As many as 3.5 million UK households are in the position of being unable to move home as a result of there not being enough equity on their house or they cannot get a new mortgage. Some are fortunate and do not have to sell but others, less fortunate, as a result of large debts being accumulated over the years, are in the position of being forced to sell.
For those of you who may be in arrears with their mortgage, like many people in the UK, or with a loan secured on your house, there is the chance that you could be taken to court so you creditors can call in their money. The Bank or Building Society has the right to sell your house quick, in most cases at an auction, to get their money back. If your house fails to match what you owe, you will still stay in debt and you will have this recorded on your credit history.
Repossession auctions are full of people looking for a real bargain and if they strike it lucky they can make thousands of pounds out of your unfortunate loss. However, it no longer has to be this way. A reputable property buyer can stop repossession proceedings within a 24 hour period, which will give you more time to make a quick house sale on terms that are more suitable for you. A property buyer will usually offer a buy back option that gives you the opportunity to buy your house back in the future.
It may not be the road you had ever envisaged going down when you bought your property but difficult circumstances call for tough decisions. If you, like so many people now in this harsh economic climate, are unable to meet your mortgage obligations, then a quick house sale with a property buyer, is the most realistic and viable option to take. Your property will be sold below market value but if you do business with a reputable property buyer, then you will have the option to set a buy-back figure, that will also be below market value. Furthermore, there is usually enough money left in the pot once mortgages have been settled, for sellers to be able to pay off all their debts and wipe the slate clean for a fresh start.