Are you among thousands who are staring at the possibility of loosing your house in the hands of greedy mortgage of finance companies. You are not alone.
With interest rates on the rise in UK, the
repossession worries are real for many home owners. While the economy is going strong, the mortgage lenders are happy to lend whatever you want. It often translates to many times of your annual salary or whatever their lending criteria is. But even the slight rise in interest rates makes your job vulnerable. Compound that with any pending divorce, sickness or any thing else and problems compound.
With lenders becoming ultra cautious, the threat of repossession for many people increases rapidly. Many lenders are known to take the proceedings to court within weeks of missed payments. I you are one of those unfortunate ones to have receive such notices then make sure not to give in so easily. Here are some pointers that may help:
1. Talk to your mortgage company
Lenders' computers follow rules. They will issue you a letter as soon as it meets certain criteria like missing one or two payments. The person on the other side of the phone may understand your situation if you explain to him. He may even help you come up with a
workable solution against repossession. So it does not hurt to pick up the phone and clear some air.
2. But still, Be Prepared
If there is no other way but go to the court then you can do worst than not being prepared. Have you got all the correspondence with all parties in a file? Have you listed details of your all expenses and income history? This will show that you are organised but have fallen on ill times for no fault of yours. You may even have a plan on how you are planning to
sell your house quickly for cash if need be. Preparation may help convince court that you need extra time to sort out some loose ends. Remember, courts do not like giving repossession orders. It is the last resort.
3. Seek advice
Good advisors are worth their weight in gold. Good lawyers and financial advisors are used to negotiating with lenders. They know how to approach them. They can also help you show ways to
clear your debts without loosing your house. For example, a good advisor knows what correct procedures must a lender must follow and what forms and documents are needed for them to make their case.
A good financial advisor also knows which third party lender can help you in your current situation. Some times it is possible to arrange loan from a lender who is willing to ignore certain things that your current lender is adamant to take into account. Financial advisors can often explain situation and buy you some extra time as well. This may even
stop repossession altogether. So it is worth investigating into good advisors.
