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Repossession
A Bad Credit Remortgage Could Stop Repossession
Are you facing a repossession order or a suspended repossession order?
get help today...
A repossession order comes about when missed mortgage payments get to the point where the lender has little choice but to default your mortgage account, after the account has been defaulted, if no payment arrangement is agreed you will normally get a court date where yourself and the lenders representative should appear - you will both put your case forward as to how the missed payments arose and how they can be resolved, the main reason for the hearing is not to take your home from you but to reach an amicable arrangement between yourself and the lender with a view to arranging a realistic payment plan to clear any mortgage arrears. Usually, if an agreement can be made the repossession order will be suspended (this is
called a suspended repossession order), the suspended repossession order will remain in place until the arrears are cleared. A bad credit remortgage could be the answer.
Repossession orders
Repossession orders and suspended repossession orders are typically a last resort for lenders and can be incredibly stressful for the mortgage borrower. In most cases the arrears will have arose due to an unforeseen event which is very unlikely to happen again.
In many cases, even if the client is able to maintain the new payment arrangement they will want to move to a new lender in order to clear the suspended repossession order as soon as possible and get a fresh start with a new lender.
We have helped people at various stages of the repossession process remortgage to a new lender, whether you have a repossession court date pending, a suspended repossession in place or are being threatened with repossession or if you just want a fresh start with a new lender - we could help.
Could a remortgage from repossession help?
A Remortgage from repossession will be determined by a number of factors such as affordability, equity in the property and the actual payment profile of the missed mortgage payments and other bad debt and the state at which any repossession or suspended repossession order is at, generally speaking the sooner you contact a professional broker about any repossession orders you may be facing the sooner they can look at your personal circumstances and hopefully come up with a plan of action to stop the repossession order to fit inline with your needs and budget.
What is involved in stopping a repossession order?
Stopping a repossession order can be fairly straightforward or it can be an incredibly complicated affair - how straightforward stopping a repossession order may be would be dependent on a number of things. Firstly it would depend on how far down the road the lender is to actually repossessing the property, if they have only just mentioned repossession and you want to look at a bad credit remortgage before the repossession order or suspended repossession order is put in place it can sometimes be as simple as a normal adverse credit remortgage. If on the other hand you waite until your third suspended repossession order has failed things can be much more complicated. We would always suggest speaking to someone who can help as soon as possible in order to try and rectify the situation as early as possible.
If you need help regarding repossession or suspended repossession please do not delay, the sooner you contact a specialist adverse credit mortgage broker the better able we will be to help you - contact us today
