When 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
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.