Mortgage Repossession in Essex

Mortgage Repossession in Essex

Mortgage Repossession in Essex

Mortgage repossession Essex has been affecting many people since the financial crisis. Mortgage repossession is the process where the lender takes your property into their possession and sells the property. The property can be sold where there is surplus money or a shortfall. Where there is a surplus after the property is sold by the lender, it us usually returned to you. On the other hand, where is a shortfall after the property sold, than you are responsible for the shortfall of the money.

Debt and mortgage repossessnion Essex are today's main concern especially in the current financial and economic climate. Many people have been affected by debt, especially during the last couple of years. The major consequences of debt are that it severely affects mortgage payments and mortgage repossession as you will be responsible for paying the mortgage until the house is sold, and also the mortgage lender may add on additional charges for administering the sale, for example estate agency fees, home information packs and legal fees. Another factor to take into account is that once the mortgage lender has possession over the property, you lose control of the sale and sale price. The result of this is that if the property sells for less, than you will be responsible to pay the outstanding balance. The consequences of mortgage repossession are that your credit rating will be severely affected and it would be very difficult for you to get a mortgage in the future.

Before taking a loan out especially a mortgage for a property is would be advisable to take care of your current debts and any other repayments. If you already have a mortgage and want to avoid mortgage repossession Essex it would be advisable to make a budget by listing all you income and outgoings on a financial budget sheet, and this would make it easier to budget and to first pay off priority debts and mortgage payments.

There are ways of trying to avoid mortgage repossessnion Essex. For example, you should notify the mortgage lender of any changes in financial circumstances, such as job loss. This way the mortgage lender will be able to revise the payment plan and you will be able to pay what you can afford. Another way is to extend your payment plan with the mortgage lender, whereby it will take longer to pay off the mortgage and avoid mortgage repossession at the same time.

If you are threatened with mortgage repossession, than it would be advisable to seek legal advice from a solicitor. Some law firms offer legal aid to their clients if you cannot afford to pay solicitor fees.

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