How to Stop Repossession

If you have received notice from your mortgage company that they are going to repossess your home, you still have options to stop repossession. Whether you sell your home outright, sell and rent back your home, move out and allow them to repossess it, or make payment arrangements, you have options.

The key is to take action, rather than ignoring the whole thing. Ignoring the situation will not resolve your problem. If you are in danger of losing your home, you want to consider all possible options to stop repossession.  

Talk to your mortgage provider

• Making payment arrangements may be impossible, but it is worth a try to talk to the mortgage company. By opening up the lines of communication, you may be able to find that there is an arrangement that you can both come to terms with.

Sell your home yourself

• If you sell it outright, you will have to move out. This can be quite a long and traumatic process for you and your family. Even if you make the decision yourself, you know that it will be scary and overwhelming for everyone that is part of the situation.

Sell and rent back / Sell and rent another

• You will need to find a company that is authorised by the FSA to offer this service (Buy House is partnered with an FSA authorised firm).

Allow mortgage company to repossess

• This will mean that you have to move out of the home and it can have very major ramifications in the future. From ruining your credit to causing trauma to you and your family, this option can be one of the most damaging ones.

Whether you sell and rent back your home, sell it outright, or make payment arrangements, having a house to come home to is important – for you and your entire family.