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Remortgage Frequently Asked Questions
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Being Repossessed
Figures show that the number of people who are being repossessed are rising each year, however it is considerably lower than in the past, as people now have more methods available to combat this, repossession is almost always a last resort, because lenders are meant to assist you in anyway possible , if you are facing difficulties making payments for your mortgage.
When you take out any sort of Mortgage, your lender will register what is called a legal charge against your home in order for them to protect their interest, under this agreement if you sell your house and you still have that mortgage you must repay it first. This same document also states that if you do not make your regular payments, then the lender will have the right to sell your house to pay back the entire loan. Before the Bank Repossesses your home ,Lenders will appeal to a court for a possession order, this will let them take over your property legally. If there is any money left after the sale of the home and repaying the mortgage then this will be returned to you. If there is a shortfall the Lender or his insurance company have the right to come after you personally for the outstanding amount for up to 12 years of selling the property.
Repossession can be very stressful, and traumatic, you must take immediate action in order to stop your home from being repossessed, this is possible at any time, no matter if you have been called to court for a hearing or if you have already been issued an eviction notice, you can stop your home being repossessed and sold right up to the point of it being sold.
There are three methods of achieving these are , by Remortgage to another Lender to do this you will need to prove you will be able to afford the new payment terms of the Lender, Secondly if you have equity in your property obtaining a secured loan may be an option or thirdly by the sale of your home. Remortgage are an option if you have sufficient equity in your property as well as the appropriate income multiple ,if this is the case then remortgage is straightforward, it involves the customer ending their current Mortgage and getting another Mortgage either with the same lender or another lender. With the market for Mortgages being very competitive finding a lender to suit your requirements is easier today than a few years ago.
Once you go to court, you may be given a set time period before you are required to leave or be evicted from your current property, this time period is usually sixty days, you can use this time to make arrangements with your current lender or another lender for a payment plan or a Remortgage
Remortgage Frequently Asked Questions
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No information on this website is intended to constitute advice. This site contains a summary of the information relating to the products. If you are interested in any of the information on the site, you should seek information from us. We cannot guarantee that information will be accurate, complete and current at all times. All information on our Website is subject to change without notice.
