Repossession Advice

Advice about repossession and mortgage debt

If you think you are in danger of having your house repossessed then contact a professional advisor as soon as possible. Repossession advice is more effective the earlier it is given.

 

 

Once repossession proceedings have begun, you must seek specialist repossession advice. Before it gets to that point, it's worth seeing what can be done to prevent it happening.

 

Tackling mortgage Debt Problems - What's Your Situation ?

 

Not yet in arrears but can't make next payment

Have mortgage arrears but can only just make normal payments, not arrears

In arrears and can't make any sort of payment

I've received a first notice of repossession

 

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"I'm not in arrears but might not make the next payment "

Let's take an example where you know you're going to miss making a payment to the building society that have never seen you miss a payment.

Here's 2 options :

1.Head in the sand, you've been a good customer. "They'll give me a break"

or

2.Call your mortgage lender. Time for another deep breath (try them - they're really good)

Tempted for option 1? - jump straight into the icy water then. Heck, why not just hand the keys over now because this problem isn't going to disappear. Go for option 2 and Don't Panic, don't lie, give a true account of your status.

 

Calling your mortgage lender

What do you say to them? take them out for a spot of lunch to discuss it or burst into tears? Neither of those are really constructive and they'll more than likely nab the lunch money from you leaving you to do the pots.

What they will want to know is how you will sort the problem out. They'll want assurances that you are taking the matter seriously and will make up the missing mortgage payment somehow. If that is achievable and likely then do it. Call them and explain, confirm it in writing and keep up with the plan.

 

 

 

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"I can't catch up mortgage arrears "

But what if there is no money for a plan. You've lost your job, the repayments have gone up or you've had to pay for car repairs instead of the mortgage and are only just making ends meet anyway.

Yet again the temptation may be to stick your head in the sand. If this situation is familiar it sounds like there's other factors you need to address and a full financial review might be needed.

Check out our household budget calculator and other debt advice suggestions. Sometimes some little changes can mean big improvements. If you find that some clever re-budgetting will free up some money - then you've got yourself a plan and can contact your lender with it.

However, If things are really that tight and you've got credit cards and other loans then this is where we come in. At DCM Money Solutions we will look at all debt issues from mortgage debts to car loans. What might seem big to you is bread and butter to us - we deal with debts of all sizes. We'll look at all options, and hopefully at this early stage we can sort things out fast so that you can get your life back on track, fast.

 

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"I'm already in arrears and it's getting worse"

Things move very quickly when arrears build up. This is because the amounts of money involved are escalating rapidly too and it serves no-one for it to get even more out of hand. The mortgage lender doesn't want to be saddled with a house to sell anymore than you want to be saddled with arrears to pay off. Remember that interest and charges are accruing daily. At this stage you will probably be seeking repossession advice and help.

Myth #1: Having your house repossessed is the end of it.
No! Once the house is resold, you are still liable for any shortfall between what you owe and what the house was sold for, plus possibly a whole lot more.

More myths about mortgage debt

 

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Getting help with mortgage debt

• Talk to your mortgage company, they will have people, plans and policies to help.
• Check your insurance policies to see if any cover your situation, be it loss or reduction of income, mortgage repayment protection policy, illness payments. Bear in mind most policies don't kick in straight away and the amounts provided might be subject to other income or cover only a percentage, be a fixed amount or have a maximum benefit attached.
• Bear in mind that state help for mortgages should not be relied upon.
• seek Professional Repossession Advice urgently if you are receiving notices of repossession.

 

Help a mortgage company may offer