Just because the court has issued a Possession Order or an Eviction Notice, it doesn't mean that you will lose your home. Providing that there is sufficient equity in your property, you can:
By selling and downsizing or renting another house you will not only prevent repossession but may end up with some cash released from the equity in the house.
Re-mortgaging your property is an option to consider. House prices have risen dramatically in recent years and the opportunity to release equity at lower rates of interest to repay very expensive credit and store card debt and reduce monthly payments can be highly attractive. Make sure you take into account the future trend of interest rates to ensure that your ongoing repayments are affordable.
There are many organisations that can arrange finance to pay back your current lender inclusive of all mortgage arrears. This can be a fast track to stopping an eviction or possession order, even if the process has begun. Specialists can attend court with you to help arrange a suspension order, where this may be appropriate, and to satisfy the judge and court that new finance will soon be in place to discharge the arrears.
Some companies offer a service where they can buy your house and rent it back to you. This will mean that repossession is halted and although you will no longer own your home you can carry on living there. As long as there is equity in your house your monthly payments can be reduced and some cash may be freed up from the sale. For example Don't Repossess Me.
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