If you have been unable to make your mortgage payments on your Newcastle property, there is a good chance that you may be facing property repossession. This can be a scary and stressful time, however, there are ways that house repossession can be stopped.
House repossession is a lot more common than people think, with 4,580 mortgage repossessions taking place in 2019 alone. If you’re in danger of having your home repossessed, you may be at a loss of what to do – that’s where we come in.
In this article, we’ll provide you with all the information you need to know regarding stopping property repossession, including how a house repossession can be stopped in its tracks, what you can do if your house is being repossessed, some selling tips for repossessed properties, and some figures on how quickly homes can be repossessed.
Can a House Repossession be Stopped?
The good news is that a house repossession can be stopped, and it depends on whereabouts in the process you are with your mortgage arrears as to how likely it is that property repossession can be prevented.
One Month in Arrears
If you are one month in arrears with your mortgage payments, the chances are your house isn’t going to be repossessed providing that you have the financial means to make those late mortgage payments.
It’s important to take action as soon as possible to ensure your payments are back on track as this will reduce the chance of your lender needing to get involved at all.
Two Months in Arrears
For those that have missed two months of mortgage payments, there’s still a good chance that you can prevent your home from being repossessed by ensuring you make these late payments as soon as possible.
However, you must show that you’re making a significant effort to make payments and communicate with your lender to provide reassurance that you’re getting back on track with your payments.
Three Months in Arrears
If you haven’t paid your mortgage for three months or more, the chances of your home being repossessed increase significantly and you may have been sent documentation informing you of a county court date to finalise your property repossession.
While this is certainly more serious, you may still be able to pull things back, as you’ll have between three – eight weeks before the court hearing to pay your late mortgage payments and show your lender that house repossession isn’t necessary.
What Can I Do if My House is Being Repossessed?
If your Newcastle home is in danger of being repossessed, there are some tips you can implement to prevent losing your property altogether.
Check out some of the below tips to increase the chances of stopping your home from being repossessed.
Prioritise Mortgage Payments
The best thing you can do to stop property repossession is to prioritise your mortgage payments. If you default on your mortgage payments, your lender will likely get involved and you could end up losing your property in the worst-case scenario.
Speak to your other bill providers to see if there’s anything they can do to help you during this difficult time, such as reducing bills or spreading payments to enable you to better prioritise your mortgage payments.
Seek Legal/Financial Advise
Seeking legal or financial advice is a good idea if you’re home is likely to be repossessed. Many people have gone through property repossession in the Newcastle area and there are experts in this field to help you through it in the best way.
Speak to a property solicitor or financial advisor to see the best way forward in preventing your property from being repossessed.
Communicate With Lender
One of the best tips we can give when attempting to stop property repossession is to communicate effectively with your mortgage lender. If you stop communicating with them, they’ll likely be less lenient when it comes to getting the mortgage back on track, whereas if you’re upfront and honest about you’re situation they’ll be more inclined to help.
Speak to your lender about your financial situation – there may be payment plans they can arrange to help you get your mortgage payments back on track. Ultimately, they want you to keep paying for your mortgage as they’ll make significant gains from the interest on your mortgage, so make it easy for them to help you by communicating effectively.
Check Insurance Policies
If your property is in danger of being repossessed, make sure to check all of your insurance policies. Some life insurance policies in particular contain clauses for mortgage payment protection insurance, which may be able to cover your mortage if you are unable to work for one of the following reasons:
- Sickness
- Disability
- Accidental injury
- Redundancy
Speak to your insurance providers to see if you have any level of coverage for one of the above situations.
Sell Property
While it may be a final resort, it is possible to sell a property that is undergoing repossession.
Ultimately the best advice we can provide in terms of selling a property that is being threatened with repossession is to act quickly and communicate well with your lender. If they know your situation, a lender is going to be more lenient when it comes to your home and may even give you advice when it comes to putting your property on the market.
How Quickly Can a House be Repossessed?
A house repossession can take a significant amount of time. Generally, banks will begin repossession proceedings when three months of mortgage payments have been missed, and the repossession process itself can take up to nine months.
If a judge has approved an order for property repossession, you’re usually given 28 days to find a new place to live. This is dependent on the judge’s decision and your current situation.
How We Buy Any Home Can Help
If you have a property in Newcastle that you’re looking to sell, look no further than We Buy Any Home. Whether your property is in danger of being repossessed or not, we can help you to achieve a property sale quickly with funds often available within just 7 days of your application.
The reason we can achieve this is by being one of the biggest cash-buying property companies in the UK. We have many years of experience purchasing Newcastle properties, which enables us to provide you with the best possible price for your home in the quickest and most efficient way.
We’ll even cover the costs of your legal representation and home surveys, plus we don’t charge sellers a penny for our services.
Get a free cash offer for your Newcastle home today with We Buy Any Home and get your property sale moving.
