How You Can Help Stop The Repossession Process

by : michael sterios

Once a possession order has been issued for your home you may think there is no way of stopping the repossession process. This is not true. There are several ways you can stop your home from being repossessed and a few things you can do to help ensure you have the best chance of accomplishing this formidable task.

Take Care of Your Property

One of the most important things you can do to help stop your home from being repossessed is to take good care of your property. This is particularly relevant if you are trying to sell your home quickly.

One of the worst things you can do if you are trying to stop repossession is to destroy the interior of the house. Many people strip their house clean of valuable items in order to ensure that the lender receives as little of their personal belongings as necessary if the possession goes ahead.

While this may prove cathartic, it will not stop the repossession of your home. In fact, it can have the opposite effect as a property devoid of heating, carpets, kitchen appliances etc will be worth less when it is being sold.

Considering the proceeds of the sale may be used to pay off the accumulated arrears and remaining balance of your mortgage, you should do all you can to ensure that the lender achieves the highest price possible when they sell your property.

Be Honest with the Lender

Another important thing to do when trying to stop repossession of your home is to be honest with the lender. If you are completely broke then you should tell them so.

It will cost the lender time and money to pursue you for your outstanding debts so they may not be inclined to continue chasing you if you make them aware that there is nothing to chase.

This does not mean that you will be released from the debts you owe, but it can help to relieve the pressure of constantly being hounded for payments that you cannot afford to make. By being honest about your situation you can buy yourself the precious time needed to concentrate on finding a permanent solution to stopping your home from being repossessed.

Check Your Credit File

Another important step in the process required to successfully stop repossession of your home is to check your credit file. Lenders will use this file as a tool to help determine whether you have the means to pay them back the money they are owed.

It is important to check your credit file regularly regardless of whether or not you are facing repossession. By doing this you can discover whether there have been any unauthorised checks on your file from credit issuing companies.

If you have received a shortfall letter from a lender you should check your credit file to discover whether they have performed an unauthorised search. Legal issues may arise from such an act that could benefit you. It is, of course, necessary to consult with a repossession solicitor to determine whether this has any bearing in your particular case. Every individual in the UK has a right to privacy and it is possible that an unauthorised credit search may breach this right.

Sell or Remortgage

The above points are intended to provide some useful information that can help stop the repossession process if used in combination with more powerful techniques such as refinancing your debts or selling your home quickly.

These are probably the two most reliable methods for stopping home repossession. There are various companies who specialise in these techniques who offer their services throughout the country. If you are facing home repossession you should contact several of these businesses to help you decide which technique you would prefer to use.

Whichever method you choose, remember to keep your property in good repair, be open and honest with your lender, check your credit file, and take action as soon as possible.