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Want To Know More About The Law of Repossession?
You may be wondering what assets of yours can be repossessed and although the law of repossession varies from contract to contract, these assets are items that the lender takes “security interest” in. Credit card purchases usually do not fall in this category, but you should check your contract before making a definitive conclusion.
Most property contracts will allow you a ‘grace period’, in regards to catching up on payments, before commencing the repossession process. However, relying on this is not always the best solution. Communicating with your lender is always the best option if you feel that you may not be able to fulfil your responsibilities when repaying a mortgage or loan that’s under contract.
Remember, once you default, the lender has the law of repossession on their side and can take action. If you’re facing repossession and have tried everything else, you may be able to sell your house quickly to release your cash and pay off your lender. To find out more or to get started, give us a call on and speak to one of our fast property sale experts about your house.
Different mortgage and loan agreements have different terms and if you’re facing repossession then your lender may require you to take certain steps to avoid your house being repossessed. These may include:
- Paying the repossession fees (which may include storage)
- Make the payment(s) you missed
- Correct any other defaults outlined in your contract
Keep in mind that the law of repossession states that the lender may not enter your home to repossesses it without your say-so. If you want to find out how else you are protected by mortgage repossession laws you should contact the charity: the Homeowner Rescue Advice Centre or your local Citizens Advice Bureau (CAB).
If for any reason you are unable to regain your assets back from the lender, they must sell the property within six months from the date of repossession. However, the law of repossession states that you do have the right to acquire information of the sale – when and where it shall take place. This would be your last chance to get your property back, if you were not able to do so previous the sale date.
If your house is going to be repossessed, you’ve tried everything else and you’re sure you want to sell, we can put you in touch with property investors who can buy your house (usually within a matter of weeks). To find out more and get a fast valuation for your property, call today and speak with one of our friendly team members.
Get Clued Up On The Law of Repossession
Repossession.net is a Property Site and not a debt counseling service so if you feel you need further advice about your finances we would suggest visiting your local Citizens Advice Bureau or Homeowner Rescue Advice Centre as selling your home should be your last resort. Also Sale and Rent Back Schemes are now regulated by the FSA (which is a good thing) and because of this if you request a sale and rent back discussion we (or our associated partners) will forward your details to a fully registered, ethical Sale and Rent Back Specialist.
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