Property Solutions to Sell Your House Fast For Market Value
If your house is repossessed do you get any money back depends on how much equity you have in your home at the time it is repossessed.
Even if you have a reasonable amount of equity, you may still end up with nothing back from the mortgage company. Read this article to find out more.
A home repossession will remain on your credit report for up to six years. During the period where your credit report is affected by a repossession, you’ll struggle to obtain credit. But if you manage to obtain credit, it would be on unfavorable terms. Which means if you manage to obtain credit, you’ll end up paying a higher interest rate, as you represent a higher risk. Banks and other lending institutions make lending decisions based on how great a risk you represent in terms of defaulting on a loan. The worse your credit report is, the greater the risk of default.
Can’t sell house for what I owe. You may need to wait for the property market to pick up or take your house off the market to do a cheap makeover.
This article looks at 7 solutions where your home is worth less than what you on a mortgage secured on it.
Negative equity is used to describe your financial situation where the amount owed on your mortgage is greater than the current value of your home. Which means that if you sell your house when you’re in negative equity the amount you’d receive for your property wouldn’t be enough to clear what you owe to your mortgage lender.
To answer the question of how long does it take for a home to be repossessed in the UK is best answered looking at the 7 stages of repossession.
The repossession stages begin after you’ve missed paying your monthly mortgage payments.
The first stage, your mortgage lender will write to you. It’s important that you respond to your lender at this early stage, as you may be able to prevent your home from being repossessed.
