What to do if you are at risk of
If your mortgage is in arrears or maybe you
are struggling to keep up with the payments and face repossession there are a number of steps that you can take to
avoid your property being repossessed.
There are many others that have been in your shoes facing repossession and have taken the various steps to keep
their roof over their heads. As soon as you take these steps the chances of prepossession are minimal. The last
thing that you need to do is bury your head in the sand and think that the problem of your property being
repossessed will go away. Now here are the immediate steps you can take to avoid repossession.
Pay whatever you can afford to pay at the time. It is vital that you pay as much
as you can each month as this will show that you are committing to make some form of payment towards
the mortgage and that you are not avoiding your obligation to make your mortgage payments. Even if you
cannot afford the whole monthly payment I cannot stress that it is very important that you make a
payment of some sort based on what you can afford to pay.
Negotiate a new term that you can honestly afford to stick to. By doing this you
will be in less chances of defaulting on your new monthly mortgage payment plan. Never be pressurised
into agreeing to pay an amount that you cannot afford to stick to, this will only leave you in arrears
in the future again.
Stick with and keep up to date with your new mortgage plan. This
is very important too as it shows your mortgage provider that you are willing to ensure that your house
does not become repossessed. Mortgage companies will be lenient when they are aware that you are in
financial difficult. But as above make sure that you can afford the new payment plan as they may not be
so lenient if you fail to keep up with the mortgage and you could then end up losing your