Seek Help Property Repossession To Get The Property Up For Sale And Sell It As Quickly As Possible
The lender has to play fair at this eviction and repossession stage and they should do all they can to get the property up for sale and sell it as quickly as possible. If you feel that they are not doing so then you should seek help property repossession immediately. In certain cases individuals can make a complaint to the Financial Services Ombudsman which could result in the lender having to pay you compensation. If you do not know where to begin then seek help and advice from your local Citizens Advice bureau. You should also seek advice if you believe that the lender has accepted an offer on the property that is unreasonably low. It is the legal responsibility of the lender to sell for the best price that can possibly be obtained.
Upon completion of the sale the money that is gained will be used to recover debts owed to the lender. This will not only include your mortgage repayments but also any fees that have occurred through selling the property. This would normally include any legal fees for the sale, fees associated with an estate agent or fees for repairs that were made to the property in order to sell it.
After the lender has recouped their money then any other creditors who you owe money to for example a second mortgage on the property will be next in line and take their share. If there is anything left over after all your creditors have been paid then you would be entitled to receive it.