Repossession: How Can I Avoid Losing My Home?

If you’ve fallen behind mortgage repayments or other secured loans, you’re at risk of losing your home. Your mortgage lender or loan provider may seek court action to take ownership of your home if you are in arrears.

This process is taken into account as a last resort if you deliberately ignore your mortgage arrears or secured loan arrears. 

If you can no longer keep up with the payments on your mortgage or debts secured against your home, you must talk to your lenders and relay the financial crisis that you’re in. 

By doing so, your lenders might consider helping you if they know you’re getting debt advice. To negotiate your current financial difficulty to your creditor, contact us. We can create a household budget and give you the alternatives tailor-fit on your current situation. Besides, you need to keep in touch with your lenders to prevent them from taking court action against you.

Financial Help To Cushion the Impact Of COVID-19 Pandemic

Several measures are considered to assist individuals who are coping with the effects of COVID-19 or Coronavirus Pandemic to their finances. These include payment breaks on mortgage and payment holidays for some unsecured debts and moratorium extension for residents in Scotland.

You may also read our guide: Financial Help Available During Coronavirus Pandemic and Payments for Car Loans and Finance During Coronavirus Outbreak.

Possession Hearings

For the judge to decide whether your house will be repossessed or not, a possession hearing will be in place. Possession hearings do not entail that you instantly lose your home. The fact is, even if you are provided with an eviction date, it’s not too late to resolve your circumstances. Contact us and we’ll give you the options.

House Repossession Advice

If you’ve received court documents or you’ve got a court hearing in place, call us on 0800 193 1024. Our debt advisors can give you specific advice on the repossession method. We can also help you arrange terms with your lender before your case progresses to court.