There are several ways you can avoid the procedure for your property to be repossessed. But if you cannot do anything else and the procedure gets inevitably started, then there are still ways for you to to bring the best out of the situation. Here is how you can do this.
And still look for ways to pay it back. Even if a repossession procedure is under way it can get stopped if you can pay any fragment of the total amount back to the bank. Therefore it’s best to turn to an independent advisor and see what possibilities you have all in all
If there is no other way, then you need to go ahead and put your property on sale. Hire some very good real estate agents, who have a good list of contacts and can sell your property fast enough. Don’t forget, that if this is in a matter of days you can still get in touch with a fast sale home company who is specialized on selling your property within a matter of days. They won’t pay as much as any other entity would do, but this is about getting cash quickly, therefore you won’t have that much of a chance in terms of bargaining. All you can do is try your best to find a respectable company with good credentials and certificates, to make sure they are not involved in illegal real estate practices.
This is essential because even though the repossession procedure is under way you can still try to come to an agreement with your bank or credit institute. You can also give reasoning in the sudden change of your financial situation. As a best scenario you can get more time to have you property sold the proper way before you would be forced to sell it way cheaper than its original price.
If you have nothing else that you can do then you have 7 days from the issuing of the repossession order to move out. This means, if the bailiffs show up earlier than this period, you do have the right to send them away and make use of those 7 days, to totally move out.
There is a new practice, whereas a company agrees to buy your property and let you keep on renting it. This is a questionable procedure and has no normal legalized background either. But all in all, you will end up in a weird scenario, by renting your own home and the new home owner can also evict you in case you are unable to pay the rent on time.
Most importantly try to avoid repossession to happen and try to find other solutions to pay the debt back