Selling before repossesion, please help

ruthxxx

We have a suspended repossesion order on our house and have managed to keep up the payments agreed for 6 months but this month we are struggling. We had an estate agent round yesterday and they said we should get offers within a week. Would the court and lender wait whilst we sell

Please help if you can

ruthxxx

By the way there is £100k equity in the house

Guest101

Well as long as you cover the mortgage balance, they should be ok to wait, once you have an offer.

Obviously you dont want to be repossessed, but im fairly certain the bank must still sell at the best possible price.

How much is the equity:mortgage ratio?

Can you not loan the money to cover the months rent, would save you some hassle, as selling is stresful enough!

ruthxxx

Thanks for the reply we have £50k remaining on the mortgage and the house is worth £179k

We havent got anyone to borrow it off sadly

ruthxxx

when should we contact them, the payment is late already?

monty-doggy

Have you thought about switching to interest only for a while to reduce your payments while you get your finances sorted?

dotdash79

Tell them that you are planning on selling and ask to switch to an interest only whilst you sell the home.

Tirian

This doesn't sound quite like the full picture. If there is that much equity in the house, then getting a secured loan to tide over, or making some other arrangement should not be such a big issue.

Unless there are other loans secured on the property, of course. What is the whole situation?

In any case, it sounds like you should urgently call a debt counselling service of some sort, like StepChange, Payplan or the like who will be able to offer professional advice based on your whole circumstances - and likely to be able to fast-track you given the situation you describe.

ruthxxx

We cant get a loan as I am not working, my husband earns a pittance and we have CCJS

I asked for interest only about a year ago and they refused despite never missing a single mortgage payment in 12 yrs

starbarboy

Hi there

I would contact them as soon as possible to make arrangements regarding outstanding payments. The last thing you want to do in your situation is come across as non compliant and uncooperative. Hopefully if you speak to them regarding putting the property on the market you will be able to come to an agreement with them. However only they will be able to tell you if this is possible.

If you are struggling with meeting the costs involved with selling the property it may be worth contacting Shelter as I believe in certain circumstances they may be able to help with these.

Good luck and let us know how you get on.

Stephen

ruthxxx

Thanks Stephen, I am hoping I wont have to pay any costs until after the sale