Avoid Repossession
Repossession is the process by which a lender will take possession of a property from a homeowner after they have broken the terms of the loan agreement. By far the most common way of breaking the terms of loan agreements is to miss monthly payments, also called mortgage arrears.
There are many downsides to repossession and it is usually advisable to avoid repossession at all costs. You have to move out of the property and deal with the stress and hassle associated with that. A repossession order is recorded in your credit history and has a severely detrimental affect on your credit rating. You may still end up owing money to your lender even after the repossession is over and the property has been sold.
A lender will seek repossession if you have missed payments and you are unable or unwilling to make an alternative agreement. The lender applies for a repossession hearing with a county court and it is up to the judge to decide whether or not the repossession order is granted.
If your lender is granted the repossession order you will be evicted from your home and it will be sold to pay off the loan secured on it. The lender has a responsibility to try and achieve a reasonable sale price, in practice it is usually lower than its market value.
3 Quick steps to avoid pepossession
- Contact DFB to complete a quick fact find
- DFB will then contact the court and your lender to stop repossession
- Your FSA regulated sell and rent back application can then proceed as normal
Prevent Repossession
A great way to prevent repossession is a sell and rent back with DFB Housing Solutions. This keeps the process under your control, lets you clear all the secured debt and means you don't have to move out of your home.
To avoid repossession you should contact us straight away. We will assess your situation and if a sell to rent is an appropriate route for you we will make an offer. We will then deal directly with your lender and, if necessary, with the courts to stop repossession and make sure you aren't evicted.
For free, no obligation advice on ways to avoid repossession contact us today
Call us 0844 50 40 788 or 01388 748 883
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Testimonials
sale and rent back solution will take account of how much debt there is secured on your property and how much cash you would like in your bank after clearing that debt. The rent that you pay to your landlord will be set at a level that is affordable to you. FSA regulation of Sale and Rent Back Before making any enquiry make sure that the company is FSA registered and authorised to provide sale and rent back. DFB Housing Solutions is authorised with full permission that allows it to carry on regulated sale and rent back activity. For free, no obligation advice contact us today Phone.
John Smith - London
ADVICE TO AVOID REPOSSESSION WITH FSA REGULATED PROVIDER
The FSA (Financial Services Authority) have been advising on a regulated sale and rent back agreement since 2009. Full regulation began in July 2010.
Across the UK hundreds of financial advisors and debt advisors introduce clients to DFB Housing Solutions because they trust us to offer a dedicated and professional service to their clients.
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