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What to do if you are at risk of repossession.

 

If your mortgage is in arrears or maybe you are struggling to keep up with the payments and face repossession there are a number of steps that you can take to avoid your property being repossessed.


There are many others that have been in your shoes facing repossession and have taken the various steps to keep their roof over their heads. As soon as you take these steps the chances of prepossession are minimal. The last thing that you need to do is bury your head in the sand and think that the problem of your property being repossessed will go away. Now here are the immediate steps you can take to avoid repossession.

  • Contact your mortgage lender / provider straight away. You could contact them by phone or even a visit to the branch if they have one. I will highly recommend that you visit the branch as there will be a more personal touch. If you are feeling low and not wanting to go alone you could get a friend or family member to accompany you. Your mortgage lender should be able to offer you advice on how what you can to do avoid repossession. It will be in their best interest for you not to lose your property. usually they will offer you an option that meets your current circumstance and one that will help you to keep hold of your property. 

  • Pay whatever you can afford to pay at the time. It is vital that you pay as much as you can each month as this will show that you are committing to make some form of payment towards the mortgage and that you are not avoiding your obligation to make your mortgage payments. Even if you cannot afford the whole monthly payment I cannot stress that it is very important that you make a payment of some sort based on what you can afford to pay.

  • Negotiate a new term that you can honestly afford to stick to. By doing this you will be in less chances of defaulting on your new monthly mortgage payment plan. Never be pressurised into agreeing to pay an amount that you cannot afford to stick to, this will only leave you in arrears in the future again.


  • Stick with and keep up to date with your new mortgage plan. This is very important too as it shows your mortgage provider that you are willing to ensure that your house does not become repossessed. Mortgage companies will be lenient when they are aware that you are in financial difficult. But as above make sure that you can afford the new payment plan as they may not be so lenient if you fail to keep up with the mortgage and you could then end up losing your property. 

  • You can also get help from the organisations that will be willing to offer you independent advice on how you can deal with the arrears. As you are aware that you cannot afford to pay for the mortgage you should also avoid paying fees to the organisation. There are number of free organisations in the UK that will offer you advice free of charge such as bodies like the Citizens Advice Bureau. or the CCCS  also known as the Consumer Credit Counselling Service who offer free advice on debt related matters.