Stop Repossession
There are a number of ways to stop repossession of your home, even if legal proceedings have already been started against you. Which of these ways is the best course of action for you will depend on your particular circumstances, so you must seek professional advice quickly if you are to stop a repossession.
How to Stop Repossession
In simple terms, there are three ways to stop repossession:
1. Sell your home
2. Remortgage
3. Demonstrate that you can now afford to keep up the payments on your existing mortgage
Stop Repossession by selling your home
You can stop repossession of your home by selling it yourself, either to move to a different, perhaps smaller or cheaper, property, or to a landlord from whom you can rent your home so you can stay in it.
Selling your home can be a very effective way to stop repossession in some circumstances – for example where there is equity in the property. However, whist you may have stopped repossession for now, you must still be able to keep up payments for rent or a mortgage on another property, so you must consider your full financial position when selling your home to stop repossession.
Stop Repossession by Remortgaging
In many cases, Suitable Debt Solutions can help those with a bad credit record to obtain a remortgage on their property. In certain cases, this can be used to stop repossession of a property as the new mortgage will be used to pay off the old one. However, if you use a remortgage to stop repossession you will still have a loan secured against your property and you will therefore need to make sure that you can keep up the repayments if your home is not to remain at risk.
Remortgage to stop repossession must therefore only be considered as part of a wider plan to take control of your finances and deal with your debts.
Stop Respossession by making the mortgage payments
Even if legal proceedings have begun, you can still stop repossession. Courts genuinely do not wish to see people thrown out of their homes and therefore if you can demonstrate that you have taken adequate steps to deal with your debts and meet future mortgage payments, it is likely that you will be able to stop the respossession order.
In some cases you may not be able to completely stop repossession immediately, but you may be given more time to make arrangements. If you can show that you are taking advice from a professional debt counsellor with whom you are working out an action plan to deal with your debts, the court may stop repossession temporarily to give you time to complete the process.
Stop Repossession by taking action NOW
To stop repossession of your home you must do two things:
1. You must act as quickly as possible – the sooner you do something to sort out the problem, the more chance you have to stop the repossession.
2. Whatever action you take to stop repossession must be in the context of a wider debt management program, otherwise you will simply defer the problem to a later date.
