It is essential that you keep up with your mortgage payments, and these should be seen as your top financial priority over any other forms of debt, such as credit cards or store cards. Facing mortgage arrears means that your home could be repossessed. The longer you put off paying mortgage arrears then the greater the chance of having your home repossessed.
If you need mortgage arrears help or find that you are facing the threat of repossession from your mortgage lender, then it is essential that you get help as soon as possible. Contact the UKRepossessionHelpline.org team, we can help you to deal with your mortgage arrears and may be able to stop your repossession.
The first step to deal with your mortgage arrears is to ensure that you take financial action as soon as possible. Don’t leave it until you have a few months of mortgage arrears, or else you risk greater chance of repossession as well as having to pay penalty charges from your mortgage lender.
If you think that you will miss your next mortgage payment or you are already suffering from mortgage arrears, get in touch with your mortgage lender and explain the situation to them. Don’t let the fear of talking about your payment problems stop you from getting in touch with your lender, instead be pro-active and offer them a repayment plan to pay back your mortgage arrears and ensure that you keep up with your future mortgage payments.
Most mortgage lenders will expect you to bring together your own plan to pay back the mortgage arrears. Ensure that you keep an open communication with your mortgage lender so they know that you are taking positive action to pay back your mortgage arrears.
It is likely that you will have to produce a detailed statement which details your income, debt level and spending habits. Having this information down on paper should mean that you can spot places where you can reduce your spending. You may find that you need to take on a second job to increase your income so that you can afford to clear your mortgage arrears and make future mortgage payments.
It is very important that you stick to the new arrangement which has been agreed with your mortgage lender. If you break these terms then the repossession process could be started and it will be difficult to negotiate with your lender in the future.
UKRepossessionHelpline.org can help you if you find that you can no longer afford the agreement to pay off the mortgage arrears or if your mortgage lender is going through the repossession process. Contact our team of specialist repossession advisors today on 0800 048 1779.
Stopping a planned repossession is a complex legal process. There cannot be any guarantees of success. It is NEVER too late to start to oppose the repossession and the sooner you start the better the chance of a successful outcome. To successfully oppose repossession in Court we would always recommend professional legal representation to present your case.