When dealing with mortgage arrears repossession there are things that you can do to remedy the problem. In the same way there are also things that you must not do. Among these things are:
1. Do not agree to higher repayments just so the lender stops bothering you. Overly high repayments can only bury you deeper in debt and you would be worse off than you already were.
2. Do not opt for a sale and rent option. This is when a commercial firm buys your property from you and pays off your debt and allows you to stay at your home while you pay them rent. First off, your house will be sold at a much lower rate than it would have fetched had you sold it wholly. And second, your tenure as a tenant is more often unstable and you could find yourself out of a home and out of money.
3. Do not simply surrender possession of our property to the lender. If you allow the lender to bear down on the mortgage arrears repossession, your house could be sold at a much lower price and you will still be held liable for the shortfall. Ultimately, repossession is not an all out answer to paying off your debt because you can’t be sure for how much the lender will sell your house.
It is definitely much better if you decide to sell your house yourself rather than allow the lender to have control over the sale. You can sell your house yourself and pay off your debt while having some extra to help you purchase a more affordable house and tide you over while waiting to find the perfect place for you to call home.
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