What happens when you get your house repossessed?

Property Solutions to Sell Your House Fast For Market Value

What Happens When You Get Your House Repossessed?

By Russell BowyerPosted in Help to sell my property, Property discussion, Stop house repossessionTagged What happens when you get your house repossessed?No Comments

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 instalments 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.

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