Bridging loans for clearing mortgage arrears and avoiding repossession

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Bridging Finance to Clear Mortgage Arrears

Repossession is when the lender or seller takes back the property from a buyer/borrower. When proceedings have started for repossession you are given a short amount of time before the repossession order is enforced. The repossession order can be adjourned giving you the opportunity to repay the mortgage loan in full and retain ownership of your home.

Are you facing repossession due to mortgage arrears? We have helped many people to stop repossessions by providing either a small second charge bridging loan to clear the arrears or by arranging a first charge bridging loan to repay the current lender in full including the arrears. Bridging Loans in this instance are only beneficial if at the end of the term an applicant’s credit rating has improved enough to allow a refinance using a more traditional type of finance such as a mortgage. This will then be used to repay the bridging loan in full. Alternatively the bridging loan could be used so allow the client enough time to sell the property correctly on the open market without being forced into a below market value sale. You can avoid repossessions by applying for cheap bridging finance. You can be sure the bridging loan will try its hardest to stop repossessions, this include home repossessions.

Bridging Finance to Clear Mortgage Arrears & Repay Other Debts

You have recently missed payments with your mortgage lender and they are trying to repossess your property. You are unable to refinance with another mortgage lender due to the missed payments now showing on your credit profile. You are therefore unable to stop the repossession even though the loan secured on the property is relatively small. A bridging loan can be used to clear all arrears and possibly raise extra finance to repay other mounting debts. Once you have a period of successfully made payments a refinance with a more traditional lender may be possible to repay the bridging loan. Alternatively the property could be sold or another method used to repay the bridge.

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