What Happens When a House Is Repossessed Uk
1: When your home is repossessed and you do nothing you will lose your home.
2: You will have to move out of your home and find a new accommodation fast
3: Your mortgage company will take possession of your house and try to sell it at auction for a very low price and you will still owe your mortgage lender for any deficit if they don’t achieve the price that you owe them.
4: You name will be registered in the county court repossession register with notifications sent to various credit agencies of your mortgage default.
5: Getting your name on a mortgage again in the future will almost be impossible until after 7 years and you have cleared all your previous mortgage debt.
6: Your name will be blacklisted which will create more challenges for you if you decided to rent a home in the private sector.
If you are facing repossession because you are struggling with mortgage arrears and you need help and advice, you are not alone. You can avoid repossession and all the nightmare that comes after. We are only a phone call away, talk to us now and we can help you structure a plan.
No matter how bad you think your situation might be, we will do our best to help find a solution for you.
For your free help and advice Call Croydon Property Buyers NOW on 0203 151 7468.