Voluntary Repossession

Handing back the keys - what it REALLY means .

Voluntary Repossession

Handing back the keys is not the end of the story

Voluntary Repossession is where you hand back the house keys and therefore possession of the house to your mortgage lender. This is an action of last resort and should not be taken lightly. IT WILL NOT - absolve you from the debt. You should remember that a mortgage only provides security for the debt. It is not the debt itself so that even when the mortgage comes to an end if the debt is not paid in full you will still be liable for it. Do not take this step until you are absolutely certain that it is what you need to do.

GET ADVICE, if not from us then from one of the other agencies within this sector.

The single biggest advantage taking this step is that you will not incur Court Costs if proceeding have not already begun.

If you are in the process of doing this, but want to change your mind, then contact us - We may be able to help.

Default Repossession

Default repossession is where you have not been able to meet your mortgage payments and the lender has had to go to court to recover the money from you by taking back the property for them to sell.

It is possible to stop a repossession, including voluntary repossessions, and DCM Money Solutions are experts in this field.