A Quick Sale May Avoid Repossession

If you are in the unenviable position of having fallen into arrears with the repayments on your mortgage or some other loan secured on your property, you may well be facing repossession. Of course it's easy to tell you what you should have done before now. You should have contacted your lender as soon as you realised you were not going to be able to meet the next payment. It's probably a bit late to tell you that now. In any case maybe you did contact them but your circumstances were such that you were not able to come to a suitable arrangement to save the situation. Either way you now find yourself facing repossession of your home.

Once that happens then, unfortunately you will be evicted and find yourself and your family homeless. The lender will sell the property at a knockdown price to secure a quick sale and use the money to repay the outstanding debt. The price is likely to be such that little or no money will be left over after the debt and all expenses are paid. The lender is only interested in getting enough money to cover these.

That's the really bad news. The rather better news is that all is not necessarily lost just yet. You know that once the lender gets that repossession order he's going to sell the property.

Until then it is not his to sell. It's yours. You know you are going to lose it but you haven't yet. It still belongs to you. The procedure which has to be followed before your home can be repossessed takes time. Over the first month to four months of arrears the lender will have been in touch with you to explore ways in which you may be able to clear the arrears and get back on track.

If, after about four to six months, no progress has been made the lenders' solicitors will have taken over your account and will have written to you pursuing the debt. When six months or more have gone by and the situation remains the same or, more likely, has got worse Court proceedings will have been started. You will receive a Summons to attend the Court. You must not ignore this document. At the Hearing the Judge will hear what you have to say about the matter as well as the lender before coming to a decision. There are a number of courses open to the Court short of repossession but even if the Judge does decide that is the only way forward there is still time to stop re-possession.

The Judge will set a date for re-possession to take place and it will not be immediate. Throughout all of this it is very easy to give way to despair and the overwhelming feeling that you have lost any kind of control over the developing situation. This the one thing above all that you must not do. Take a look at the facts. Try to do so without emotion getting in the way.

You are going to have to relinquish ownership of the property. That's inevitable. If you do nothing you will relinquish it on someone else's terms and probably end up with nothing, not even a roof over your heads. If you take control of the situation that won't happen.

You are facing re-possession but you can prevent it happening. All you have to do to stop repossession is to sell the property yourself while you still own it. You don't have enough time to put the house on the market with an estate agent in the usual way.

That's too hit and miss and even if you were lucky it would probably take too long. This is where specialist companies offering to a sell your house fast can help. They have buyers just waiting for houses like yours to buy. You probably won't get the top market price that an estate agent might have got for you eventually if you had the time to wait for a sale.

What you will get is your mortgage cleared including arrears and probably some money left over. You may enter into an arrangement whereby you remain in the property as a tenant. You may prefer to leave and start again somewhere else. Either way you have the choice. You've regained control of the situation and you've avoided the stress and considerable expense of further Court proceedings.

In fact if you take action early enough you will avoid any such stress and expense. So if you find yourself facing repossession of your home stay calm and take a good look at your options. A company offering a quick sale may well be just the solution you need to stop repossession.

Without Links If you are in the unenviable position of having fallen into arrears with the repayments on your mortgage or some other loan secured on your property you may well be facing repossession. Of course it's easy to tell you what you should have done before now. You should have contacted your lender as soon as you realised you were not going to be able to meet the next payment. It's probably a bit late to tell you that now.

In any case maybe you did contact them but your circumstances were such that you were not able to come to a suitable arrangement to save the situation. Either way you now find yourself facing repossession of your home. Once that happens then, unfortunately you will be evicted and find yourself and your family homeless. The lender will sell the property at a knockdown price to secure a quick sale and use the money to repay the outstanding debt. The price is likely to be such that little or no money will be left over after the debt and all expenses are paid. The lender is only interested in getting enough money to cover these.

That's the really bad news. The rather better news is that all is not necessarily lost just yet. You know that once the lender gets that repossession order he's going to sell the property. Until then it is not his to sell. It's yours.

You know you are going to lose it but you haven't yet. It still belongs to you. The procedure which has to be followed before your home can be repossessed takes time.

Over the first month to four months of arrears the lender will have been in touch with you to explore ways in which you may be able to clear the arrears and get back on track. If, after about four to six months, no progress has been made the lenders' solicitors will have taken over your account and will have written to you pursuing the debt. When six months or more have gone by and the situation remains the same or, more likely, has got worse Court proceedings will have been started. You will receive a Summons to attend the Court. You must not ignore this document.

At the Hearing the Judge will hear what you have to say about the matter as well as the lender before coming to a decision. There are a number of courses open to the Court short of repossession but even if the Judge does decide that is the only way forward there is still time to stop re-possession. The Judge will set a date for re-possession to take place and it will not be immediate. Throughout all of this it is very easy to give way to despair and the overwhelming feeling that you have lost any kind of control over the developing situation. This is the one thing above all that you must not do. Take a look at the facts.

Try to do so without emotion getting in the way. You are going to have to relinquish ownership of the property. That's inevitable. If you do nothing you will relinquish it on someone else's terms and probably end up with nothing, not even a roof over your heads.

If you take control of the situation that won't happen. You are facing re-possession but you can prevent it happening. All you have to do to stop repossession is to sell the property yourself while you still own it. You don't have enough time to put the house on the market with an estate agent in the usual way.

That's too hit and miss and even if you were lucky it would probably take too long. This is where specialist companies offering to a sell your house fast can help. They have buyers just waiting for houses like yours to buy. You probably won't get the top market price that an estate agent might have got for you eventually if only you had the time to wait for a sale. What you will get is your mortgage cleared including arrears and probably some money left over.

You may enter into an arrangement whereby you remain in the property as a tenant. You may prefer to leave and start again somewhere else. Either way you have the choice.

You've regained control of the situation and you've avoided the stress and considerable expense of further Court proceedings. In fact if you take action early enough you will avoid any such stress and expense. So if you find yourself facing repossession of your home stay calm and take a good look at your options. A company offering a quick sale may well be just the solution you need to stop repossession.

for furthe information quick home sale, buy home,repossession visit www.aswiftsale.co.uk



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