Property Solutions to Sell Your House Fast For Market Value
How can I legally get out of my mortgage? This article runs through 7 options that work well Depending on your circumstances depends on which option is best.
If the reason you are looking to legally get out of your mortgage is divorce or separation, it’s better if you can agree amicably.
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.
How to avoid repossession of your home is first about taking action. You need to speak to someone that can help. Delaying is not an option. Burying your head in the sand won’t help.
Either you need to speak to your bank or someone else needs to on your behalf. If you’re not able to clear your arrears or able to start paying your mortgage repayments, help is available.
You can still walk away and not be tarnished with a repossession on your credit history.
It’s not always wise to sell your home to get out of debt, but you should immediately start to manage your finances, cut up your credit cards and control your spending. Selling your house to pay off debt should be your last resort, as there are other ways to reduce debt without selling your home.
You cannot go to prison for not paying the mortgage itself, but at any stage whilst you are having money problems you disobey an order of the court, you could be sent to prison for misconduct, but not because you’ve not paid your mortgage. If you follow all court instructions you won’t go to prison.
If you own a property you are often excluded from the housing register for a council property, but there are exceptions and you can join if you need shelter, you can’t live in your property following a relationship breakdown of if the accommodation is overcrowded and conditions cannot be improved.
