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There are numerous reasons some of us face house repossession; ill health, job loss, a death in the family and even a divorce. No matter the reason, lending institutions may seem heartless, but at the end of the day, their interests must be taken into account. For many frustrated home owners, stopping the repossession process is much easier said than done. However, there are effective ways to avoid repossession and save your home. Even if you are at the end of your rope and have completely run out of viable options, there is still an answer to your prayers. Keep reading and find out how you can sell your home quickly, get some cash and save your credit rating. For now, here are four effective ways to stop house repossession in the UK: #1 Arrange a Meeting with Your Lender Believe it or not, just ‘talking’ or explaining can help. In 99% of cases, the last thing your lending institution wants to do is serve an eviction notice. It may seem that bankers seem less than human these days, however money is money. By simply arranging a meeting or making a phone call you can put off the repossession order and make payment arrangements. Options include: - Increasing the terms of the loan to reduce monthly payments - A repayment holiday, giving homeowners enough time to get back on their feet - Switching from repayment to interest only - Reaching an agreement to pay back arrears over a 12 or 24 month period #2 Sell and Rent Back Home-owners struggling with mortgage payments may opt for sell and rent back. By selling your home to a property cash buyer, you can completely avoid the repossession process and continue to live in your home as a tenant. There is however conditions and guidelines you need to look into to see if you qualify. #3 Government Help If you are a homeowner who earns less than 60,000GBP per year and have a family with dependent children; you may qualify for the Government Rescue Scheme. There is assistance available in the form of a loan from the Registered Social Landlord. #4 Challenging an Unlawful Mortgage Agreement Unfortunately there are many unlawful mortgage agreements in the UK that do not comply with the Consumer Credit Act of 2006. If your contract with a lender does not comply with the act, you may be entitled to compensation. Property repossession can be successfully blocked by a solicitor for the following reasons: - The agreement terms may be too one-sided in favour of the lender - Commission has been taken that isn’t clearly visible in the contract - An adverse mortgage has been given to someone with good credit Don’t Panic and Get the Facts If you find yourself facing property repossession, it’s always best to seed advice from a legal professional. However, if you know for a fact you are out of options and wish to be rid of your home, a Rapid-Sale is worth considering. It is possible to sell your home, make some money and save your credit rating all within a span of one week. Providing you qualify, it is more than possible to walk away unscathed to start fresh.
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repossession process, eviction notice, mortgage help, repossession law,
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