Quick House sale - close to getting repossession

mce99

I have a mortgage & I'm facing the possibility of my house being repossessed. I know that are sight out there that will give you a cash quick sale & I'm well aware that they will pay under the market value.

After a quick check on google there are quite a few & I'm not sure who to trust, that will give the best price. Has anybody on here used a decent reliable company?

Thanks in advance

G_M

You cannot 'trust' any of them inasmuch as they will pay the minimum they can - certainly far less than it's worth, and far less than they initially offer to intice you in.

What is the aprox market value?
What is the redemption cost of the mortgage? (ie how much equity do you have?)
If you can reduce your price enough you'll sell fast via an agent - but you may be limited by the mortgage you need o repay.

silvercar

Speak to your lender and let them know the house is on the market. They may give you some breathing space, they may even have an assisted sale scheme whereby they help you sell the property.

mce99

The approx market value is £75k - £85k. I owe about 31k on the mortgage. , I don't think I have any redemption fees as i've been with the same mortgage company for 13 years. I have a secured loan against the house which is about 22k including early repayment fees. I then have about 20-25k unsecured debt.

On 18th April the mortgage company apply to the court for a warrant for possession, judging by what a few people have said on the internet it looks like i'll get an eviction notice 2 weeks after that date. With the house market being what it is I'm not sue an agent would sell it in that time.

G_M

So your secured debt is £53K. Agents/solicitors fees will bring that up to ..£56K?

Contact the lender and ask for a delay, then market the property at £65K and take it from there.

nomoneytoday

If you go to court and actively show that the property is being marketed to be sold, then maybe the judge will allow an extension / adjournment to allow that to proceed?

dancingfairy

Hi. I would speak to Shelter and possibly someone like the CAB/National Debtline (if there are other debts etc). They should be able to make sure you are getting all the benefits you are entitled to, that you can make a repayment plan with your other debts (if you have any), they can also help you negotiate with your lender to stay (if possible depending on the circumstances) or help you move on from this mess in the best way possible (ie what help you may or may not get from the council etc etc). They should also be able to advise you what help your lender could give you - ie perhaps suspending reposession proceedings or perhaps some other help?
Definitely give the charities a ring.
df

orchid2010

We were in a similar position. When we went to Court and told the Judge the property was on the market and that there was still equity even with all fees etc. the mortgage company was given a suspended possession order and we were told we could market and sell the property as long as we paid a negotiated amount each month to the mortgage company.

We put the property on with an EA who we gave a month to sell it which they did not so we sacked them, we also marketed the property privately, we made a private sale which took 6 weeks to go through as we had got all of the paperwork sorted out before hand. This gave us funds to pay everyone off as we were able to get a higher price than a repossession.

Have you also considered Auctioning the property? The purchaser has to complete the sale and pay within 28 days and you can set a reserve price. I am sure you would get more doing this than from one of those companies.

GDB2222

orchid2010 wrote: »

We were in a similar position. When we went to Court and told the Judge the property was on the market and that there was still equity even with all fees etc. the mortgage company was given a suspended possession order and we were told we could market and sell the property as long as we paid a negotiated amount each month to the mortgage company.

We put the property on with an EA who we gave a month to sell it which they did not so we sacked them, we also marketed the property privately, we made a private sale which took 6 weeks to go through as we had got all of the paperwork sorted out before hand. This gave us funds to pay everyone off as we were able to get a higher price than a repossession.

Have you also considered Auctioning the property? The purchaser has to complete the sale and pay within 28 days and you can set a reserve price. I am sure you would get more doing this than from one of those companies.

This is SO good, it deserves repeating. The courts and the lenders are under pressure from the government not to impose immediate possession orders where there are alternatives.

However, you need a plan!

You definitely will need to attend the court hearing on 18 April, armed with evidence. This does not mean just standing up and saying things. It means turning up with at least two letters from estate agents saying what they think the house will achieve for a quick sale, and actively having the house on the market at a price to sell quickly. Also take along the paperwork for both secured loans, and a brief summary for the judge, showing what the amounts outstanding are and what the payments are.

You are aiming for a deferred possession order, to give you a reasonable chance to sell the property. Given how much equity you have, the court ought to give you that time.

Some courts have a duty solicitor present, to give free advice and representation. If so, try and get him/her to represent you.

Do not go to one of these buy-it-quick companies, as they will rip you off really, really badly. They will end up probably only giving you enough to discharge the two secured loans, with nothing to pay off your unsecured debts. You can do better than that.

GDB2222

mce99 wrote: »

The approx market value is £75k - £85k. I owe about 31k on the mortgage. , I don't think I have any redemption fees as i've been with the same mortgage company for 13 years. I have a secured loan against the house which is about 22k including early repayment fees. I then have about 20-25k unsecured debt.

Going back to your posts in August 2011, the unsecured debt was £13.5k. Why has this increased by £10k in 8 months?

I'm not being judgemental, but it makes a difference to what you should do now.

Simon25

we was in the same situation early this year, we'd already talked to our lender but we just couldn't keep payments up, what really worried us was that defaulting on the mortgage and being repossessed would also effect us for the however long, we didn't want any bad marks if we could avoid it. We got the repossession order in, we tried with a few estate agents to get a quick sale but was getting no offers, we tried house buyers and a lot of broken promises and they couldn't help in time. Then online i found a company that dealt in repossessions sos and they was actually our saviour, within a few hours they dealt with everything, legal fees and we think they give us a decent price, it was below the value but in our situation we was worried the lender would sell it just to recoup the mortgage debt and we would loose some equity. After we had gone ahead they give us 4 weeks to sort out living arrangements. We don't feel bitter it was on the cards we just too k on more than we could chew! so there is some good house buyers out there but don't choose the typical house buyers, look for the ones that specialise in repossessions as they know what they are doing and don't mess you about. Seemed to work for us.