When you can’t pay your mortgage arrears, there are several options available to you.
Getting into arrears isn’t always something that can be avoided, which is why Hamilton Paige is here to help homeowners get back on track. A recent separation, a sudden illness that has left you unable to work or an unexpected redundancy that has left you unable to pay your monthly mortgage can be a difficult moment for anybody but there are several solutions you can consider.
If you’re having financial difficulties, you may be able to relocate to less expensive, more manageable properties and get back on your feet. Many homeowners who sell their homes do so to avoid repossession, pay off debts and fund a fresh start.
If you’re struggling to pay your mortgage, Putting the equity from the sale of your house towards the repayment of your mortgage can release a large sum of money that can be used to clear any mortgage arrears and provide you with the funds to buy a more affordable property or to rent for a while.
When your mortgage provider repossesses your home because you’ve been late on too many payments, the property is put up for auction.
The sooner you take action if you fall behind on your mortgage, the better your chances are of avoiding repossession. It is possible that your lender may not receive a high enough sale price to cover your arrears if they repossessed the property and sold it. In this situation, you would be responsible for covering the shortfall.
In addition to receiving a great price for your home, selling it yourself to a reputable cash buyer such as Hamilton Paige can keep you from risking having a repossession registered against your personal name, which may adversely affect any future credit applications you may choose to make. You can pay off your mortgage with the proceeds and keep anything that is left to invest in a new home.
The sale of your property can be completed within 7 days with Hamilton Paige, and we can adjust the timescale to suit your requirements. By paying your balance directly into your bank account, we make sure you have instant access to the funds in order to become debt-free and start anew.
You may be able to find a temporary solution to your financial problems by speaking to your lender. This may reduce your outgoings and increase your income until your financial situation improves. It is better to sell the property as soon as possible if your financial problems aren’t temporary and you won’t be able to resume regular mortgage payments.
If you default on your mortgage payment obligations, the bank can legally repossess your property and sell it by default, leaving you with no or little money. In the event that the bank sells your property quickly but it receives a lower price than average, it may continue to pursue you for repayment of arrears.
It does not matter whether you have credit problems or financial problems, Hamilton Paige offers a professional, quick, hassle-free method of selling your property for a fair and reasonable price with no hidden fees. Selling your house quickly will allow you to pay off your mortgage arrears and stop any further debt accumulation.
Homeowners who sell to us can avoid the hassle of viewing the property and walk away with a lump sum payment within a week.
Call our friendly team and let us offer our advice and expertise to help you get out of your mortgage arrears and/or property repossession.. We have the funds to buy any property in the South of England including London, Greater London, Essex, Hertfordshire, Middlesex, Kent, Buckinghamshire, Surrey, Berkshire, Hampshire and many more regardless of its existing condition.
We Help Property Owners By;
Solving Financial Difficulties
Resolving Legal Issues
Maximising Value Via Property Development
MORTGAGE ARREARS: If you have an urgent financial situation which may lead to the sale or repossession of your property, we will work with you to solve or contain the problem, as this buys you time to consider your options. Our primary goal is to keep you and your family at home. READ MORE.
MAXIMISE YOUR PROPERTY VALUE: If you have a property which is in need of renovation or you want to develop your land or property to maximise profit for sale or refinance, we can help. We have a number of packages available to property owners who would like assistance in obtaining planning permission and/or developing their property. READ MORE.
Which Solution Works For You?
Meeting Your Financial Commitments
Expired Bridging Loan; If your bridging loan term is about to end or it has already expired, we work on your behalf to liaise with receivers, trustees or administrators to agree terms to prevent a forced sale of your property at auction or via estate agents.