Stop Home Repossession – Auction Agent Property Auction House
Stop Home Repossession Immediately
UK Housing Debt Obligations
Owning your own home is what many see as the pinnacle of financial freedom and independence. Unfortunately, due to unforeseen financial circumstances, people may fall into mortgage arrears and thus face a repossession on their property. Mortgage borrowers are responsible for repaying all their debts in a timely manner under UK law. This includes fees, the principal amount, interests accrued, and any other fees stipulated on the original mortgage contract. Missing a mortgage payment but repaying it promptly thereafter may not have any or much financial penalties. A borrower regularly missing mortgage payments and/or in being constant arrears, however, will most likely face heavy financial penalties – the most significant of which would be a house repossession. Banks, building societies and lending companies usually give the mortgage borrower 90 to 180 days before they start proceedings for a house repossession.
What is the issue with a house repossession?
One may ask: what is the difference in getting my house repossessed and selling my house on my own?
There are major differences between the two. Purely from the financial standpoint, a defaulting borrower will see a significantly higher loss if their house has been successfully repossessed. This is as opposed to one who managed to sell off their house before repossession kicked in and pay off their debts with the proceeds thereafter.
Repossession costs can include repairs, upkeep, maintenance, interest, the remainder of the principal, and extortionate legal and selling fees.
Repairs, upkeep, and maintenance may be charged by your lender if they feel it is deemed necessary to be incurred in order to sell the property in a timely manner.
The lender can still technically continue to charge you interest even when repossession is already in effect. This is because the mortgage borrower is still in arrears for loan payments until the repossessed property has been sold.
The remainder of the principal amount refers to homeowners who have unfortunately bought their properties for a price higher than its current market value. For example, a borrower who has taken a mortgage to purchase a property in the early 2000s may see negative equity if they are forced to sell their house during the financial crisis in 2008. Lenders are legally entitled to claim for the difference for up to 12 years.
Finally, the lender may use a solicitor and a real estate agent that charges extortionate amounts in fees who may also take longer than usual to complete a sale. This will, therefore, cost you even more for interest and other costs previously mentioned.
How do I stop a house repossession and save money?
The answer is simple: Auction Agent, your local property auction house. Auction Agent is a traditional, high street property auction house. We employ a traditional property auction approach, whereby properties have a maximum completion deadline of 28 days. The team at Auction Agent have been selling houses for years; we know the local property market well. We are all locally based with a passion for our work and community. We have over 50 years’ combined experience in the property market. We are always available to answer any questions you may have, whether you are selling a house, buying a property or just curious about property auctions in general.
Whether you have a flat, a terraced house, a semidetached house, a detached house, a bungalow, land or even commercial properties and retail units that is being repossessed – contact Auction Agent Property Auctioneers today for a free no-obligation property valuation. We have an extensive applicant database with many cash buyers waiting. You can be certain to sell your repossessed house fast in Burnley, Blackburn, Accrington, Rossendale, Nelson, Bacup, Rawtenstall, Waterfoot, Clitheroe, Preston, Bury, Bolton or sell your repossessed house fast in Lancashire with Auction Agent’s incredibly easy and convenient property auction selling process and buying process.
We utilise all the leading online property portals including Rightmove, Zoopla and PrimeLocation as well as social media sites like Facebook, Twitter, and LinkedIn so you can be assured of the utmost professional service and friendly, honest advice.
Do you have a property that is being repossessed near Turbary Woods Owl and Bird of Prey Sanctuary, Avenham and Miller Parks, Preston Guild Wheel, Brockholes Nature Reserve, Harris Museum and Art Gallery, Barton Brook Dairy, Cuerden Valley Park, Bowland Wild Boar Park, British Commercial Vehicle Museum, Beacon Fell Country Park, Preston Railway Station, Lancashire Infantry Museum, Ribchester Roman Museum, Preston Docks, St. Walburge’s Church, Deepdale Stadium, Claylands Park, Preston Guild Hall & Charter Theatre, The River Ribble, West Lancashire Railway, Preston Bus Station, Haslam Park, Fishergate Shopping Centre, Covered Market, Winckley Square Park, Beer Brothers Brewery, Miller Arcade, Giddy Kids, Stydd Gardens, Rufford Old Hall, The Walled Garden, The Barn, Leyland Market, Longton Brickcroft Nature Reserve, Withy Grove Park, Smithy Farm, Brindle Distillery, Hurst Grange Park, Moor Park, Preston Cenotaph, The Preston Martyrs Memoria, Lower Kem Mill, St. John’s Minster, Preston Minster, Preston Playhouse Theatre, Fishergate Bollard, Church Cottage Museum, St. Paul’s Warton, The Old Corn Mill Antiques Centre, St. George’s Shopping Centre, Preston City Trampoline Club, Ladyewell, St. John’s Shopping Centre, St. Mary’s Fernyhalgh, Barton Grange Garden Centre, The Flower Bowl Entertainment Centre, Monkey Magic, Brig N Barrel, Sweets & Treats, Cann Bridge Ale House, The Black Bull Inn, Northcote Cookery School, The Grapes, Stanley House Spa, The Bee Centre, Shores Hey Farm, Towneley Hall, The Singing Ringing Tree, Gawthorpe Hall, Turf Moor, St. Peter’s Church, Pendle Hill, Pendle Heritage Centre, Animal Quackers, Whalley Abbey, Liv Spa, Burnley Mechanics, Angel Inn, Reel Cinema, Rosehill House Hotel, Sparth House Hotel, Mercure Blackburn Dunkenhalgh Hotel & Spa, Astley Bank Hotel, Northcote Hotel, Woodland Spa, Helmshore Mills Textile Museum, Whitaker Museum or Pine Lake Resort?
For a free house valuation in Bolton, Bury, Burnley, Blackburn, Accrington, Rossendale, Nelson, Bacup, Rawtenstall, Waterfoot, Clitheroe, Preston and free house valuation in Lancashire. or any other area in the postcodes BL0, BL1, BL2, BL3, BL4, BL5, BL6, BL7, BL8, BL9, BB1, BB2, BB3, BB4, BB5, BB6, BB7, BB8, BB9, BB10, BB11, BB12, BB18, BB94, PR0, PR1, PR2, PR3, PR4, PR5, PR6, PR7, PR8, PR9, PR11, PR25 or PR26 contact Auction Agent today on 01706 940499, email@example.com or visit www.auctionagent.co.uk.
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