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Sell your house to avoid repossession

We think that we will leave our home when we are ready. But what do we do when we don’t get to make this choice? A lot of people have trouble paying for their homes. Property is one of the most expensive things people have to pay for in their lives, and many people have to stretch their budgets to be able to put a roof over their heads. Even when you get the keys, the cost is still there.

This is just “the end of the beginning” because it costs money every month to pay a mortgage and pay for any fixes that need to be done. Considering this, it’s not surprising that some people find it hard to keep up. The Financial Conduct Authority says that people in the UK are behind on their mortgage payments by more than £15 billion. Selling your home to avoid repossession needs a quick and well-planned procedure. You may safeguard a more solid financial future and escape the danger of repossession by adopting this early action.

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Why you might have to sell your property to avoid repossession

Here are some common reasons why you might want to sell your property to avoid repossession.

Mortgage default

Mortgage default

 
One of the main reasons a house gets taken away is because the mortgage payments aren't made on time. If a homeowner keeps falling behind on mortgage payments, the lender may start the process of repossession to get the money they are owed.

Financial hardship

Financial hardship

 
Sudden financial problems, like the loss of a job, a drop in income, sudden medical bills, or big changes in a person's life, can make it hard to pay their mortgage. If the homeowner can't fix the financial problems and get caught up on payments, the house could be taken away.

Communicate with the tenant

Communicate with the tenant

 
It's important to talk to the tenant in an open way. Tell them you want to sell the property and talk to them about the issue. It's important to keep strong relationships and let your tenants know what's going on.

Divorce or separation

Divorce or separation

 

In a divorce or separation, when assets and financial responsibilities are split, it can be hard to keep up with house payments. If the people involved can't come to an understanding or refinance the mortgage, the house could be taken back.

Property tax delinquency

Property tax delinquency

 
If you don't pay your property taxes, local officials or collecting entities can take legal action, like taking your land back. If you don't pay your property taxes for a long time, the government may start the process of repossession.

Bankruptcy

Bankruptcy

 

If a homeowner is forced to file for bankruptcy, the court may decide that the house can be sold in order to repay any outstanding debts. Although the house may be repossessed and sold as part of the process. 

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Transparent process of buying your home

Transparent process of buying your home​
Step 1

Complete our online registration form

Fill out our online registration form so that we can better serve you.

Step 2

Receive a call from us within 24 hours

A team member will call you within 24 hours to better understand your needs and discuss how we can help.

Step 3

Receive an offer within 48 hours

Within 24 hours of viewing your property, we will make you a no-obligation cash offer.

Step 4

Sale Agreed

Afer agreeing to the sale, you can relax. We'll cover all the fees, ensuring a timely completion.

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Popular areas we service​

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Do you want to sell your home to avoid repossession?
If you are facing the dreadful threat of repossession, selling your property might be a lifeline to get out of financial difficulty. You may retake control of your position and perhaps fulfil any remaining bills, including mortgage arrears, by selling your house proactively before repossession procedures begin. Selling your house before repossession not only allows you to escape the emotional toll of losing your property, but it also protects your credit report, allowing you to start over without the long-term consequences of repossession. In this process, quick action is critical, and getting professional advice can help you navigate the way to a successful sale. Don’t put off taking action to safeguard your property and free yourself from the prospect of repossession.
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Do you want to sell your home to avoid repossession?​

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FAQs
Listed below are some common FAQs for selling a property to avoid repossession.
If you cannot find an answer to your question, then simply contact us today for a free consultation.

House repossession is a legal process where a mortgage lender or secured loan provider takes ownership of a property.

Yes, you can sell your property before repossession. Homeowners who are worried about getting their property repossessed can sell it before that happens. By taking this step, you can get back in charge of the situation and possibly pay off any remaining bills, such as payments on the mortgage, before the house is repossessed.
Yes, if you miss a few mortgage payments, your home may be repossessed. You become late on your loan when you don’t make your mortgage payments, and the lender may see this as default. In general, if you repeatedly skip mortgage payments, the lender may start the repossession process. However, each lender has its own regulations and processes for managing missing payments.

First your lender contacts you about missed payments and if you are unable to agree to a repayment plan, your lender may start court action. However, they must provide you with a list of all missed payments and the total amount in arrears and the outstanding mortgage debt before they apply to a court. You will then receive letters from the court where you will need to attend a possession hearing and this is where a decision will be made.

You will usually need to miss 3 months payments before your lender starts the procedure of repossession.

In the UK, a repossession can usually remain on your credit report for up to six years. This means that you will probably have a hard time getting credit for about six years, while the repossession is on your credit report. If you do get credit during this time, it probably won’t be on the terms you want, and it probably won’t be as good as it would have been if you had a good credit score.
Yes, it is possible that you may still owe money after your property is repossessed and sold. When a property is repossessed and sold, the sale proceeds are used to repay the outstanding debt to the lender, including the mortgage arrears and any associated costs, such as legal fees and repossession expenses. If the sale proceeds are insufficient to cover the entire debt owed, you may be left with a shortfall. This shortfall is referred to as a “deficiency” or “mortgage shortfall,” and you would still be responsible for repaying this amount to the lender.
Yes, you can negotiate with the lender to avoid repossession. In many cases, lenders are willing to work with borrowers who are facing financial difficulties to find alternative solutions and avoid the repossession process.
Yes, seeking legal advice if your property is at risk of repossession is highly advisable. Property repossession is a complex legal process, and having the guidance of a solicitor or legal professional can be essential in understanding your rights, obligations, and available options.
If you have multiple properties with the same lender, they may have included a cross-collateralization clause in the loan agreement. This clause allows the lender to use the value of all your properties as collateral for the loan. In the event of repossession of one property, the lender may have the right to seize other properties to recover the outstanding debt.
You should contact your lender immediately and seek professional advice to decide what is the best course of action.
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