Stop Repossessions - Stop Repossession in 3 Easy Steps

You can stop repossession if you take action now.

Having your home repossessed can have a long-term effect on you and your family. If you have children, they can be particularly damaged by the process, so it makes sense to do everything you can to stop repossession happening. There are various ways to do this, depending on what stage your repossession process is at, but following these 3 simple steps could help:

1. Talk to your lender
It's really important that you talk to your mortgage lender as soon as possible. If you're just going through a difficult financial time, you may be able to negotiate a payment holiday, or a reduced payment level, so that you can make up the balance when your finances are in a better condition. Your lender is less likely to start repossession proceedings if it can see that you are making an effort to meet your payments. Don't ignore the letters or phone calls chasing your payments. Instead, face the problems head-on and you could stop repossession before it starts.

2. Get advice
People who are facing repossession because of financial problems are usually also experiencing other debts - on credit cards, perhaps, or finance agreements. You are often too close to your money problems to see how to sort them out, which is why it's useful to get some independent advice. Talking to a professional or voluntary adviser could help you to see where your problems are, allowing you to create a proper budget and work out which debts are the most important to clear. If you need to stop repossession, a clear, unbiased assessment of your finances could help you to save money so that you can start clearing your debts.

3. Sell your house
If repossession is a serious possibility, the only way to stop it will be to pay your debts and even your mortgage off completely. As a homeowner, your only real chance of doing this is to sell your property. You may think that this is exactly what you want to avoid, but there are some clear differences between the two choices. When your home is repossessed, you lose all the money you have tied up in it. You will have to move out quickly, finding somewhere else to live, and causing a significant disruption to your family. On the other hand, if you sell to a professional property buyer, you can raise the cash you need to clear your mortgage, and help to keep your credit record healthy at the same time. More importantly, you can arrange to rent your home back from the buyer - so you don't have to move out at all.

We can help you stop the repossession proceedings, we either either a quick house sale or a sale and rent back. We also offer Legal Assistance.

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