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eviction
4 Answers
eviction notice given for 3 weeks time .can this be stopped by getting a new mortgage offer from some other lender?
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Yes, if you have an offer that will complete within 3 weeks.
The alternative (and only worth considering if you have plenty of equity in your property) is to arrange a bridging loan.
As an example, If your house is worth �200,000 and you have a mortgage of �100.000 on it, if the Bank repossesses the house, they will sell at auction as soon as is realistic. This may only net �150,000 leaving you with �50k.
If you take bridging loan out, it may cost you a fair bit (typically fees of 2% monthyl interest), but in 3 months you can probably sell it for more through an estate agent than you can at auction.
If you want further details, go to www.allianceandgeneral.com
The alternative (and only worth considering if you have plenty of equity in your property) is to arrange a bridging loan.
As an example, If your house is worth �200,000 and you have a mortgage of �100.000 on it, if the Bank repossesses the house, they will sell at auction as soon as is realistic. This may only net �150,000 leaving you with �50k.
If you take bridging loan out, it may cost you a fair bit (typically fees of 2% monthyl interest), but in 3 months you can probably sell it for more through an estate agent than you can at auction.
If you want further details, go to www.allianceandgeneral.com
I actually deal with a lot of evictions dailly. Firstly you need to speak with the bank. You can stop an eviction by an application to magistrates (costly but can be effective at putting eviction date back a few weeks)
Even if you have a sale agreed on the property, you can still be evicted as upto exchange of contracts your house technically belongs to the bank/mortgage lender.
A remortgage can take time, but will not stop an eviction.
The only way you can stop an eviction is to pay, speak with the mortgage lender (not all will stop if notice has been served),or via court application.
After eviction your house will not automatically be sold by auction, that is a myth, as most are actually sold through estate agents, as the mortgage lender has legally to get the borrower the best offer.
BASICALLY A REMORTGAGE WILL NOT GUARANTEE A STOP TO AN EVICTION. PAYMENT DEFINATLY WILL. MY ADVISE SPEAK TO THE LENDER ESP IF ITSA WELL KNOWN HIGH STREET BRANCH.
Even if you have a sale agreed on the property, you can still be evicted as upto exchange of contracts your house technically belongs to the bank/mortgage lender.
A remortgage can take time, but will not stop an eviction.
The only way you can stop an eviction is to pay, speak with the mortgage lender (not all will stop if notice has been served),or via court application.
After eviction your house will not automatically be sold by auction, that is a myth, as most are actually sold through estate agents, as the mortgage lender has legally to get the borrower the best offer.
BASICALLY A REMORTGAGE WILL NOT GUARANTEE A STOP TO AN EVICTION. PAYMENT DEFINATLY WILL. MY ADVISE SPEAK TO THE LENDER ESP IF ITSA WELL KNOWN HIGH STREET BRANCH.
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