Plan to Stop Repossession
Depending on the general economic shape of
the nation, the housing market will have its ups and downs. This city is no
exception, and many residents are asking how to stop repossession house sale in
can seem like your situation is desperate when it reaches the point of
repossession, but it is not. Here’s our simple 30-day plan to stop repossession
and retain control of your home:
Week 1 - Make sure you stay in touch with your creditors.
Creditors will think you have no intention of
paying, and will proceed with repossession if they hear nothing from you and
you get behind on your payments. Let them know of your circumstances and give
them an idea of when payment can be expected. Lots of lenders are willing to work
with you if you’re in dire financial straits. Request that your neglected
payments be placed at the end of your loan, or ask for a reduced monthly
payment or interest rate, or leniency regarding payments.
Your account is only referred to the
repossessions department when you are two or more months behind on your
payment. At this point you can catch up on the balance with minimal
consequences. The next step is for the lender to have their solicitors send you
a letter regarding the amount past due and the start of the repossession
process. From there, the matter is usually referred to the courts, and you may
be required to attend a hearing to determine the fate of your property.
Week 2 - Make part payment towards your mortgage.
After the first notification of repossession,
the terms are still very flexible, and your creditor just wants some commitment
on your part that the loan, or even the arrears on the loan, will be paid. In
many cases even if the repossession procedure has reached the advanced stage of
being referred to the courts, it can be reversed if you pay off your arrears
and make partial payments.
Week 3 - Make minor repairs to the property.
Why would you want to do that when you’re
trying to stop repossession? Because you might have to sell your home quickly,
and you want to get the best possible price for it. One of the worst things you
can do if you’re trying to stop repossession is to damage the inside of the
house. While it may be therapeutic to strip the house clean of valuable items
in order to make sure that what the lender receives is of as little value as
possible, this will not stop repossession, and it could be detrimental if
you’re trying to sell the house yourself.
Week 4. Sell and rent back your property.
Property Angel Solutions is prepared to pay
cash for your home, which will enable you to wipe out the arrears on your
mortgage payments. This option allows you to stay in your home as a tenant even
after you have sold it to us. The rent is usually less than your monthly
mortgage payment, so it will be more affordable for you. There is a clause in
the agreement wherein provision is made for you to repurchase your house if
your finances improve in the future.
Sell and rent back is coming to the forefront
as a way out as repossession becomes more and more of a concern for thousands
of people. At Property Angel Solutions, each case is judged on its individual
merit, and we can accommodate you whether you just want to rent for the short
or medium term, or you’re interested in buying back your property at a later
date. The objective is to find a solution tailored to your specific needs and
circumstances, because we know that each individual that wants to stop
repossession house sale in
or elsewhere has a different situation to deal with.