Why is My House Being Repossessed?
Having your house repossessed is perhaps one of the scariest, daunting and challenging things to happen to you regarding your home. It tends to occur when you have missed mortgage payments, so therefore you home is essentially taken off you as you can’t afford it. You automatically begin to appear in arrears if the payment ticks by without a mortgage payment being made by yourself. Most of the time, you will get a grace period of 15 days to make your payments, in which you won’t be penalised.
What Can I Do If My House is Being Repossessed?
If your house is going to be repossessed, then there are plenty of things you can do to try and either solve the situation or give you enough time before your home is taken off you and you have to move out. Here are a few ‘dos’ and ‘don’ts’ to do if your house is under threat or is going to be repossessed.
Do: Go and Talk to Your Lender:
The first thing you need to if you find out your home is going to be repossessed is go and speak to your property lender. Opening this line of communication as soon possible may be insightful as to the ongoing problems, and as this is typically a last resort for banks and lenders- you may be able to determine a solution.
Don’t: Bury Your Head in the Sand:
When it comes to money problems, most of us unfortunately have the tendency to bury our heads in the sand and pretend the problem isn’t happening. Whether you ignore phone calls, urgently marked envelopes or don’t turn up to bank meetings- you may think this is making the situation go away, but really you are making it worse.
Do: Sell Your Property:
If the potential sale of your property could cover the amount of your mortgage and arrears, then it’s important to think about selling your home. Legally, you have the right to sell your home at any time- even if you are being taken to court over payments, and you have this right until the mortgage lender physically takes repossession of your house. However, it’s important to be aware that selling your home can take time so the money may not come straight away- and also, there’s no guarantee that your home will sell.
Do: Work Out a Payment Plan:
Once you have managed to open a line of communication with your lender, it’s important to begin working out a repayment plan. Although you may not be able to pay the monthly amount in full, your lender may enable you to make a smaller payment. This is not only a way for you to stop your home from being repossessed, but it also demonstrates an act of goodwill to your mortgage lenders.
This article was written by a quick house sale company We Buy Any House. If you’re wondering “how can I sell my house fast?”, head to the We Buy Any House website for more information relating to all property related enquiries.