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Sell a house quick to avoid repossession Mon, 14 Apr 2014 17:10

One reason why so many ordinary property owners want to sell a house quick is so that they can avoid the repossession of their property. You might have managed to pay your bills for a while, only for a sudden event to leave you deluged with debt and unable to cope. Selling your property through a sales agent won't be an option if the house needs to be sold right now, not several months down the line with no guarantee and this could force the banks to repossess unless they are satisfied that the borrower has a clear exit strategy in place.

 

You might decide that you have no option to stop your debts getting bigger, other than to sell the house quick. But if you do fall behind with mortgage payments, speak to your lender first. Your lender must help you to avoid losing your home by following a set of conditions known as a 'pre-action protocol'. If the case reaches court, the judge will need to be convinced that these conditions have been followed by both you and the lender.

 

The lender must tell you exactly how much is owed by you, and any payable interest charges. They must also consider any request from you to change your way of paying the mortgage. They are required to respond to any payment offer that you make and, if your offer is turned down, explain within 10 working days why they have done so. If the lender decides to start court action due to your failure to keep to a repayment agreement, they must give you a written warning, 15 working days in advance.

 

By speaking to your lender early, you could have your payments reduced or the mortgage term extended - but if you are uncertain what is in your best interest - speak to a free debt advice agency first. If you are told that the lender is taking you to court, get in touch with your local council, as they will be able to direct you to local agencies that can help. Independent agencies that can give free, impartial advice include Shelter, Citizens Advice and the Consumer Credit Counselling Service.

 

Even if a court date is set, repossession doesn't automatically occur and you can still avoid it - such as by agreeing a repayment arrangement with the lender outside the courtroom. If repossession does happen, your home is likely to be sold at a knock down price at a public auction, potentially failing to recover your debt to the lender, which they may pursue from you or your company personally.

 

It's for this reason that so many cash-strapped homeowners decide to sell their house quick to a a property buying company like Dream house Buyer, who buy property quickly from homeowners who wish for a fast sale. Doing this can enable them to avoid bankruptcy and move on to a new home, without any debt hanging around their neck. Quick sale companies such as Dream House Buyer can offer homeowners and landlords a guaranteed cash sale, within the timetable that works for them.

 

By selling property quickly, for cash, the homeowners saves estate agent fees and the house buying company pays all legal costs. There are no catches or hidden charges, just a quick transaction to suit the seller.



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