Mortgage Arrears Repossession and the Mortgage Rescue Scheme

Are you finding yourself close to being in mortgage arrears repossession? Have you tried negotiating with your lender? There are options, although limited. All lenders have different terms. If you are at least 6 months in back payments you are definitely at risk of repossession.

You can try for a long term homeowners loan, or maybe, even a new mortgage. That might be a difficult since you’re behind already. If you have equity in your home, your lender may listen to what you have to say. You’ll need to explain why you are behind in payments.

If you have an eviction warrant, you still may be able to work something out. A judge can suspend your eviction temporarily while you’re working on fixing your arrears.

The Homeowners Mortgage Support (HMS) is a short term fix but it allows homeowners to delay losing there homes. This plan was designed for homeowners who lost overtime or reduced work hours which is the main cause for being in arrears. You are able to halt interest on your loan for up to 2 years but it is added to the end of the loan. This plan helps you if you believe your work hours or overtime will return in the near future.

Another solution could be the Homeowners Mortgage Rescue Scheme. This is being suggested to those with priorty needs such as those with dependent children, pregnant women and the elderly. It offers a solutuion for those to stay in their homes with reduced payments. You get to stay in the property in exchange for rent. The positive is you won’t have to move, but the negative is someone else will own your home.

If you find yourself in a situation that drops your income, the earlier you contact your lender the better. They may be able to switch you to an interest only loan for a short time. The other option they could offer is to extend you loan until your income increases once again. Mortgage arrears repossession doesn’t have to happen. Notify your lender as soon as you can, because your credit suffers the longer you put off finding a fix for this situation.

Mortgage arrears repossession can be stopped if you react quickly and calmly. Doing nothing, accomplishes nothing. Believe me, you will sleep easier at night if you make that call sooner than later. You aren’t the only one in this situation. There are others, they just don’t talk about it. Doing everything you can to stay in your home is much more important than pretending it’s just not happening to you.

No Comments

No comments yet.

RSS feed for comments on this post.

Sorry, the comment form is closed at this time.