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House Repossession In Ireland: Expert Solutions for Saving your Home

house repossessionWhen you struggle to pay your mortgages and miss your payments, your lender might apply to the court for house possession. We understand house repossession can be extremely stressful. Irish Insolvency can be here for your house repossession in Ireland. Even if you don’t have a mortgage on your home, it can still be in danger of possession depending on the amount of your debt.

There are several options you can apply for before your house is repossessed. But if this is the only option you are left with, the first step would be for you to look for another house somewhere else. An effective way to do that is to apply to the local authority to house you. You can also look for a voluntary housing association.

The next thing to do is to look for a Personal insolvency practitioner in Ireland who will check your financial status and give you other options on how to manage your debt. If you are applicable for DSA or PIA, house repossession can be easily prevented.

Several Dos and Don’t s you need to Follow for House Repossession in Ireland

  1. Do cooperate with your lender but only after knowing your rights. In this case, your PIP will be able to help you out. You can also complain to your lender if your rights are not being met.
  2. Make sure you have all the information regarding your mortgages and debts. Also, know the conditions under which a lender can apply for your house repossession.
  3. Don’t avoid communicating with your lender. Unless all your communications are done by your PIP, make sure there is no miscommunication between you and your lender.
  4. Don’t ignore the problem of your mortgages. Whether your house is repossessed or about to be repossessed, the best way is to take action at the right time. Appeal to your lender or the court to provide you with other options.
  5. Do not give your keys. Giving away your keys or leaving the property is not the real solution. Even with house repossession, you will still be the legal owner of the house, and you will be liable to pay back your debts. After all, it takes almost 18-72 months for house repossession in Ireland.
  6. Make sure you attend your court hearing. The court will give you chance to tell your side of the story, which can have an effect on the result of your house repossession. Moreover, if you can show all the efforts you have made to make repayments, it can be favourable for you.

Voluntary Surrender for House Repossession In Ireland

One of the options for you to consider is voluntary surrender. If it looks like you have exhausted all your options for repayments, you can voluntarily surrender your house to your lender for sale. But do not take this step without taking any professional advice. You should only choose this option if your PIP gives you the green signal for it. Also, make sure you don’t sell your house at less than the amount of your debt. Otherwise, you will again need to pay the balance to your lender.

So, contact Irish Insolvency today to get a consultation with a personal insolvency practitioner to get a solution for house repossession in Ireland.