We have buried our head in the sand and suddenly it seems, the lender has decided that they are withdrawing our mortgage.
It is the moment that everyone dreads.
Before a lender withdraws funding, they will usually work with their client to agree a payment plan or even a payment holiday, however when defaults occur, the lender will move to repossess the property, meaning that you will no longer have access by a certain date.
Indeed, they will give you warning of this but once the decision is made, it is often too late to have them change their mind.
Anyone who finds themselves in a position where the lender has suggested repossession measures, should act very quickly.
If you do not act, the lender will take steps to sell your house in order that they retrieve the outstanding amount of money on your mortgage.
If you have a deposit or equity tied up in your house, this could very well be at risk as you have no involvement in the sale of your property or the price agreed by the lender.
Of course, your lender will try to achieve the best possible price but they will continue to reduce this price until they achieve a sale.
They would normally switch off services like gas, electricity and water to the house and tape around toilets, taps and meters warning that they should not be switched on.
This can, of course be off putting to buyers and it is not the first time I have been asked how to go about reinstating services, which of course is a simple matter of switching them back on, but many people are at a loss and are even quite intimidated by the tape.
Viewings of course can only take place during daylight. It all makes for a very difficult sale and often repossessed properties sell for less than they are really worth, putting any capital you have in the property at risk.
You will of course receive any residual money after outlays from the lender.
This is where we can help.
It is far better to sell your property ahead of the repossession as in that way, you can keep control.
Unfortunately, by this point, it is usually the case that any sale has to be completed really quickly, time is of the essence.
We have managed to complete sales for many clients within days, negotiating with the lender and covering their outstanding debt to the lender, allowing them to walk away, unscathed and able to start over.
Remember if the lender does carry out their order, it can be extremely difficult to obtain further credit for many years to come.
If you are in this position or close to this position, we would urge you to contact us as soon as possible.
The more time that you give us, the more options we have.
By completing the free valuation form, you are in no way obligating yourself to anything. You will receive the very best guidance from our experience over many years. There is absolutely no cost for this and any decision is always yours to make.