Consider getting as much money as you can for your debt situation!
I have recently spoken to a couple, homeowners that were facing repossession due to falling behind in their mortgage payments. Although (unfortunately) there are thousands of people in the UK currently in the same situation, what struck me we with this couple was that even though they both had agreed to sell their property to remove themselves from the debt they were in, they realised that they would not get the full amount that the house was worth because of the condition it was in and they did not have the funds to cover their mortgage, let alone any renovations.
After hearing this, an idea came to me: what if we were able to step in, carry out the necessary renovations, take over the mortgage payments whilst the renovations were taking place and then sell the their property at a price that they were happy with, included covering the costs of the renovations and we could be rewarded for our efforts?
This I considered would leave everyone happy. First, the mortgage lender as they would receive the amount that they loaned to the couple in the first place, the couple, as they would have no mortgage debt and have some cash in their pocket from the sale of their recently renovated house, giving them a chance to start again and finally Repossession Help, from seeing a return on the cash we put in and more importantly, helping a couple move on with their lives and giving them a chance to start again.
We are currently looking at the legal ramifications to such a partnership and we are confident that our solicitor will be able to come up with a legal binding agreement that we can apply to this situation and indeed any other situation in the same vein.
If you are facing home repossession through mortgage payments being in arrears, have decided to sell but your property it needs a bit of TLC to bring it up to its full market value, then consider getting in touch with us and we will have a look at what options there are including taking over your mortgage payments whilst the renovations are going on.