We provide advice on how to stop your home being repossessed and can offer you a solution to your problems.
We can stop your repossession if you live in Manchester.
If you are behind in your mortgage payments and Court Action has already started – there isn’t much time to get back on track. As you have probably already experienced, re-mortgaging is not viable so the only option left is to sell your property fast. Selling your house quickly on the open market is difficult even when property prices are rising, which can take up to 6 months on average. Into today’s turbulent property market a quick house sale can be impossible. A repossession order could come through your letterbox before you even realise what is happening.
Don’t think by handing your keys back to the lender your financial worries are over. If you get repossessed your lender still has to sell your property usually at auction. As a result you may lose any cash locked in your home, you are credit black-listed and in many cases have a County Court Judgement against you with creditors chasing you for years to come.
We can help you stop the repossession process and clear all your secured debts by quickly buying your property. In 4 weeks or so all your financial worries will be over when you sell your house fast and get your cash windfall from the remaining equity in your property. Why suffer all that stress, hassle and upheaval of losing your home when there is a simple alternative?
If you are looking to avoid repossession in Manchester then you should be speaking to us now. You have nothing to lose by having an informal talk with our friendly team of experts. We understand that everyone’s situation is different so we are committed to delivering a solution that suits you, we might just have the answer you have been looking for.
If you want to sell your house fast or stop repossession, then call us today on Manchester 0161 771 2978
How to avoid repossession
You are not alone. Following the recession, levels of debt in the UK remain extremely high. The following factors have affected many homeowners:
- A fall in peoples’ real incomes has left many homeowners feeling squeezed.
- Unparalleled government spending cuts and an increase in Public sector job losses. A subdued housing market that has fallen from its peak across many areas of Manchester.
- Interest rates are likely to rise in the near future, which will mean that many people worry they will suffer from increasingly unaffordable mortgage payments.
All of the above factors are stretching home owners’ cash flow to breaking point. Repossessions are rising everywhere – it only takes one thing to trigger a series of events which can ultimately end in the repossession of a family home. We at “Sell House Manchester” understand that everyone’s situation is unique and that often, through unfortunate circumstances people run in to financial difficulty. We also know that unless quick action is taken, the situation can soon be out of control. That is why we are here to offer a few options and solutions to help give you a way out.
- Pay off the arrears. Be careful of high-interest crisis loans as although they may help in the short term, you may find they become a very expensive burden in the future. But speak to debt counsellors and Independent Financial Advisors to see if they can help you arrange something.
- Sell your home fast. Find a good Estate Agent and reduce the price of your home to sell it quickly. This may entice an investor to cash buy your house. Be aware that the property market is slow at the moment with many sales falling through. Don’t hold out for the highest price as it may never materialise and you will run-out of time. We can help here by offering a guaranteed fast property sale.
Tips and advice:
- Reply to the court summons: Add as much relevant details as possible including your income and outgoings, your situation and intentions. Keep a copy for your records.
- Talk to your lenders: Lenders are often prepared to agree alternative payment schedules to help you get back on track. Repossession is a hassle for them too and always a last resort. Most lenders will be as keen to reach a workable solution and stop the repossession process.
- Always attend the hearing: If you do not attend the hearing, you cannot explain your situation and the Judge will almost certainly grant a Order for Possession against you.
- What to do in the court: Your case will be heard in a private chamber and the Judge will try to understand your situation by asking you relevant questions. Try to pay the current instalment and outline a future payment schedule to clear the arrears. If the Judge believes that your financial situation is sustainable or that you will be able to sell your home fast they will grant a Suspended Order for Possession. You will then be able to stay in your home. This may give you time to catch up with the payments or sell your house quickly.
- Possession order or warrant: If you cannot keep up those payments or find a buyer for your home, a Possession Order will be granted followed by a Warrant whereby the Court Bailiffs will set a date for eviction. At this stage, if you can either pay off the arrears or demonstrate to the Judge that you have a buyer for your property, again the Judge may suspend the Order / Warrant.
Repossession is not the end:
Remember that once you hand the keys back and move out of the property – that is not the end of it. You want to stop a repossession if at all possible as you are still liable for the mortgage arrears, legal costs, court costs, bailiffs costs, estate agents fees, locksmith fees and interest etc. The proceeds from the sale of the property will go to clearing the mortgage account.
Although any surplus will be paid to you, there is rarely any left over as the property will be heavily discounted in order to sell it quickly. Any shortfall is still your responsibility and lenders have 12 years to chase you for this money. Your Credit Rating will be affected as a County Court Judgment will be lodged against you and remain on the CCJ Register for 6 years. The repossession will also be registered with the Council of Mortgage Lenders so getting a future mortgage will be very difficult.
Above all else please ensure you seek advice from a solicitor prior to making any decisions
Remember that unless the bailiffs are knocking at the door, there is still time.