What is Repossession?
Repossession consists of a lender of money, usually a bank, taking something back from you when you fail to meet your monthly payment quota due to them having the right of ownership. Repossession can be carried out on a number of things, such as homes and vehicles. Here at Mis Sold Mortgage Experts, we want you to be prepared for any case of a repossession. So, we have compiled a number of ways in which you can avoid repossession, specifically house repossession.
See if You Can Claim
In some instances, there are situations in which you are able to potentially claim benefits due to something circumstantial that can help in preventing house repossession. If you are in a position where you are unable to work due to health reasons, have low income for your household or you are unemployed, there is a fair chance you can seek beneficial help. These types of situations can make you qualify to have assistance in your payments, including mortgage interest. Your bank should be informed if you have advanced to seeking payment assistance. House repossession cannot go any further as they must see if your claim for benefits is accepted or not.
Change Type of Mortgage
The chance of switching to another, more suitable mortgage can assist in preventing a repossessed home. By contacting your bank, you can request for your mortgage type to be changed as a way of helping you with your payments for your home. Through this, you can potentially take a sort of break from paying back your bank or change the length of time you have to pay off the mortgage. These types of options give you an extended period of time to help in paying your mortgage, therefore lessening the chances of going through the procedure of a repossessed home.
Talk to Your Bank
By law, your bank (the lender) is under obligation to follow ‘pre-action protocol rules’. This would mean that the bank’s last resort should be taking you to court to repossess your home and no earlier. It is important that you contact your lender when you can, even if legal proceedings have begun. There is a chance you could come to some form of arrangement in how you could keep your home as opposed to leaving the situation and allowing the procedure of having a repossessed home.
Check Insurance Policy
An insurance policy called ‘mortgage payment protection insurance’ is available for you to take out when sorting out the ins and outs of your mortgage. If your home’s income has dropped due to an illness or an accident that has left you unable to work or being made redundant, you should check to see if you took this insurance policy out. It could save you from having your house repossessed.
Sell Your Home
Believe it or not, selling your home yourself if near the instance of having a repossessed home is a possibility. You are within your rights to sell your home of your own accord as a way of catching up with your mortgage repayments. You would simply need to seek advice and know the proper channels on how to do so.
Check You Were Sold the Correct Mortgage
It is a long shot (if you have been in with this type of mortgage for quite a while) but it is also worth looking into whether you were sold the correct type of mortgage for your living costs and income amount. Many organisations, like ourselves at Mis Sold Mortgage Experts, are hands-on in being able to assist you and advice you in discovering if you were given the correct type of mortgage in the first place. If you weren’t, there could maybe be grounds upon which you could avert from house repossession.
Contact Mis Sold Mortgage Experts
Now that you have seen the ways to divert from having your house repossessed, you need to ensure also that you were not given the incorrect form of mortgage for your living costs and income. For help in this, contact Mis Sold Mortgage Experts today! You can call us on 0800 756 3986 or alternatively email us at firstname.lastname@example.org. One of our expert solicitors will be more than happy to guide you through any legal proceedings that you wish to discuss.