Things you can do to stop home repossession

Fast sale can help you avoid repossession – it’s a known fact. But are there any other things that you can do to stop home repossession? Let’s see.

  1. Do not run away from the situation and face the reality. If you have missed mortgage payments and your lenders have started calling you then pick the phone and talk to them. If you can foresee a hardship then be proactive and call your lender to inform them about the situation. There are many things a lender can offer, such as:
    1. Payment holiday – no need to make any payment for a certain span of time
    2. Add outstanding amount into mortgage – this is a nice way to clear the arrears
    3. Pay mortgage arrears in instalments – you will be able to pay off the mortgage arrears without taking much pressure
    4. By the power of Homeowners Mortgage Support scheme you can pay a part of the mortgage interest for up to 2 years
    5. Get the mortgage terms extended so that you get more time to pay off; monthly instalments would go down in that case
    6. Switch to interest only mode
  2. Rent the house and move into a smaller house. Use the money that you get from rent wisely; clear the mortgage and once you are financially strong again, move back to your own house. If your house is large and you have an extra room then consider renting one room of the house. This would bring you more savings.
  3. If job loss, medical problems in the family or any such thing is the reason for you not to be able to pay the mortgage, then consider taking up another job. Different types of part time jobs are available these days. You can search on the internet and look for real, legitimate job offers that you can do from your home. A parallel flow of money would help you get back on the right track.

Depending on your situation you can choose any of the solution. If nothing works talk to the home buyers in your area and arrange for a quick sale of your home.

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