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Your home may be repossessed if you do not keep up repayments on your mortgage or other loan secured on it.
It's a very real warning and it does happen. However there are ways to stop a repossession from happening, and remember, it really is the last option that lenders want to use.
We would always suggest contacting a professional advisor if you are at risk of repossession. If problems have got to this point you need to speak to a debt professional urgently.
Stopping Repossessions
If you receive a notice of intention to repossess or threat of court action it is not too late to halt proceedings so long as you know what those processes are and what they mean.
Once lenders or courts know that you are taking serious action to resolve the problem via a professional company then they are more likely to suspend proceedings to allow a short period of time for a solution to be found.
The most common solution is to sell the property quickly and this is where property cash buyers come in.
If your home is repossessed it will be sold on quickly by the lender and any shortfall between the sale price and outstanding mortgage and arrears will be sought from you. If you are unable to meet this payment then one of the consequences might be bankruptcy.
NEXT: The first stage of a home repossesion
Getting Help:
Contact us to help you find a professional advisor.
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