Stop Repossession – If you, for whatever reason, manage to miss three mortgage payments your lenders are within their rights to initiate repossession proceedings against your property. You cannot afford to ignore this situation because it can result in you losing your home, not to mention affecting your future credit rating which means it will be very hard to own a home again in the future. It is also a very distressing experience to consider being physically removed from your own home, not to mention the financial loss you will suffer.
When a property is repossessed by a bank you have no guarantee of getting any money over and above your mortgage. If you add up all the legal costs, court costs, bailiff costs, interest upon interest payments and charges, this amounts to a lot of money that you could potentially lose. On top of this, bank’s choose to sell houses that are repossessed quickly at an auction or by similar public notice which means your property will never achieve an open market value or anywhere near it. You will then lose the equity in your home you have worked so hard for.
The Citizen’s Advice Bureau offer free and impartial advice for people who are struggling financially – please find more information here >>> https://www.citizensadvice.org.uk/debt-and-money/
At National Property Trade, we do not judge and remain focussed on getting the best price for your property in the quickest amount of time possible. We can even discuss the situation with your lender to help improve the situation. If you are struggling at the moment, please don’t hesitate to contact us as we will be more than willing to offer some free and impartial advice.
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