I there any way to stop a house being repossessed?


Fell behind on payments as had to leave work due to son being ill. Abbey say were not covered, only my partner.
We recently changed to interest only mortgage to reduce payments but they are still taking us to court.
If we carry on paying without missing, will that stop it ?
Thanks

Passive Income

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April 28th, 2010


4 Responses to “I there any way to stop a house being repossessed?”

  1. MEP_at_work Says:
    April 28th, 2010 at 8:01 am

    The best course of action is to have open communication with your creditors. Let them know your financial situation, and what you’re able to pay. It costs them a lot of money to repossess a house, and it’s in their best interest to keep you there, paying your bills.

    I can’t say that if you keep paying your bills will keep them away if you are extremely delinquent on a sizable sum, but sometimes if you explain the situation plainly, they will understand, and negotiate a new payment situation.

  2. a2z_4me Says:
    April 28th, 2010 at 4:08 pm

    Yes, immediately seek a bankruptcy attorney and do a chapter 13 bankruptcy. This is a wage earners plan not a dismissal. It will stop everything and maybe even readjust your payments. Consult an attorney.

    Or simply request a equity loan and refinance it with someone else. this will pay off your balance and may give you a months relief from payments.

  3. B.B Says:
    May 1st, 2010 at 6:36 am

    U would have to talk to them..

  4. mldjay Says:
    May 3rd, 2010 at 10:11 am

    A couple of options:
    1. get the mortgage current- ask the mortgage company what the amount is to get it current.
    2. Put the house on the market ASAP and sell it instead of having it repossessed

    I also suggest you read The Total Money Makeover by Ramsey so you don’t find yourself in this situation in the future.

    Good luck!