We understand that owning your own home can be a huge financial strain for many people throughout the UK. There is the day to day running costs associated with owning a property, not to mention unforeseen repair costs that crop up just when you need them the least. These costs can start to snowball, along with other mounting life costs such as credit card payments and so on, and before you know it you have a financial situation to deal with.

Believe us, you would not be the only person to be experiencing such financial difficulties. In fact, a large percentage of the UK population are in some degree of mortgage arrears, with the financial conduct authority reporting more than £10 billion is owed in late mortgage repayments.

If you are currently trying to stop a repossession of your home, do not delay, contact us today for a FREE cash offer on your property. Avoid repossession and take back control of the sale of your home, we will even cover your legal fees associated with the sale.

Process of house repossession

If for any reason you fall behind on your mortgage payments, your lender will notify you of your mortgage arrears, this is the amount you have fallen behind by with your mortgage lender, therefore the amount you owe them in mortgage arrears.

Mortgage arrears are of course a very stressful financial situation, with the consequences of failing to pay back arrears often resulting in repossession proceedings being started by your lender. Figures show there are over 1.5 million households in the UK struggling to keep up with their mortgage payments.

Communication between yourself and your lender is key, if you keep them informed throughout your financial situation, they will often work with you to get a financial plan put in place in order for you to begin paying your mortgage arrears back.

However, if you fail to communicate with your lender, they have the right to file for a repossession order, which means the courts have signified along with your lender that there is a case for repossession of your property. At this point you will be required to attend a court hearing.

If the court decides at the hearing that repossession is the best course of action, you will be given a date that you must vacate the property by, failure to do so will result in intervention from bailiffs. Your mortgage lender will then take control of the sale of your property, with their main priority being to cover your outstanding debt with them. Any remaining proceeds are then transferred to you.

However, there is an alternative option to house repossession, one which gives the control back to you as the homeowner. Contact us today for a FREE no obligation cash offer on your property.

If you are currently faced with repossession of your property, then contact us today to find out how we can help. If you act quickly, we will be able to complete a sale for you in your timeframe and cover all your legal fees associated with the sale. Take back control of the sale of your property by contacting J Bear Properties today.

How to stop home repossession

Communication is key in trying to stop reposession, communication between yourself and your mortgage lender. This is the first step in how to avoid house repossession. Remember, you are their customer, and they should want to work out a solution with you for them to recover their loan, this is usually in the form of a payment plan.

Doing some due diligence on how the conversation may go, and the options available to you to improve the situation, will help you go into the call with your lender better prepared. Showing your mortgage lender that you are forward thinking on how to pay back the arrears and keep up with payments going forward will go in your favour. Some options to suggest to your lender may be:

  • Taking a mortgage holiday
  • Swapping to an interest only mortgage
  • Adding your arrears onto the main mortgage debt owed

The potential options listed above of course will not get you out of the arrears you are currently in, if you would rather clear your arrears and start fresh, you could consider the following options:

  • Rent out your property if your mortgage allows this
  • Rent out spare rooms if your mortgage allows this
  • Sell your property voluntarily

Mortgage Insurance

The typical lifespan of any mortgage is between 20-35 years, making it often a very difficult financial commitment, as it is almost impossible to know what your financial situation may look like in 20 years’ time.

As your mortgage is a very important financial commitment, most people opt to take out mortgage insurance, to protect them in the event that their financial situation changes, or something happens to one or all of the homeowners.

If you are facing repossession of your home and have decided that you want to sell your property voluntarily rather than have your property repossessed, contact us today to find out how we can help you achieve the fast house sale you require. Our process works to your timeframe, and is completely free to use, we will even cover your legal fees associated with the sale.

Clear all your debts

Nobody ever plans to get themselves into debt, often debt crops up on someone unexpectedly due to low cost of borrowing in recent years meaning you are more likely to overspend, coupled with a change in financial circumstance, potentially the loss of a job or not being able to continue working due to health reasons, suddenly, your financial position has changed however the debt you have built up over years still needs to be paid. You are not alone, the Bank of England reports there to be around £200 billion currently outstanding in UK personal debt.

It is important to face your debts head on, and not bury your head in the sand hoping they will go away, they will not, unfortunately they tend to grow with interest if they are ignored. The Bank of England’s numbers suggest that credit card debt accounts for over £65 billion in personal debt in the UK.

Concentrate on making the necessary payments on your debts as soon as possible and start to pay off the main debt amount, not just the interest. Ignoring your debts often leads to increased financial struggle and can result in difficulty keeping up with your mortgage payments. Instead, tackle your debts head on and communicate with your lender so they can see you are doing what you can to reduce the amount owed. Communication is key throughout tackling your debt problem.

