Every year, banks and other lenders start around 100,000 mortgage repossession actions. Many of these could have been stopped by taking quick action, such as setting up a new mortgage with a repossession company.
If you are about to lose your home or if you are behind on your mortgage payments, you need to act quickly. The problem is that you don't know what to do or where to go for help with repossession.
Most people who need help with a repossession or want to find a company that does repossessions go online. There is a lot of information about debt, debt relief, and how to get out of debt. In particular, there are many articles and websites (like this one!) that give advice on how to avoid repossession.
The most important thing you can do to avoid having your car repossessed is to act quickly. Even missing one mortgage payment can lead to a downward spiral that ends quickly with a mortgage possession order.
If you only have mortgage arrears, you might want to talk to a company that helps people switch mortgages. By remortgaging your home, you can free up equity that you can use to pay off your debts. Unfortunately, most High Street lenders won't lend to you if you have mortgage arrears, so you should look on the Internet for a remortgage company that specialises in lending to people with credit problems. Try "remortgage help" or "remortgage advice" as search terms.
If you haven't paid your mortgage for a while, your lender may start the process of taking it back. They will send you a claim form along with a N11M, which is a second form that lets you explain your situation and what you plan to do about your debt. Now is the time to act quickly. Again, a remortgage company may be able to help you find a new mortgage that shows the courts that you are doing something about your debt AND gives you the cash to pay off your debt.
Even if the process has gone further, you can still do something about it. Doing a search for "repossession company" or "repossession help" will give you a lot of information about what to do, but basically, a remortgage company can often stop repossession in its tracks, even if an eviction order has been issued.
In the end, courts and mortgage lenders don't want to take your home away from you. They would much rather that you pay off your debt and stay in your home. If you can show that you can pay off your mortgage arrears, then the proceedings to take your home away will stop.
If things get to the point where you have a possession order or even an eviction warrant, you may not be able to do much about it. If you can't find a big source of income quickly, your only other option is to go to a remortgage company. They can contact the courts and show them that you have a new way to pay.
No matter what you decide, it's important to get the best and most accurate advice about repossession. Find a repossession company with trained advisors who can help you in your situation.
