what to do when your house is repossessed

McKreddy & Windsor

Repossession

Losing your home through debt is a traumatic experiance, there are a number of avenues you can look at taking to salvage something financial from your home if you reach the unfortunate position of being about to lose your home through debt.
The very worst thing you can do is to allow a bank, building society, insolvency services to take your property.
The costs and charges they will place on you are extortionate and your property in the majority of cases will be sold off cheap.

YOU WILL HAVE NO SAY IN IT.

Where posible you need to retain control of what happens to your property so as to maximise any equity you may have in the property.

It is vitally important if you get into the position of not being able to meet your financial obligations to contact the people you owe money to and try to negotiate a repayment plan in most cases companies prefer to receive a small payment regularly than nothing st all. There are many people who can help you for free.

If all else fails try to sell your property yourself before any legal action is begun against you.

If you do nothing and your home is at risk it will be seized and sold to meet your liabilities. You and your family will be evicted within a short space of time (the courts usually give 28 days after a hearing for you to vacate the property, though in certain circumstances they will give an extension but this is rare).
In the event of you being evicted you then face the daunting task of finding somewhere to live.
There is the council but they are stretched to braking point and usually you will only be offered temporary accommodation in a hostel for many months.
There are charities such as Shelter who give invaluable advice but again they are stretched.
Then there is the private sector.
To rent a property you will need to be credit worthy and have the required deposit, usually 1 months rent in addition to the first months rent which is always paid in advance.
Do not think it will be easy to find somewhere to live once you have been evicted (your mortgage arrears are shown on your credit file for six years).
We do not tell you about these problems to frighten you but to give you the facts.
There is a very good independant example of being evicted and losing your home with all of the problems of finding somewhere to live that you can watch on a BBC programme called xxxxxx (copyright stops us showing you this at this time).

Christopher Cxxxxxxxt.

Here is another example of what happens to your property Halswell Manor although not a usual property it demonstrats admirably what will happen to your property when it is repossessed. Halswell Manor is valued at some £3,000,000.00 but the receivers want a quick sale so the property is to be auctioned with a guide price of £250,000.00 less the receivers enormous costs will the person who went bankrupt receive anything, no.

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