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The UK repossession has touched a record level these days. If you are hit by the repossession bug, your name would feature in the Possessions register and all the credit agencies will be notified of it. This will affect your credit rating adversely. Lenders do not like to lend to anyone who has faced repossessed before.
If you are in mortgage arrears and need help to pay the debts, then look for suitable mortgage help. If your house is repossessed, it will keep damaging your credit for long.
This means it would be difficult for you to get another loan or mortgage again in future. If the lender repossesses your home, you have to move out of the familiarity and security of your home along with your family. Stop house repossession before it becomes too late as there is another impending rate rising looming overhead.
However, do not panic if you are into mortgage arrears; help is available around. Even your lender does not want to repossess your home. To have a better idea of the story, let’s see how repossession takes place.
The basic court process of repossession
The first step towards the repossession is ordering a Summon for possession. In this process, a date and time is given to the home owner by the court for hearing.
In the hearing there are various possible outcomes. The most general one is: the court issues a repossession order that has tenure of two months.
Then there is the Bailiffs warrant stage where you could be forcibly moved out of the house by the court bailiff. This order comes with a 14-day notice period. This can only be stopped if you pay back the mortgage arrears immediately.
But this need not be the same in your case. If you are looking for mortgage arrears help then you can stop repossession right at the nick of time by selling your house to the cash buyers. Once you agree to sell your house to a cash buyer, you can obtain a stay order on repossession from the court.
If you agree to sell your property to the cash buyers, the entire process of sale can be completed within 28 days.
How we can help you pay the mortgage arrears
We are the trading division of Yellow Springbok, the leading property buyers of UK. Call us now to find ways out of home repossession even at the last moment. You can also fill up the contact form and one of our expert advisers will call you back and explain the necessary process.
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