Avoid Losing Your Home
On this page QSP® will give you some pointers and tips to prevent your home from being repossessed in a clear and non confusing manner. The bottom line is try to keep up your monthly mortgage payment but this is sometimes easier said than done. Remember falling behind in mortgage payments may lead to an eviction and/or repossession, so if you are in trouble with your arrears already bear the following in mind:
Lenders must abide to the council of mortgage lenders code which sets out seven areas to be adhere to in order to claim for any shortfalls. This is done by the lender sending you the following information by recorded delivery all within twenty eight days of the sale:
- Providing the date of the mortgage deed under which the power of sale was exercised.
- Providing you the name and address of the vendor (seller).
- Providing you the name and address of the purchaser (the buyer).
- The method of the sale for example was it by public auctioning or by a private treaty.
- Providing information on the address and description of the property sold.
- The full amount the property was sold for.
- Providing you the date the property was sold.
Special note: Mortgage lenders are most likely to sell your property secured to them under the true market value in order to sell your house quick.
The lender will try to fetch the best possible price on the security property but as their primary interest is to clear the account as fast as possible, they are under pressure to sell and are more likely to sell your home quick under market value.
And don't think you can get much luck with the court as most of the time, the court do not accept this as an issue by you showing them the lender has sold your home under market value. However, the court takes more notice when the shortfall in the price leads to more financial claims to you.
We would suggest securing at least two valuations from reputable estate agents and making sure the value of your property is provided.
If you have a lot of equity in your property, after the sale of the property minus all the fees including legal costs, administration cost, court fees and estate agent's fee etc and there is still funds left over from the sale of the repossessed property, the lender will issue you the money. If on the otherhand, there is a shortfall in the sale proceeds from the property in concern, your mortgage lender will chase you for that shortfall. This can go on for many years after the repossession and sale of the property has taken place. They can chase you for up to 5 years in Scotland and 12 years elsewhere in the country. It is obvious in this demonstration that getting several valuation from estate agents can work on your favour especially when it would be much harder for you to obtain accurate property valuation reports later when you are being chased by your lender.
And don't think the lender will relax pursuing you for their lost, they will monitor you and unless they know you really do not have any means to pay them for example, it would cost them more money to pursue the debt than what they can realistically recover, they will. As soon as they are aware you have a decent job or income they will be on you.
You Will Be Responsible For All Costs For The Time It Takes To Sell Your Property.
You should be aware that you are responsible for the cost incurred during the time the property is not sold until it is sold by the mortgage lender. You will absorb the cost of all administration fees, all legal costs, all running mortgage payments, all council tax etc up until your home is sold by the lender no matter how long it takes. Worse thing you can do is give up and do nothing. Contact QSP® as soon as you can and discuss the matter with us in order for you to stop the repossession quickly. We can reverse this by dealing with a solicitor, your mortgage lender and the court and offer to settle all your mortgage debts thus solving the problem. Whatever you decide to do, don't abandon your home, instead if it has to be sold by an estate agent you would want the best possible price. So keep it tidy and in a good order at all times. Treat it as if you where just selling it, giving all the right presentation.
We are only a call away from helping you. Our 0141 387 0556 is available 24 hours a day. We always look into individual cases with utmost respect, attention and sympathy. You can also contact us on the enquiry form. If you don't get an answer through the online enquiry (in cases of system failure beyond our control), call us on the 0141 387 0556 and we will be happy to stop the repossession or eviction process and can offer a tailor made solution for you. Remember our service is totally free, discreet and confidential with no obligation. We look forward to giving you a helping hand.
- » Stop the repossession
- » Explaining repossession procedures and process
- » Stop evictions
- » Information on court hearings and how to deal with them
- » Tips to avoid losing your home
- » Your Credit History and how it affects your future
- » Frequently Asked Questions
Ready to sell? Just contact us.
