The recession in Britain has caused many people to be put into financial difficulty, mainly through loss of employment. This has led to a significant increase in property repossessions as people have found it difficult or rather, impossible to pay mortgages without substantial incomes.
If you have been affected by loss of employment and the threat of repossession, you will know that it is a stressful time of uncertainty. The process of repossession can be relatively long, but this is a saving grace as all throughout the procedure there are things that you can do to stop repossession.
Throughout the proceedings, from the initial letter detailing your missed mortgage payment through to the court hearing, if you can make an amicable agreement with your lender to clear your mortgage arrears then the repossession will be stopped. This may be a viable solution if during the repossession process you have managed to secure new employment and therefore have a stable income.
If however this is not the case and you are unable to pay the arrears with this method, there is an alternative. Cash property buyers provide a quick solution to repossession; they can buy your house within a very short timescale, thus stopping the repossession. If you sell your home, then the money from the sale will be given to your mortgage lender to pay off your debt with them. Whilst this means you will no longer have your current home, it ensures that you do not receive a County Court Judgement against you which can make it difficult to borrow money in the future.
The other advantage of making a cash sale if you are in equity, i.e. your house sells for more than you owe, is that you get to keep the remainder of the money. This can mean a few hundred or even thousands of pounds being deposited into your account which can help you set up a new home.
Repossession can be stopped, it is simply a matter of knowing where to turn to for advice and action. The Citizen’s Advice Bureau offers free advice on the issue of repossession and all financial troubles. If you have decided that you wish to sell your house quickly to a cash buyer, then contact Compass Property Buyers who will guide you through the whole process and make it as comfortable as possible.