With mortgage repossessions exploding in numbers (in some areas of London increasing by 80% in the last 12 months) you’re not alone if the bank is trying to evict you from your home. There are ways out, and this piece will show you how to avoid the bank taking the roof from over your head leaving you and your family in a difficult and stressful situation.
People can face repossession for many reasons, some of which are truly outside your control. The main family breadwinner may have become unemployed. Unforeseen challenges can occur or perhaps support from the state has been reduced due to welfare cuts. Whatever the situation, millions of people are falling behind on their mortgages and the banks who were complicit in causing the economic crash ultimately end up evicting many familiesfrom their homes. Again, thanks to Welfare Reform, there isn’t a guaranteed council house for you as there might have been in years gone by. You’ll have to go onto the private rental market and will need cash in order to find the best solution for you and your family. By selling quickly to National Property Trade you can avoid this situation. By avoiding lengthy repossession and eviction lender legal costs you can leave on your terms, and be in control of the situation and use the money you will receive to arrange for alternative accommodation. The private rental market can be a challenge for anyone with a bad credit history, but it is possible to find a new home as a tenant without the pressure of a mortgage hanging over your head. You really can find a solution but what you need is time. If you make the decision to take this step National Property Trade will help you with your lender, stop a repossession and ensure you have enough time and money to find the best solution for your circumstances.
Process of Repossession
If you fall into arrears the bank has to go through a process to repossess your home. Firstly it must write to you alerting you of your arrears, and then it must write to you warning of prosecution. It is important you don’t stick your head in the sand and engage with the process. You might want to sell your home at this point – we can help you in this situation.
If you don’t reach an agreement with the bank you will receive a Court Summons detailing the lenders’ details and the amount they are claiming repossession for. There will be a Reply Form – you should deal with this urgently. Later, full details will come from the Court.
At the Hearing you, the lender’s solicitor and the judge will meet. You and the lender will present their case. There are four outcomes. If you have agreed the sale on your home or repaid the arrears you can apply to “Strike it Out” – basically have the claim thrown out of court.
If you are considering selling your home, then you can apply for an Adjournment and sell your home in the four week process.
The next two outcomes are repossessions. The first is a Suspended Repossession Order, which is an agreement to repay the debt within an agreed time. You must meet the terms or lose your home. The final and worst outcome is the Repossession Order which entitles the lender to take your house.
Between 28-56 days later you must be out of your home or the bank can ask for bailiffs to come to evict you. The bank will sell the property at auction and you will have to pay any monies owed after the home is sold at auction – houses and flats rarely meet their market value in such auctions. It can also take the bank an unspecified amount of time to market the property and you are not in control of this process and have no way of knowing when you will receive any funds from this process.
Avoid Repossession and Sell To Us…
NPT Quick House Sale are experts in beating the banks to your home. We will typically pay you up to 85% of the value of your home within two weeks. This means you can pay off your mortgage and arrears and walk away with a clean slate, able to get back on your feet again with no huge debt hanging over your head due to the bank selling your home for peanuts. Sell your home fast to NPT Quick House Sale, who are based in London, today.
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