Falling behind on your mortgage payments can be worrying and you might be at a loss as to what you can do. If you’ve exhausted all of the options for paying off the debt and the possibility of your home becoming repossessed is rapidly reaching reality, selling your property might be the best option. This alternative will provide you with a lump sum which you can use to pay off the debt (and possibly other outstanding loans) and start again with a clean slate.
If this is the route you’ve decided to take, there are a few options to consider:
[do action=”accordian” accordiantitle=”Hand back the keys to your mortgage lender” accordianexcerpt=””]Whilst this can be done, it’s not recommended as you will still be responsible for the mortgage, tax, insurance and other costs until they sell the property. Not only this, they are likely to sell it for a lot less than it’s worth so it may not cover all of your debt repayments, still leaving you in a worrying situation without a place to live.[/do]
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By opting for the open market you are more likely to get you the best price, but it can take months; not ideal if you’re selling to stop repossession. There is no guarantee when (and if) your house will sell, all the while you are still responsible for the mortgage fees and other house related costs.
Also, make sure you’re aware of all the fees involved in selling your home (solicitor’s fees, survey costs, estate agency commissions). These will eat into amount you receive and may mean you don’t get enough from the sale to pay off your debt.
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If you’re still feeling confused and worried about your situation and what’s best for you, please give us a call on 0800 773 4922 or email us and we will be happy to talk to you. Alternatively, if you think selling to us could be right for you, complete our no obligation form to receive an offer in just 1 hour.