Facing Repossession in Glasgow? Need a fast sale?

AVOID REPOSSESSION AND GET A FAST SALE

At the first signs that you are struggling to pay the mortgage, it is good advice to contact your lender and explain your position to them. If the lender is in a positon to undertstand your current circumstances, then they will possibly offer a restructuring of your repayments, allowing you to avoid the unpleasant and difficult prospect of being repossessed.

Facing repossession is a horrible prospect, but you do have options and there are solutions to avoid what you may believe is inevitable, and thus be able to remain in your home.

Always remember that your mortgage lender will only try to repossess your home as a last resort, really it's the last thing they want to do, what they really want is for you to be able to pay, afterall their business is lending money, and not being a landlord or property agent! So all is not lost!!

The first thing to consider is how can I keep up my repayments and avoid court action that may result in your home falling into the repossession trap.

How do I do avoid repossession?

What type of mortgage do you have?

If you have a repayment mortgage i.e. you are repaying the capital and the interest, then at the end of the term you will own the house. An option would be to switch your mortgage to an interest only mortgage; this will reduce your monthly repayments and make them more affordable, but at the end of the term you will still require to repay the capital sum outstanding. If you are unsure just what this means, then call the Property Advice Bureau, and we will help you all we can, even advise you of a mortgage broker who could give you extensive advice, free!

Make paying your mortgage your first priority.

In order to avoid facing repossession, make paying your mortgage your first priority. Losing your home would be stressful and imagine the inconvenience, where would you live?? Catalogue and credit card debt are not going to result in your home being repossessed, but what they may result in is a bad credit rating. Second to repaying your mortgage, is paying for your utilities i.e. gas and electricity, afterall you need heat and light.

Received a letter from your mortgage lender?

Think how you going to bring your payments up to date. One option may be restructuring your mortgage, if not, don’t despair, and especially do not ignore your lender. Ignoring them will not make the problem of facing repossession go away; it will only make the situation worse. Imagine if there was an option that your lender could help with now, how good would that be? Contact your lender, and discuss your position, and see if there is a solution. Pay as much as you are able to the lender, even if it is not the full amount. If your problems are of a temporary nature, then your lender should try to accommodate you.

Contact any free agencies.

Within Glasgow and throughout Scotland are free agencies who can help you with free advice i.e.the National Debtline, your local Benefits Office, Citizens Advice, etc. , alternatively contact the Property Advice Bureau, who can even offer a purchase and rent back solution, we will do all we can to help.

If you decide to hand back the keys of the property, the lender will still require you to pay your mortgage until the lender sells your home, and in the meantime you may have to rent somewhere else to live, therefore just compounding your financial position.

It is never to late to approach the lender with an offer of a solution, if you live in Glasgow, or Scotland contact the Property Advice Bureau now, if you need to sell your property fast.