I May Lose the Home I Own
I May Lose the Home I Own |
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This advice is for people who are having difficulty paying their mortgage.
It is VERY IMPORTANT that you tell the lender
if you are having financial difficulties, and make every effort to keep
up repayments until the situation is resolved, or negotiate a plan for
reduced or frozen payments. If you do not keep up your repayments, you
could risk losing your home.
If you have money problems and are thinking of selling the home you own (or handing the keys to the mortgage company), it's important you don't do this before discussing your options with a Council adviser. This is because you may be found to be 'intentionally homeless', which means that the Council would not have a duty to find other housing for you. You will only be advised to go ahead with a sale if the Council is sure that the accommodation is unreasonable for you to occupy (for example if it is unaffordable for you, or the mortgage company has already obtained a possession order).
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Click here for further information about the law in this area:
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If there is any way that the Council can help to prevent you being made homeless, this help will be given to you. For example, you may be eligible for the Mortgage Rescue Scheme.
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For more details on the Mortgage rescue Scheme, click here:
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For general advice about mortgage payment difficulties, click here: |
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Note: there are various
private companies that offer to buy your property and rent it back to
you. These deals could have catches in them, so be very careful and take
advice before you sign anything. It is probably better for you to consider
the Welsh Assembly Government's Mortgage Rescue Scheme described above,
first of all.
If your financial difficulties have arisen because of illness or losing your job, think about whether you were sold mortgage protection insurance when you took the mortgage out. If so, your payments may be covered.
If your income has changed you need to check that you are receiving all the benefits you are entitled to, including assistance from tax credits.
The Social Security (Mortgage Interest Payments) Act 1992 provides that someone who is on income support may apply for benefit payments to cover the interest payable on their mortgage. The Benefits Agency makes these payments directly to the lender.
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For contact information click here: |
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If you need legal advice Community Legal Advice provides free advice if you are eligible for Legal Aid.
Phone 0845 345 4 345
Mon - Fri 9am - 6:30pm
Calls from 4p/min - callback available
Translation Service
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If it is impossible to resolve the situation and you are going to lose your home, click here:
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