.
Apply for benefits
Check if there are any benefits that you are entitled to. If you are out of work or are not working due to health problems, you might be eligible for mortgage interest support (SMI) which could help you to pay back your mortgage debt. You could also apply for a mortgage rescue scheme, which would allow you to continue living in your home as a tenant.
After receiving a repossession notice, there will be a period of time before your property is repossessed. Use this time to seek advice. With the right legal advice, there might be a way to extend your mortgage term or receive a suspended possession order. Legal advice can be expensive however, so check whether you are eligible for free legal aid to receive civil legal advice or alternatively, seek help from citizen’s advice.
Avoid Repossession With a Quick House Sale
We can be the helping hand you need during this difficult time.
At Midland Home Buyers, we can help stop the repossession of your home in its tracks. If you are currently going through the legal repossession process and are wondering how to stop repossession, we can help. By following our easy, 5 step process, you can sell your house to us, receive a cash payment for your property and avoid repossession.
A quick solution.
When you sell your house to us, all responsibility of your house repossession is passed on to us to deal with. This includes the mortgage arrears attached to the property and any legal costs or fees will also be covered by us. Since selling a house with estate agents can be a long process, a quick sale a great solution for anyone facing house repossession.
Advice from people who care.
Repossession isn’t something you should have to go through alone. Our team are entirely empathetic to your situation – repossession is more common than you might realise and nothing to be ashamed of. We will be here to listen and offer friendly, expert advice throughout the process. If court action has been taken against you, we will be there to attend a court hearing with you.
Stop House Repossession Today
Whatever your circumstances or financial situation – we are here to help in any way we can. For more information about how we can help stop home repossession, get in contact with us today for a friendly and confidential call with a member of our team.