House repossession is now at record levels. If you get repossessed, your name will be added to the Possessions Register and all the major credit agencies will be notified. Your credit rating will be adversely affected. Few mortgage lenders would want to lend to anyone who has been repossessed so you may never be qualified for another loan or mortgage again.
Rent back companies work closely with a debt management company who may be able to write off some of your borrowings and stop your house repossession.
Court Process:
1. Summons for Possession - The first stage of the process. A date and time is given for the hearing.
2. The Hearing - The most usual outcome is the court issuing a possession order, which is usually up to 2 months.
3. Bailiffs warrant - At this stage you will be given a date to leave and you could be forcibly removed from your house by the court bailiff. At this point, it can be stopped only if you pay your arrears immediately, and in some cases, the whole mortgage loan in full.
UK Rent Back My Property firm can stop you being repossessed. Sell your home and rent it back. Then once your finances and credit are sorted buy your property back.