If your personal debts have continued to pile up despite taking measures to reduce them, and you have decided you would prefer to sell your property in order to free yourself of your debts, or you require a sale in your chosen timeframe due to upcoming scheduled payments, contact us today for a FREE cash offer on your property and start on your way to being debt free.

Know your finances inside out

It is important to spot the signs of a financial problem starting to build as early on as possible. The simplest way to do this is to ensure you have a crystal-clear picture of your finances monthly, what money you have coming in, compared to what monthly costs you have and typical monthly spending habits. The earlier you spot a financial problem, such as beginning to miss bill payments for example, the easier it is to stop that issue growing into something larger and could help you stop repossession from occurring in the future.

It would be a good idea, if you are not already, to review your financial statements at least monthly, to monitor your spending habits and keep a close eye on your fixed monthly outgoings. If you notice there may be an issue beginning to grow, then take early action steps to stop this turning into a larger financial problem. There are many tools available online to help you plan your finances and ensure you keep within a monthly budget that works for you. All these actions can help to stop repossession from ever occurring.

Don’t let your finances get out of control, keep a close eye on your fixed monthly outgoings and monthly spending habits to help avoid repossession.

Seek the advice of a financial expert

If you feel that your finances are out of control, and a debt problem is beginning to grow, it could be time to speak to a financial expert about ways in which to turn the situation around. There are free and impartial services who specialise in such conversations such as the Citizens Advice Bureau, who are experienced in helping people begin to rectify their debt and financial issues.

There are also various support lines and benefits potentially available to someone in extreme financial hardship. Seeking this sort of financial help should not be viewed as embarrassing but an initial step towards helping to stop your debt problem from growing further and may help stop repossession. Other helpful organizations may be the Debt Advice Foundation or PayPlan.

How to stop repossession now

If you are currently faced with repossession of your home, and would prefer to avoid repossession from occurring, contact us today to find out how we can help. Our service is completely free of charge to you as the seller. We will even cover your legal fees associated with the sale of the property.

Here are some of the main benefits of using our service to avoid repossession:

  • We will provide a cash offer on your home and liaise with you and your lender to assure them a sale has been agreed on your property.
  • Achieving a fast cash sale on your home with J Bear Properties will mean avoiding repossession and avoiding further financial issues, such as further CCJ’s and potential bankruptcy.
  • Take back control of the sale of your home on your terms.
  • You agree the sale price with us, not the bank on your behalf, again giving the control back to you as the homeowner and not your mortgage lender.

If you would prefer to avoid repossession and take back control of the sale of your property, contact us today to find out how you can achieve a FAST cash sale on your home with J Bear Properties – We will also cover your legal fees associated with the sale of your home.

Home repossession process FAQs

How to stop repossession?

If you are looking for a way to avoid your home being repossessed, as a cash property buyer J Bear Properties can purchase your home from you and stop the repossession from taking place. The debt owed to your mortgage lender is paid off using the funds we pay you for the property, and you are then transferred the remaining funds after the lender’s debt has been satisfied. We will act fast to give you the best possible chance to avoid repossession, however contacting us as early as possible will help to ensure there is enough time to complete the sale, before the repossession takes place.

Why is it better to use a cash property buyer rather than being repossessed?

If a repossession of your home takes place, this can seriously damage your financial standing for many years to come. The CCJ will be logged on your credit file, and will make obtaining finance of any kind, including a new mortgage further down the line, very difficult.

If you have confirmed you have no other way of pulling together the required finances to settle your mounting debts, then selling your home of your own accord is by far a better option than a repossession taking place, and further financial issues from taking hold.

When should I contact you if I am facing repossession?

As soon as you have confirmed you are likely to be selling the property to avoid it being repossessed, or if you have been served a CCJ and have confirmed you have no way of paying the balance owed, then you should make contact with J Bear Properties right away, as ignoring the issue will only make it worse.

Our service is fast, and free, but contacting us with a good amount of time before the repossession is due to take place ensures you can sell the property on your terms, stress free. We also GUARANTEE to be the highest cash offer within our industry.

Can you stop a CCJ?

The short answer here is yes, we can. J Bear Properties can purchase your home from you for cash, and if contacted soon enough we can stop the CCJ with a cash sale on your property. Remember, you typically have 30 days from receiving the CCJ to pay the balance owed, so contacting us sooner rather than later ensures a stress-free process and the CCJ not being logged against your credit record.