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Repossessions - What To Do After Repossession If you lose your home through repossession, you are still liable for any mortgage interest, estate agent fees including legal fees until the lender has sold your property. Upon selling your home, the dollars from the sale could help to clear the lenders mortgage account, once the has been taken care of if there are any funds left over they are repaid to you. It is important to do not forget though that any shortfall could still be your responsibility including remains so for up to 12 years. It is therefore in your best interest to make sure the property is not only sold for the best price possible but additionally quickly. On saying the lenders do have a code which is provided by the council of mortgage lenders which they must stick to at the time it comes to claiming any shortfall back from you. A letter must be served to you by recorded delivery within a duration of 28 days of re-sale pertaining to the property. Various details pertaining to the sale must be included within the letter such as • A full description including the address pertaining to the property • The price for which the property was sold • The vendors name including address • The purchasers name including address • Whether the house was sold through auction or private treaty • The date the sale was finalised • The date pertaining to the mortgage deed which power of sale was exercised The lender is required by law to sell the property for as high a price as is possible, but due to the fact that they could need to reclaim the arrears as soon as possible, there is a risk they could sell far below price. Before you give your home up to repossession, it is in your best interests that you obtain 2 independent valuations or at the very least ask estate agents for sales particulars which include the asking price. Your should do nothing which could be considered detrimental in altering the asking price pertaining to the property, treat it as though you were selling it yourself. Keep up with what is going on with the property by checking out the estate agents web site to make sure the property is listed including additionally that a for sale has been erected. Make sure they are listing the property to its best advantage by including wording such as “immediate occupation available” including “no chain”. Should the property price be way below its value then make sure you bring the to attention in writing, however go regarding the sensibly due to the fact that if the market is slow including you ask too much, it could take longer to sell.
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