Repossession

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       Repossession

If you are in serious mortgage arrears or facing repossession, estate agents have few options to offer you to allow you to move quickly. Home repossession can be a very distressing and stressful ordeal, with effects lasting for many years. Preventing repossession is one of the most important steps you could take to keep you life in order.

When things go wrong financially, the banks are only interested in getting their money back.. In the mean time your interest and debt continues to accumulate even after eviction. Once the banks repossess a property, they sell it for whatever they can get for it which is usually less than it is really worth. You can still be left with a debt if the bank does not recover enough to pay off all of the mortgage, interest and fees. At auction repossessions can be undersold by 20-30%. As well as the financial loss your credit rateing will be seriously affected, making future loans more difficult, expensive or often impossible.

One of the simplest ways to stop home repossession is to sell your home fast. We can purchase your property quickly to help you pay off your debt. Depending on your circumstances we may be able to agree to buy your property in the future, pay off your current arrears, take over paying your mortgagee for you and stop any repossession proceedings.

If you have been served an eviction notice or if you have been notified of a court hearing then itís not too late to stop the proceedings.

You can learn more about the eviction process at the Citizens Advice Bureau website.