Do you have a London property that might be repossessed right now or in the near future? Many people going through the repossession process in London want to get out from under that burdensome house and wonder if they can sell the house before repossession. The short answer: yes. The long answer: it’s a little more complicated, but usually you can sell your property prior to repossession. Generally, the sooner you start, the better.
Can I Sell My House Before Repossession in London? – How it works
There are a lot of folks in London who have faced repossession in the past few years and many more will be in that situation in the coming months. A lot of banks have been shifting the way that they deal with repossessions since the recent changes in the economy.
Remember, the bank that carries your mortgage doesn’t want to see your property abandoned or auctioned. The bank stands to make the most amount of money by helping you to avoid repossession by selling your property. However, dealing with banks during any part of the repossession process can be a huge pain. Over years of working to help people stop the repossession process, we’ve learned a few things that will help you.
Working With Banks During The Repossession Process
- Always over-communicate with the bank (but don’t be annoying). Call with updates and show them what you’re doing to get your property sold.
- Don’t miss deadlines. If anything will be late, call with advance notice.
- Remember that bankers are people too. Don’t be overly dramatic, but explaining your situation and demonstrating your willingness to fix the problems to make it right goes a long way.
- Start keeping careful records of every conversation you have with the bank. Nothing counts unless it is in writing. Make sure to keep track of each person you speak with, what they said, and any promises made.
- Explore all your options, including loan modifications, and bankruptcy. Get professional advice. Depending on the details of your personal situation, you may be able to dramatically slow down the repossession process with enough effort. Each bank has its own policies to help borrowers avoid repossession.
- Don’t wait. Unfortunately, time is not on your side. The further behind you become on payments, the fewer options are available to you.
If you’re looking to sell your London property before repossession quickly, call us now.
We work with homeowners in lots of situations, including repossession in London and the whole of England. We help them get out of difficult situations and avoid repossession. In certain circumstances, we can negotiate directly with the bank to help you walk away from your property, sometimes with some cash.
If you need to sell a property near London, we can help you.
We buy properties like yours from people who need to sell fast.