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Ways To Stop Repossession Of Your Home

by declannash

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If you are in a position where you fear repossession of your property you are not alone, even though it may feel like it. Many people feel embarrassed at the thought of losing their home, on top of the fear of what that would truly mean. This often leads to them trying to ignore the problem, pretending it does not exist. 

If you are indeed in a position where repossession is looming in the horizon you are not alone. There are a lot of others in the same position, especially in today’s economic climate. What’s more, there are professionals out there who can help you and prevent your house from being repossessed, one way, or another. 

The first thing you need to do if you are unable to pay off your mortgage, or other debts that may result in people claiming your house as payment, is to talk to the institution to whom you owe money. It is in their power to change your repayment terms. 

If you are dealing with a bank sometimes you can get time off from paying your debt, or a temporary interest only mortgage plan, meaning you only have to pay the interest and not pay off your debt.

When you deal with your bank, or lender, be honest. Don’t agree to pay something you cannot, as this will only lead to future trouble. Try to negotiate what you truly need, if at all possible. Therefore, before talking to them have a look at your budget and see where you can make cuts to meet payments and where you can’t. 

If banks and lenders do not agree with your terms, you may have to look into selling your house as fast as possible. How fast this will really be often depends on the market. It’s a lot harder to sell your house for cash when times are tough. You also have to be aware that if you sell your house for less than what you owe the bank you will carry forth negative equity that you will still have to pay off, however much less than paying off the whole house. 

If you do not have time to sell your house on the regular market - just the conveyance process can take up to six weeks if you get the wrong solicitor and then there’s the issue of finding a buyer - one way to stop repossession is to sell your property fast for cash. 

Companies like ourselves buy houses for cash, or find a buyer for your house that will buy it for cash, pretty much immediately. Given we have access to a large pool of buyer who over time want to make money on your property, we have a buyer for every kind of property out there. We are happy to give you a free valuation of the house and the buyer will then pay 80-95% of the actual value. 

If you sell for cash you lose money on the overall value, but you will spend a lot less time on the sale, all the legal work will be taken care of for you and your house is guaranteed to be bought in any market.

All in all, there are ways of to stop house repossession; you just have to find out which one is the best for you. 

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