30-Day Plan to Stop Repossession
Depending on the general economic shape of the nation, the housing market will have its ups and downs. This city is no exception, and many residents are asking how to stop repossession house sale in Aberdeen. It can seem like your situation is desperate when it reaches the point of repossession, but it is not. Here’s our simple 30-day plan to stop repossession and retain control of your home:
Week 1 – Make sure you stay in touch with your creditors.
Creditors will think you have no intention of paying, and will proceed with repossession if they hear nothing from you and you get behind on your payments. Let them know of your circumstances and give them an idea of when payment can be expected. Lots of lenders are willing to work with you if you’re in dire financial straits. Request that your neglected payments be placed at the end of your loan, or ask for a reduced monthly payment or interest rate, or leniency regarding payments.
Your account is only referred to the repossessions department when you are two or more months behind on your payment. At this point you can catch up on the balance with minimal consequences. The next step is for the lender to have their solicitors send you a letter regarding the amount past due and the start of the repossession process. From there, the matter is usually referred to the courts, and you may be required to attend a hearing to determine the fate of your property.
Week 2 – Make part payments towards your mortgage.
After the first notification of repossession, the terms are still very flexible, and your creditor just wants some commitment on your part that the loan, or even the arrears on the loan, will be paid. In many cases even if the repossession procedure has reached the advanced stage of being referred to the courts, it can be reversed if you pay off your arrears and make partial payments.
Week 3 – Make minor repairs to the property
Why would you want to do that when you’re trying to stop Aberdeen house repossession? Because you might have to sell your home quickly, and you want to get the best possible price for it. One of the worst things you can do if you’re trying to stop repossession is to damage the inside of the house. While it may be therapeutic to strip the house clean of valuable items in order to make sure that what the lender receives is of as little value as possible, this will not stop repossession, and it could be detrimental if you’re trying to sell the house yourself.
Week 4 – Sell the property
Sell your house fast for cash, which will enable you to wipe out the arrears on your mortgage payments. The objective is to find a solution tailored to your specific needs and circumstances, because we know that each individual that wants to stop repossession house sale in Aberdeen or elsewhere has a different situation to deal with.