Repossession – can an emergency remortgage help ?

It has to be said that a repossession order from your existing mortgage lender can be scary, however, it is possible to stop repossession by either negotiating with the courts and your existing lender by coming to an arrangement and payment plan to clear your existing mortgage arrears or by pay your arrears off in full.

 

Naturally paying your mortgage arrears off in full is going to involve some sort of borrowing as if you had the money in the first place you wouldn’t be in arrears with your existing mortgage. This is where some sort of emergency remortgage could work. I say emergency as often there is very little time to complete the transaction and avoid impending disaster. These types or re-mortgages are designed with speed in mind and will often take into consideration an unlimited amount of mortgage arrears as long as you have the equity within the property and that at the end of the transaction you are in a stable financial situation and able to afford the mortgage repayments.