How to Stop Repossession of a House

How to Prevent Repossession

Even with advance notification, the threat of repossession is ominous and – for many – quite distressing. Nonetheless, mortgage providers must make a reasonable attempt to help borrowers resolve their arrears before that stage. If you are concerned about mortgage payments and need to know how to avoid repossession of your house, read on. Below, we offer immediate practical advice. 

It is essential to maintain regular contact with your bank, building society, or other mortgage company. Arrange a meeting to try to agree on a payment plan that is affordable, fair and acceptable to the lender. It also pays to seek expert advice to prevent repossession, as soon as possible. Impartial advisors will help you to decide on the best option for your circumstances.

Initially, to stop repossession of your home:

  • Agree a repayment plan.
  • Wherever possible, try to improve your financial situation.
  • Maintain a dialogue with your lender.

In reality, most lenders prefer to reach an agreement with their borrower to set a new level of repayments, as opposed to repossessing as a first option. Lenders have to allow time for the borrower to improve the situation.

If possible, prepare a budget, write a financial statement and find ways to improve your finances. It is best to make regular payments, even if less than the previous amount, as they demonstrate reliability and responsibility in managing a monthly budget.

In communications with the lender, explain how the arrears situation has arisen. Also, detail what efforts you intend to make to pay off the outstanding amount.

If you agree, it may be possible for the lender to:

  • Delay interest payments.
  • Change the type of mortgage.
  • Extend the loan term.

Lenders have to keep records of their written correspondence and logs of telephone conversations with their customers. Additionally, they must provide detailed statements showing transactions, interest and other charges.

In particular, consumer law and an approved code of practice require UK banks, building societies and other financial services companies to follow laid down procedures. Their adherence to the guidelines and legislation is subject to monitoring by the FCA (Financial Conduct Authority), which is also responsible for handling complaints.

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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.

We help save your home by stopping your eviction, helping you clear your arrears negotiating with your lender.

What people have to say about Home Owner Management Services

I was at a total loss at what to do with my situation, having been a mortgage broker, I was convinced I had the ability to talk to my lender and negotiate however; nothing I could offer was good enough!

They explained the process to stop the eviction and when it all came together it was like a case of De Ja Vu, it went EXACTLY as they said it would. They got me enough time to save up my deposit to go and rent, and I just let the lender have the house because I had negative equity anyway.

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.

The best part was having the ability to remove my belongings at my own pace, and it not being done for me! I didn’t need to arrange storage or anything. I cant begin to express how grateful I really am!

Mr L

I really had my head in the clouds as I believed I now had no where to turn. I had already made my appointment with the council to assess me for emergency housing. However my council said they could only find me a hostel to stay in. 1 call to Aggressive Lender Solutions and I no longer had a problem.

They resolved the Eviction order in a matter of days, giving me every confidence that they could achieve it, every step of the way. I don’t know where Id be if they didn’t help.

Mr B

I really can’t thank you guys enough. I was certainly headed for another breakdown, however, the sheer weight of your support saved me from despair and I am sat at home nice and  warm, in familiar surroundings thanks to you.

I can’t believe, looking back, how much time I wasted trying to convince the lender to let me stay, so many documents and offers, my only regret is honestly not phoning you sooner.

Mrs M

Thank you so much for your help. We can now keep our home for the long term. We now have to pay our Lender a monthly payment we can finally afford after a year of turmoil. The hardest thing was unpacking all the boxes we had already packed because we thought there was no hope.

Everything you did for us was so quick and professional, our home was saved before we knew it, it took some time to sink in, but they really did achieve what we thought was impossible. In less than 24 hours of phoning them the eviction order was cancelled.

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!

Mr & Mrs J W

It is never too late to contact us, even if your eviction is only an hour away. Call 0800 298 0571