If you’re facing the possibility of repossession in the future, perhaps you are wondering can you get your house in the North East back after repossession.
Unfortunately, after the court rules in the favour of your lender and agrees with the lender to proceed with the repossession, it is very hard for you to get your house back. In fact, at this stage it’s almost always too late; once the bank has started the repossession proceedings there is no stopping them. You have to beat them to it.
Instead of wondering can you get your house in the North East back after repossession, here’s another option…
The good news is, if you’re not in repossession yet, you have options. But you must act fast!
The first and best option is to pay off your mortgage or work out a payment plan with your lender. They’ll prefer to keep you in your house and instead just collect the money owed to them. You’ll be amazed at how much repossessing houses costs the bank, so it isn’t in their interest at all.
If that’s not an option for you at this time then you may decide to do what a lot of homeowners facing repossession are choosing to do: Sell your home before the home is repossessed and pay the lender what is owed to them. As mentioned above though, you must do this before the courts have granted the repossession order.
While not an ideal option (because you’ll have to give up your house), it’s still a preferable option to repossession because you’ll have cleared up your debt to the bank and you won’t have the long-term impact to your credit score that a repossession would have.
This option is proactive and long-term, which is why homeowners facing repossession find it to be the best option: it’s proactive because you’re taking control of your financial situation; it’s long-term because you’re accepting the short-term discomfort of selling your home in exchange for the long-term benefit of a better credit rating, enabling you to buy again.
Here’s a secret to selling your North East area home fast so the bank can’t take it
You could work at trying to find a buyer to take your home. However, a faster and easier option is to find an investment firm that buys houses as-is for cash, fast. Instead of spending all of your time and energy trying to locate a buyer, there are many companies that can do this for you. Companies like North East House Buyers will buy the house from you at a reduced price, and very quickly. Without the backing of a serious buyer like North East House Buyers you could also risk fall-throughs (1 in 3 property sales fall through!), if you loose your buyer mid way through the sale, sadly, the repossession may still go ahead.