Mortgage Arrears, the facts:
How they affect you and your home.
There are not many times in your life when you take out such a substantial amount of credit as with your mortgage. The thought of how much must be repaid and over such a long period of your life can cause us all to have sleepless nights.The real headache occurs when your circumstances change and - usually through no fault of your own - you have missed payments. Increased bills in other areas like building work or maintenance to your home, a change in interest rates or just a temporary decrease in income level can all lead to you being unable to pay your monthly mortgage bill. So what does this mean for you? Ultimately it could lead to your home being repossessed but it can affect you in a variety of other ways before this happens.
Firstly, it is worth outlining how companies view mortgage arrears:
• A missed payment will be recorded if you fail to make 75% of the amount due in that given month
• Some lenders take into account missed payments on secured loans and your main mortgage
• More recent missed payments will be held as more relevant than older ones
• Some schemes require you to pay any arrears up to date before any further financial support is forthcoming
• The more payments you have missed the ‘higher risk’ you will be classified
You will find that most high street lenders will be unwillingly to assist anyone with mortgage defaults. That is because you are now believed to be a risk, and any potential loan takes into account your perceived ability to pay it back.
Always bear in mind that the mortgage payment is secured against your home, which is why you should always prioritise problems in this financial area of your life. At The Repossession Specialists we have assembled an extensive panel of lenders who are willing to look beyond your credit history thereby allowing you to remortgage with missed arrears. This potentially means securing your home in the long-term and avoiding any forced sale or repossession order.
As specialists in helping people with financial and credit issues, The Repossession Specialists remortgage options could allow you to:
Release enough equity to cover all arrears
Reduce your payments in order to make your mortgage easier to manage in the future
Raise cash for home improvements or debt consolidation
You can remortgage with arrears with The Repossession Specialists regardless of how many payments you have missed. Our specialist advisors will talk you through all the options and find a plan that is suited to you. Even if you have been turned down elsewhere, don’t let that stop you from calling us. We will usually get back to you within 30 minutes so you will not be left waiting or wondering.
Don’t allow mortgage arrears to put your home at risk, The Repossession Specialists will deal quickly and efficiently with your problems and get you back on the right track.
that if you have an eviction date and you do nothing about it, you will be evicted?
that if you contest the eviction, by law you have to have a court appearance?
If the eviction court date is tomorrow or even if you have given the keys to the lender, we could still stop the eviction.
