Defaulting on a mortgage can result in losing your home, which can put you and your family through a horrifically stressful time.
A ruined credit score could make it impossible to even get a mobile phone contract for several years so achieving a quick house sale could be the key to keeping default problems at bay.
If you’re having trouble meeting mortgage deadlines or you’re already behind with the payments don’t hesitate a second longer! Get in touch with Quick House Sale For Cash on 0800 980 5058 and request a call back from our home buying team who will offer expert advice suited to your situation.
Mortgage default – the process
Job instability, a large family, bad financial management or simply bad luck can lead to financial difficulties and money troubles. Sadly, this is not uncommon in society today – particularly given the uncertain and unpredictable economic climate.
The gargantuan house prices we are facing in today’s society make it almost impossible for young people who want to start a family, to save money and buy a house outright without getting a loan.
Thus, a mortgage is required on 99% of the cases and for many people this is a stressful thought – things can go wrong at any point, even if the loans are low-interest and come with a longer period of time for repayment.
Once you’ve missed a payment, you will receive a ‘grace period’ from your lender during which you can clear your debt. If you fail to pay, an official letter will inform you about the default and unless you reach a deal with your lender, you could be facing serious problems.
What happens when after defaulting on a mortgage
From the moment a few mortgage deadlines are missed and you can’t get back on track, you are heading towards foreclosure. This is the legal process in which your lender tries to recuperate the money by forcing the sale of your property. Ultimately and most distressing, defaulting on a mortgage leads to eviction.
It could either be auctioned off or sold through an estate agent, but it is certain you are forced by law to evacuate your house.
Besides the evident trouble of not having a place to live, mortgage default will ruin your credit. Rebuilding it and regaining financial stability could take a lifetime and there are few ways in which you can ask for any help with finances. The longer it takes for you to resolve the default, the more you end up paying and the bigger the consequences you face.
Mortgage default solution – fast home selling
After more than 10 years of activity on the North East property market, the team here at Quick House Sale For Cash have come across plenty of situations in which home owners were facing eviction.
We have learnt that the best thing to do is to always keep in touch with your lender and inform them about your situation. A quick home sale is usually the fastest way of solving your issues and re-establishing your financial stability.
But make sure you contact us straight away so we can negotiate the repayment of the mortgage with your creditor and clear out any debts you may have by quick buying your property. We have previously managed to stop repossession within 24 hours of being contacted.
Our proficient solicitors will complete the paperwork as soon as possible, which will allow you to quickly move out and put the worries behind you. We believe people in financial difficulty should receive as much help as possible so we make our services completely FREE.
You don’t have to pay a single penny, so call us now on 0800 980 5058, request a call back and let our friendly home buying team handle the situation.