How to Stop A Repossession

Repossessions happen as a result of mortgage payments being missed. For most lenders, a house repossession is only ever considered after three missed payments, however this can vary. In addition to this, there is typically a 15 day grace period from the day the payment is missed to when the lender will contact you.

As we said though, this is not set in stone and can vary from lender to lender. If you are unsure of your terms regarding mortgage arrears, get in touch with your lender to discuss. Regardless, it is important that you do not consider this to be a safety net; mortgage arrears can be a very difficult thing to clear so avoid falling into it as best you can.

As we mentioned above, a repossession takes place when you are unable to pay your mortgage for three months (although this time frame may vary depending on your lender). When you have missed the third payment and the 15 day grace period has passed, your lender will issue you with a repossession order that will come from a court. This then gives you 28 days from the date of issue to find a suitable solution.

The repossession order alone will not be the document that forces you out of your home – instead, that is a possession warrant. Essentially, this results in the possession being transferred to the lender which in turn gives them the right to send in agents to carry out your eviction.

Again, these processes take time as bailiffs must give you a formal notice of eviction (N54) which will provide you with the date of which you are expected to leave the property.

Any mention of the bailiffs can be enough to raise concerns which is why acting responsibly, quickly and respectfully is important from the first minute. Once the warrant of possession has been issued, the agents are entitled to enter the premises and change the locks, securing the property. If you are able to successfully negotiate with them, they may grant you a further grace period in order to move your possessions out, however there will be limits that will be enforced.

If you refuse to comply, this already difficult situation can become even more troublesome as the police can get involved.

Taking all of this into consideration, avoiding repossession and the strenuous process that comes with it should be of paramount importance. Even falling in arrears of one month can make things very difficult to manage.

The simple answer to stop repossession of your home, you have to get back on top of your mortgage payments. This is not always easy, however.

Once you are in arrears, getting back on top of your finances can be difficult and potentially even more daunting than before. But stopping repossession of your home altogether is always an option.

Maybe the most direct step you can take: talk to your lender early. By highlighting any potential difficulties you may encounter, you could be able to renegotiate the terms of your mortgage, if not permanently, then certainly on a temporary basis.

Acquiring a Repossessions Loan is maybe another option that could apply to your situation. These loans are typically given to those with a history of good credit and reliability in settling debts. While this will not entirely stop a repossession of your home from happening, it can offer you some breathing space and the chance to get on top of your personal finances again.

Another option which may seem obvious is to reassess your income and expenses. See how you can immediately improve your financial situation. Much like renegotiating the terms of your mortgage, this may only have to be a temporary solution however that can have a significant impact on your ability to comfortably pay your mortgage again.

While these options may offer you a slight extension or a very brief olive branch, there is no guarantee that it will provide you with the financial means to stop your property from being repossessed. This is where Spring are on hand to help. We are the UK’s leading home buyer with decades of experience in helping people stop repossession and the fast sale of properties.

Whether you have recently had a new kitchen fitted or whether the property is in need of some TLC, Spring are on hand to guarantee you a sale, buying your home quickly and easily and in a time frame that suits you. If the option you take is to sell your house to free up your finances, Spring can help you take action and help you every step of the journey.

As a private property buyer, you will not have to worry about negotiating with potential buyers or even spend time renovating ahead of viewings. Instead, Spring can buy your home without any fuss or complications on a timeline that suits your needs and circumstances.

Our main priority is ensuring that you have the breathing space needed during this stressful period; we want our customers to be able to start planning their financial future as soon as possible. This is why our dedicated property advisors offer a hands-on approach to help alleviate as much as stress as possible.

They can also deal with many of the more challenging tasks such as contacting your mortgage lender and letting them know that the property is being sold.

If you are facing repossession, there is a high possibility that you are experiencing some financial difficulty. If this is the case, hidden fees and surprise bills would be the last thing you would want.

At Spring, we are completely transparent about our homebuying fees. We apply a one-off fee for our home buying service, meaning there is nothing hidden and nothing extra to pay, so you know exactly what proceeds you will receive and when.

If you are facing this issue and you do not know how to move forward, contact Spring today and we can help to stop repossession.