Repossession Stoppers
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Mortgage Lender Selling Your House

When A Lender Sells Your House To Recover Debt

If your home is repossessed or if you hand over the keys voluntarily, it is most likely to be sold or auctioned by your mortgage lender to pay off your debts. However the price the property is sold for may not be enough to cover everything you owe.

If you can raise the money to pay off your debts soon after the eviction it may still be possible to stop the sale. In order to do this, you need to act quickly and are here to help you.

How To Stop Your Lender Selling Your Property

If you can raise the money to pay off your debts soon after the eviction it may still be possible to stop the sale. In order to do this, you need to act quickly and are here to help you.

Firstly you have to apply for an injunction to stop the sale of your home while the arrangements are made. This is you’re priority, because if contracts are exchanged with a buyer before you do this, you can’t stop the sale from going ahead. By using just one form to submit your details to you could receive cash offers for your property from our extensive database of cash buyers.

If you can show that you will be able to pay off the whole of your mortgage debt, the court will normally agree to allow you to return to your home It is worth bearing in mind that you will probably need a solicitor to represent you in court.

You Will Have To Pay The Mortgage Until The House Is Sold

If your house is repossessed or you hand over the keys to your lender, you are still responsible for the mortgage payments until it is sold. This will include any arrears, ongoing mortgage and interest payments, buildings insurance and penalty charges for missed payments.

Selling by traditional methods may take a long time, so the amount you owe could increase considerably even though you are no longer living in your home. have an extensive list of cash property buyers who can make you a realistic offer for your house typically within 24 hours. By following this line of action the costs associated with a traditional sale, such as estate agent fees, Home Information Pack (HIPS), solicitor’s fees etc. can be avoided.

The person or company who has taken possession of your home has a responsibility to look after the property until it is sold. This includes dealing with essential repairs. It may also deal with basic maintenance, but doesn’t have to. Any costs involved will normally be added to your debt.

How The Lender Will Sell Your Property

Your home will either be put on the market in the normal way through an estate agent, or some lenders prefer to sell repossessed properties at auction. Most will get at least one valuation to ensure they get a fair price but because your lender’s main concern is getting back the money you owe as quickly as possible, property sold at auction often sells well below it’s market value. If your property sells for less than the debt you owe, the lender is then entitled to claim the remainder for up to 12 years. For this reason it is highly recommended that you look into the option of selling your house yourself and obtaining the best possible price.

The Benefits of Selling Your Property Yourself Instead

It is possible to sell your home yourself, even after you have been evicted. If you can show that you have received a better offer from a serious buyer, the courts may be willing to make ‘an order for sale’ allowing you to sell the property yourself. have investors who will buy your house for cash, offering the best possible trade prices with a verbal offer typically within 24 hours of any enquiry. Once an offer has been accepted, we can provide the relevant paperwork for the courts, in turn preventing your lender from selling the property for a limited amount of time. If you think this might be the best course of action, contact us request a cash offer here and don’t forget, if the sale price is greater than the debt you owe the remainder of the cash is yours to do with as you please.

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