WAYS TO AVOID HOME REPOSSESSION

Your home is your reverie in the midst of a troubled world. But it can also be the cause of a thousand troubles if you start missing your mortgage payments. If you can’t afford to pay, consult with your lender right away to make more affordable arrangements and avoid home repossession.

Mortgage-related Solutions

Find an interest-only mortgage. You will stop paying any of the capital, although you will have a large debt to pay at the end of the term. This may be used as a short-term solution for some, while others might use it for years, getting payment for the capital from other funds or the sale of the property.

Extend the term. Pay your mortgage longer to make each payment more affordable, although this will cost more in the long run.

Remortgage. A huge one-off arrangement fee from remortgaging your home might reduce the monthly payments.

Stop endowment payments. You can suspend your endowment policy payments and change to interest-only payments. However, this might reduce the value of your endowment or remove your life insurance, so you have to find other ways to protect yourself.

Contact lender. Talk to your lender if you can’t use any of the solutions above and arrange to have your payments suspended or to have those missed payments added to your outstanding loan to lower the cost over the mortgage term. Just prepare yourself to pay more interest.

Dealing with the Court and Bailiffs

Attend the hearing, make an acceptable offer to the lender to clear the arrears and continue paying. But you will have to make a valid proposal. Your debt will also include bailiffs’ cost and court costs.

You can learn more about how to avoid repossession by talking to experts Call them for free on 0800 876 6335 who understand the repossession process and all of its legalities, such as those in Stopping Repossession. Call them or contact them online now!

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