How to Stop Repossession of a House
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More Options to Avoid Repossession
Although it will not usually be the first choice for owner-occupiers with families, one option is to sell the property. Deciding to sell means one can control the sale better. In contrast, after repossession, most residential properties do not tend to realise the same selling prices.
Alternatively, in some cases, it could be practical to let out a spare room to a lodger – or rent out the entire house or flat. If you decide on the latter, it is vital to have a legal agreement drawn up first.
Most experts advise avoiding voluntary repossession, i.e., handing the keys back. Surprisingly, many homeowners are not aware that this precipitate action does not mean the end of the matter. Even if one hands the keys over, the liability for monthly instalments continues unabated. Defaulting on payments affects one’s credit record and subsequent ability to borrow, too. Then there are costs such as building insurance and routine maintenance, apart from the lender’s selling expenses. Furthermore, in these circumstances, ex-owner occupiers who then apply for local authority housing might find themselves deemed to have made themselves homeless intentionally.
Insurance and Entitlement to State Support
Finally, if you have a mortgage payment protection policy in force, check its terms to consider an insurance claim. Similarly, if you are suffering from an illness or disability, you could have a valid entitlement to financial assistance and support through state benefit. Notably, it is a good idea to inform the mortgage lender. Not least, lenders must not initiate possession proceedings if a benefit claim is likely to be successful.
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What people have to say about Home Owner Management Services
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With the weight off our shoulders we can concentrate on living again and earning the money we need to pay the mortgage without living in fear of the Bailiff knocking on the door with an eviction order!
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I am now back to a comfortable state of living and have no stresses anymore. I didn’t have to borrow any money from anybody because I didn’t have to pay the mortgage while I was saving up for my rent.
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