Tips for Stopping Repossession

by : michael sterios

If you are trying to stop repossession of your property, there are several things you can do to help the process.

First and foremost, you should take good care of the property. One of the worst things you can do if you are trying to stop repossession is to destroy the interior of the house.

Many people strip their house clean of valuable items in order to ensure that the lender receives as little of their personal belongings as necessary.

However, this will not stop repossession of your home. In fact, it can have the opposite effect as a property devoid of heating, carpets, kitchen appliances etc will be worth less when it is being sold.

Considering the proceeds of the sale of the property will be used to pay off the balance of the loan and any mortgage arrears that have accrued, you should do all you can to ensure that the lender achieves the highest price possible when they sell the property after repossession takes place.

Another important thing to do when trying to stop repossession of your home is to be honest with the lender. If you are completely broke then you should tell them.

It will cost the lender money to pursue you for your outstanding debts so they may not be so inclined to continue chasing you if you make them aware that there is nothing to chase.

This does not mean that you will successfully stop repossession by eliminating the debts you owe, however it can help to relieve the pressure of constantly being hounded for payments that you cannot make.

One important step in the process required to successfully stop repossession of your home is to check your credit file. Lenders will use this file as a tool to help determine whether you have enough money to pay them.

In fact, it is important to check your credit file regularly anyway to ensure that there are no unauthorised checks on your file from credit issuing companies.

If you have received a shortfall letter from a lender you should check your credit file to discover whether they have already performed a search.

Legal issues may arise from such an act that could weigh in your favour. It is, of course, necessary to consult with a repossession solicitor to determine whether this has any bearing in your particular case.

Every individual in the UK has a right to privacy and it is possible that an unauthorized credit search may breach this right.

Please consider the information above if you are hoping to stop repossession of your home.