Q:Hi AllWell ive got to the stage now , that the morgage company, is not speaking and i'm waiting an eviction notice. i'm wondering if any of you have any sound legal adivce please.If they have been granted a repossesion in 2003, can they go through the courts now for an eviction, without me attending court, too speak regarding the arrears.Once eviction is done, do they sell the property (spml) at auction for market value or do they just get rid and get their own money, as i have some equity in the house at the momentI have been trying to sell the house for 3 months now, only one, view, i have dropped the price and no views, i could really do with selling the house asap.Does anyone have any ideas?Next local house auction isnt until 20 october, so probally be evicted by then.does anyone know any trusted quick house buyer companiesThis is a stage in my life, where i may need to move one step backwards to move three frontwardsany help appreicated and what a grt site
It will cost you less if you sell yourself than allow it to be repossessed. A Part from having to reveal the repossession if you apply for a mortgage in the future, the costs of repossession will taken from any equity from the sale.
You will be notified of any court date, attending is up to you, but I would recommend you do. If you go to court, you are going to need a good reason why they don't get a possession order as, presumably, things have been going wrong for years. If you can get the house in an auction and a lowish reserve for the house will cover their mortgage and costs then IMHO you will most likely be allowed time to do that to sell it. If their mortgage plus costs is more than the likely selling price of the house, you are wasting everyone's time and money. You will need to pay the auction entry fee up front.
If they repossess and sell the house at auction it depends if there is any money left over after everyone else has had their money. Any surplus will be sent to you. Any shortfall and the mortgage company can chase you for 12 years to get it back (though they have voluntarily limited that to 6 years according to a recent post on here)