Stop Home Repossession
We can help stop house repossession from occurring, giving the power back to you as the homeowner on when and how your property is sold.
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Believe us, you would not be the only person to be experiencing such financial difficulties. In fact, a large percentage of the UK population are in some degree of mortgage arrears, with the financial conduct authority reporting more than £10 billion is owed in late mortgage repayments.
Process of house repossession
If for any reason you fall behind on your mortgage payments, your lender will notify you of your mortgage arrears, this is the amount you have fallen behind by with your mortgage lender, therefore the amount you owe them in mortgage arrears.
Mortgage arrears are of course a very stressful financial situation, with the consequences of failing to pay back arrears often resulting in repossession proceedings being started by your lender. Figures show there are over 1.5 million households in the UK struggling to keep up with their mortgage payments.
Communication between yourself and your lender is key, if you keep them informed throughout your financial situation, they will often work with you to get a financial plan put in place in order for you to begin paying your mortgage arrears back.
However, if you fail to communicate with your lender, they have the right to file for a repossession order, which means the courts have signified along with your lender that there is a case for repossession of your property. At this point you will be required to attend a court hearing.
If the court decides at the hearing that repossession is the best course of action, you will be given a date that you must vacate the property by, failure to do so will result in intervention from bailiffs. Your mortgage lender will then take control of the sale of your property, with their main priority being to cover your outstanding debt with them. Any remaining proceeds are then transferred to you.
However, there is an alternative option to house repossession, one which gives the control back to you as the homeowner. Contact us today for a FREE no obligation cash offer on your property.
How to stop home repossession
Doing some due diligence on how the conversation may go, and the options available to you to improve the situation, will help you go into the call with your lender better prepared. Showing your mortgage lender that you are forward thinking on how to pay back the arrears and keep up with payments going forward will go in your favour. Some options to suggest to your lender may be:
Lifesavers! When our chain collapsed, we were sure we were going to lose our onward purchase (our buyer had pulled out on us at the eleventh hour!). We spoke to J Bear Properties who stepped in and purchased our property instead, at a figure that worked for us, allowing us to continue with our move.”
Pamela Sears
Could not be happier with the service. A fast, easy way to sell any property. Will be using them again for our next sale.”
Tom Bellamy
We contacted J Bear Properties and had received a cash offer on our house within a few hours. The team then made the rest of the process very simple indeed, and we had completed the sale in 12 days!”
Jessica Moorland
Mortgage Insurance
As your mortgage is a very important financial commitment, most people opt to take out mortgage insurance, to protect them in the event that their financial situation changes, or something happens to one or all of the homeowners.
Clear all your debts
It is important to face your debts head on, and not bury your head in the sand hoping they will go away, they will not, unfortunately they tend to grow with interest if they are ignored. The Bank of England’s numbers suggest that credit card debt accounts for over £65 billion in personal debt in the UK.
Concentrate on making the necessary payments on your debts as soon as possible and start to pay off the main debt amount, not just the interest. Ignoring your debts often leads to increased financial struggle and can result in difficulty keeping up with your mortgage payments. Instead, tackle your debts head on and communicate with your lender so they can see you are doing what you can to reduce the amount owed. Communication is key throughout tackling your debt problem.
Know your finances inside out
It is important to spot the signs of a financial problem starting to build as early on as possible. The simplest way to do this is to ensure you have a crystal-clear picture of your finances monthly, what money you have coming in, compared to what monthly costs you have and typical monthly spending habits. The earlier you spot a financial problem, such as beginning to miss bill payments for example, the easier it is to stop that issue growing into something larger and could help you stop repossession from occurring in the future.
It would be a good idea, if you are not already, to review your financial statements at least monthly, to monitor your spending habits and keep a close eye on your fixed monthly outgoings. If you notice there may be an issue beginning to grow, then take early action steps to stop this turning into a larger financial problem. There are many tools available online to help you plan your finances and ensure you keep within a monthly budget that works for you. All these actions can help to stop repossession from ever occurring.
Seek the advice of a financial expert
There are also various support lines and benefits potentially available to someone in extreme financial hardship. Seeking this sort of financial help should not be viewed as embarrassing but an initial step towards helping to stop your debt problem from growing further and may help stop repossession. Other helpful organizations may be the Debt Advice Foundation or PayPlan.
How to stop repossession now
Here are some of the main benefits of using our service to avoid repossession:
If you would prefer to avoid repossession and take back control of the sale of your property, contact us today to find out how you can achieve a FAST cash sale on your home with J Bear Properties – We will also cover your legal fees associated with the sale of your home.
Home repossession process FAQs
How to stop repossession?
Why is it better to use a cash property buyer rather than being repossessed?
If a repossession of your home takes place, this can seriously damage your financial standing for many years to come. The CCJ will be logged on your credit file, and will make obtaining finance of any kind, including a new mortgage further down the line, very difficult.
If you have confirmed you have no other way of pulling together the required finances to settle your mounting debts, then selling your home of your own accord is by far a better option than a repossession taking place, and further financial issues from taking hold.
When should I contact you if I am facing repossession?
As soon as you have confirmed you are likely to be selling the property to avoid it being repossessed, or if you have been served a CCJ and have confirmed you have no way of paying the balance owed, then you should make contact with J Bear Properties right away, as ignoring the issue will only make it worse.
Our service is fast, and free, but contacting us with a good amount of time before the repossession is due to take place ensures you can sell the property on your terms, stress free. We also GUARANTEE to be the highest cash offer within our industry.
Can you stop a CCJ?
The short answer here is yes, we can. J Bear Properties can purchase your home from you for cash, and if contacted soon enough we can stop the CCJ with a cash sale on your property. Remember, you typically have 30 days from receiving the CCJ to pay the balance owed, so contacting us sooner rather than later ensures a stress-free process and the CCJ not being logged against your credit record.