Do you have a Newcastle, Tyneside house that’s in or facing repossession right now?
Many people going through the Newcastle repossession process want to get out from under that burdensome house and wonder if they can sell the house in 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 in Repossession in Newcastle? – How it works
There are a lot of folks in Newcastle who have faced repossession in the past few years. Since the changes in the economy, a lot of banks have been shifting the way that they deal with repossession.
Remember, the bank that carries your mortgage doesn’t want to see your home 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 many years of working with banks to help stop the repossession process, we’ve learned a few tricks that will help you.
Working With Banks During The Repossession Process
- Always over-communicate with your bank (but don’t be pest!). 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 and let them know how you resolve the delay.
- 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. Show them that you care and that you are working with them!
- 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. This may come in handy if you are unable to sell your property and have to go to court.
- Explore all your options, including selling your home, loan modifications, and bankruptcy. 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.
We specialise in helping homeowners in situations including facing repossession and financial challenges around Newcastle and the whole of the North East get out of difficult situations and avoid repossession. In certain circumstances, we can negotiate directly with the bank to reduce the amount you owe and (sometimes) even help you walk away from your property with cash.
If you need to sell a property near Newcastle-upon-Tyne, we can help you.
We buy properties like yours from people who need to sell fast.