Companies that buy houses work well for those home owners who are looking for a quick sale and need cash fast. The process is normally very quick from accepting the offer through to completion and you receiving the funds. There are no chains to contend with, you don’t need to involve estate agents (so no estate agent fees), but you will need to be prepared to accept a lower than market value offer to sell your house in this way. Typically you’ll receive between 25-30% less for your property than if you were to sell it in the conventional way using an estate agent. You will need to weigh-up the pros vs the cons of selling your home in this way before making a decision.
If you stop paying your mortgage payments you may have your home repossessed. It will also make obtaining future credit very difficult in the short term. This not only includes getting home loans, but it will become extremely challenging to obtain any form of credit. Missing one or even a couple of mortgage payments doesn’t mean repossession is imminent. But forgoing them will set the repossession process in. Plus to boot, it will have long-lasting consequences for your credit and finances.
Sell your house fast if you live in Poole could include using a conventional estate agent or an online agent, but you need to create kerb-appeal and a good first impression, whilst choosing the right estate agent and the right month to sell your house. One good option is to reduce the listing price of your house to 90% of market value to make it stand out form all other similar houses.sh
After your home is repossessed, you’ll be homeless. You may still have a mortgage shortfall and you’ll have to find somewhere else to live. But can you get your home back after repossession? In theory yes you could get it back. But you’d have to clear the mortgage, the arrears and all the other associated costs of a repossession first. But this is not recommended, you are better to prevent the repossession in the first place.
What happens when you get your house repossessed, which is 28-56 days after the court hearing, is your house will be sold by the bank to repay your mortgage. Once the court decides that your home can be repossessed by your mortgage lender you don’t have to pay any more installments on your mortgage. However, you’ll still be charged interest on the outstanding mortgage until your home is sold to repay what you owe. But beware, your mortgage lender will sell your home at under market value and you may end up with a mortgage shortfall.
A missed mortgage payment, which is also known as a delinquency, will typically fall off your credit report after seven years from the original delinquency date. Missed mortgage payments stay on credit reports for six years, but as time passes and the missed payment ages, it will have less impact on your credit score.