Sadly, in these difficult times, house repossession is becoming more common as a result of redundancy, unemployment, and low wages coupled with the high cost of living.
If you find yourself unable to pay your mortgage and your home is at risk of repossession, there are steps you can take.
Seek professional advice
First, talk to your lender and see if they can help you work out an affordable repayment plan. If court action has started, you can still try speaking to your lender to see if you can reach an agreement.
You could also speak to a debt advisor to see if they can give you guidance on how to improve your financial situation. If repossession is unavoidable, they can help you decide on the best course of action for you.
Avoid voluntary repossession
Voluntary repossession means you leave your home in Woking and give the keys to your lender. However, if you take this action, it doesn’t clear your mortgage payments or arrears.
Your credit rating will still be affected if you choose voluntary repossession – and you’re still liable for your monthly mortgage payments and the repayment of the arrears, as well as other costs such as building insurance.
You also have to pay your lender’s costs for selling your property.
The repercussions of repossession
When a lender repossesses your property in order to recover your mortgage debt, they could decide to sell your house at auction. Or they may go via an estate agent.
Whichever way it’s sold, you can be landed with expensive legal and estate agents’ fees that will be added to the amount you already owe.
On top of this, your house repossession will show on your credit rating, and this may hinder you in the future and prevent you from being able to access loans.
How to sell your house in Woking fast
To stop repossession going ahead, you should look for a cash buyer. Because if you go down the traditional route of contacting an estate agent, it could take months (sometimes over a year) to sell your property. Unfortunately, your home could have been repossessed before that happens.
However, if you sell your home immediately to a cash buyer, you can cover the costs of your mortgage and arrears. You can then begin again with whatever is remaining.
At the very least, by taking this action, you can ensure that you’ve cleared your debts and avoided a repossession registry entry. It will also ensure your credit rating is not affected.
This puts you in a much stronger position to be able to rebuild your life and get yourself back on a firmer footing.
Do you want a fast cash sale so you can avoid repossession?
Please get in touch with Mark Lloyd at Sell My House Quickly Woking if you have any questions, or you want to request a competitive cash offer to buy your property.
Call: 0800 465373
Text/Whats app: 07703 189658
Or simply complete the enquiry form and we will respond by return.