The amount of time it takes for a property to be repossessed depends largely on a case-by-case basis and the actions that are taken. The actions you take to stop repossession and when you take them truly make a difference in how fast or slowly your case can move through the legal system.
Contact our experts so we can guide you through the process and provide further clarification based on your circumstances.
Still, let’s also take a look at other factors that are somewhat beyond your control and that also determine how fast you can lose your home.
What You Need to Do When Facing Repossession of Your Home
Facing the daunting prospect of house repossession can be distressing, but there are effective steps to halt the process and safeguard your home. Understanding the details of the house repossession process in the UK is vital; you can gain insights from house repossession advice experts. To stop repossession, consider proactive measures. Learning how to stop repossession of your house involves exploring legal avenues, as well as engaging with your lender to negotiate alternative arrangements.
Whether you’re dealing with a possession order or the potential repossession of property, acting swiftly is essential. Stopping house repossession involves navigating a complex landscape, but with determination and timely intervention, you can safeguard your home and prevent the distressing experience. A voluntary repossession can be an effective way for a homeowner to avoid a long and drawn-out court process. In some cases, the homeowner can even negotiate a settlement with the lender in order to reduce their overall debt. You can always seek professional financial advice to avoid voluntary repossession.
Contact our experts so we can guide you through the process and provide further clarification based on your circumstances.
These Real-Life Examples Illustrate How Quickly or Slowly Your Home Repossession Could Go:
Let’s break house repossession down into two-time lines to help you understand how long it can take from a realistic standpoint. The first case is one of the longest, taking one year. The second case is one of the fastest, taking just six months. In both cases, we’ve omitted the names of these people to respect their privacy.
[H4] Case 1 in 2008 took 12 months
A couple called their mortgage company after they started going in arrears because they had to close their business due to losing some of their highest-paying clients. The couple talked to the mortgage lender about switching their agreement to interest-only payments or some other cheaper payment scheme. After completing a detailed report for their lender outlining their total income and financial status, they waited for the lender’s answer and continued negotiations for some time. However, the couple couldn’t afford to pay what the lender wanted, so their financier filed with the court for repossession. A couple of months later, in court, the couple demonstrated that they were willing to pay some portion of their debts. They had six months’ worth of mortgage arrears and didn’t have enough income to pay the fees of £800 a month for the mortgage. They sought help from Citizens Advice and eventually received some housing benefit income to cover the rent in their new place after moving out. After the repossession was over, they still walked away with negative equity that put them in debt by £40,000.
[H4] Case 2 in 1991 took six months
One man living around Manchester experienced the failure of his business shortly after a difficult divorce, which combined to create an insurmountable mortgage repayment debt. Unfortunately, he had a 100-percent mortgage agreement, which means he had no equity at all in his property. Under the growing financial pressure, he finally sold the house, but he was still £11,300 short of paying off his mortgage debt due to the poor housing market conditions at that time. Not knowing how to resolve the last debts, he got legal advice and negotiated a final settlement that was less than the total amount owed. He also learned, quite by accident, that the Limitations Act for England and Wales prevents lenders from chasing down mortgage debts after 12 years if the debtor stops payments and doesn’t acknowledge the debt.
Rather than simply playing the stressful game of wondering how much time you have left until eviction day, why not end the maddening game while you’re ahead by getting special financing to clear your arrears now? TIC Finance. can offer reliable property finance solutions for stopping the repossession of your house today.
Your Home and Financial Security Matter to Us. We Provide Expert Advice on House Repossession in the UK
Have you received a court order or desperately need advice about a potential repossession? We can help. With a wealth of experience in guiding individuals through the legal aspects of repossession and debt advice, we are equipped to offer professional advice and a plan of action, tailored to your unique circumstances, and we have many financial options available.
We have years of experience advising individuals on the legal process and providing professional advice on the best solution for their situation. Whatever your financial situation, outstanding debt, or poor credit rating, we can help you.
Whether you’re seeking legal insights, exploring alternative solutions, or aiming to prevent the repossession of your home, our dedicated team is here to support you.
Don’t face repossession alone. Contact us today for expert assistance and guidance tailored to your situation. Your home and financial security matter to us.
We provide a range of property funding options, or if you are looking to sell a house fast, we can provide the best finance options, speed sell your house for you, provide joint venture finance, and even provide bridging loans in the UK, depending on what is the best solution for your situation.
Do You Need Help With Repossession?
Are you at risk of repossession and need to get in touch with someone? For expert help and advice on stopping a potential house repossession in the UK, get in touch with our team now!
