Real Estate - Real Estate Investment

By choosing to stop a property repossession
well ahead of falling into arrears you can maintain a healthy credit
score. At the first sign of financial trouble you should therefore take
action. Rent Back My Property is willing to help you in these cases.
They will give you advice and will plan for the best on how they can
help you stop repossession and restore a healthy credit rating. You are
guaranteed a friendly and helpful response. What’s more the most
helpful information is free!

In the UK, credit checks are mainly made by two credit agencies (the
Experian and the Equifax). Between them they hold your entire credit
history on file. They reveal to anyone who looks at your record what
loans you have now or have held in the past, and how efficient you were
at repaying those loans. Your history is credit scored, and it is this
score that loan companies look at when assessing any loan applications
that you make. Should you have suffered a property repossession
you can be sure that this fact will be clearly noted on your credit
file. A County Court Judgement (CCJ) ordering a property repossession
has a huge negative impact on your credit score. Even if you manage to
stop the mortgage repossession before it gets to a court hearing, the
fact that you have had mortgage arrears with your home loan company
will count against you, and will be recorded on your file. Together,
CCJs and arrears can make it very difficult for you to obtain credit in
the future for a period of about 6 years.

In time-sensitive situations where an eviction is very close, Rent Back My Property can stop a repossession
by paying off your arrears immediately and arrange for the sale to
proceed afterwards. If you have a large amount of unsecured loans, Rent
Back My Property is also happy to negotiate, on your behalf, with the
loan lenders to reduce the debts.

Everybody’s case is unique but Rent Back My Property will assess and
discuss your situation first before offering you generally one of the
following solutions: 1) A quick purchase of your property to cover the
mortgage account balance if you want to leave the property. 2) A rent
back, charging you a rental figure that you can afford. 3) If renting
back, the company could possibly offer you a buy back option - the
ability to buy the property back from the company within a certain
period of time. These schemes would probably rescue you from the
consequences of property repossession.

If your property is repossessed, you are still liable for all ongoing
costs that accrue until the lender sells your property. These costs
typically include mortgage interest, legal fees, estate agents, etc.
The lender will attempt to sell your property quickly to recover their
money. They typically use auctions and estate agents to sell your
property, often discounted to attract quick buyers. When the property
is sold, the lender’s account is cleared first. Any surplus will be
repaid to you. However, if there is any shortfall, the lender will
attempt to recover it from you for up to 12 years! (more on the consequences of property repossession).
Your mortgage lender will also provide credit agencies with your
repossession details. This credit black listing is stored in your file
for credit reference purposes for a period of 6 years.

There are stages involved in a repossession process:
1) When you get into arrears and you fail to come to an arrangement
with your mortgage lender, they will issue a court action. Anything
from 2 to 6 months of arrears could result in the lenders proceeding
with legal action and pursuing repossession of the property. 2)At the
court hearing, if you could demonstrate your ability to meet the
current monthly installment and to pay a contribution towards the
arrears, the judge will almost always suspend the Possession Order. If
the judge is not satisfied you could meet the payments, or you couldn’t
promise to repay, a Possession Order will be made. 3) If a repossession
order is made, the mortgage lender will submit a Possession Warrant to
evict (typically 2-4 weeks later). 4) If, at court, you promised to
keep up future payments but defaulted later, the mortgage lender will
apply to the court for eviction. You will receive a date and time from
the court informing you when you must leave. Nevertheless, one should
not lose hope. Rent Back My Property will help you resolve the case.

Learn a brief description of what you need to be aware of regarding
mortgage arrears and repossession with Rent Back My Property. The
company is constantly updating the section about mortgage arrears and
repossession to provide you with more details regarding the law. Any
one interested may contact an agent or consultant of Rent Back My
Property if you are still unsure about what to do to stop a repossession.