Selling before repossesion, please help

silvercar

You must keep the lender informed. If the lender goes to court you must go to court, whatever the lender says about it being unnecessary. You explain to the judge that the property is being marketed/ under offer and ask the judge to grant you a further month/ 2 months to complete the sale.

manzanilla

Would the court and lender wait whilst we sell

That depends how serious you seem to be about selling - if there is an offer on your property then it would be normal for the court to give time for it to go through. Just because it has gone on the market and you have an optimistic estate agent? Unlikely...

It also depends on who your lender is. The more mainstream the better - sub prime is bed news.

So you need to move FAST. Blitz tidying and decluttering. You don't have time to improve the decor. And put it on priced for a fast sale, because if you get repossessed you are going to lose most of your equity when it is sold at auction

ruthxxx

will we get notified if it goes back to court?

I have scrubbed decluttered etc and 2 agents have said it will sell very easily due to the location. The last 2 that sold on our road were only on the market 2 days

gazzabboi

ruthxxx wrote: »

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

On that basis of 100k equity and a 50k remaining mortgage, I will offer you 150k now, you will break even and I will bag a bargain

manzanilla

will we get notified if it goes back to court?

This pages sets out the processes http://www.adviceguide.org.uk/wales/debt_w/debt_mortgage_problems_ew/eviction_for_mortgage_arrears.htm.

You need to only accept an offer from someone who is not in a chain and who has proof of a mortgage offer. Better to take 10k less than have the sale collapse, becuase you are unlikely to get a chance to organise a second sale.