Reduce the settlement amount with a “Full & Final Offer”
‘Full & final settlement’ means that a mortgage/loan lender(s) let a homeowner pay an agreed lump sum that is less than the balance owed. In return for having a lump-sum payment, the lender agrees cease any possession...
Forced quick-sale or repossession
A Forced Sale Value (FSV) or 90 day value refers to the value of a property if it is sold within 90 days, whether through estate agents, liquidators or auctioneers, often to a much smaller pool of buyers than seen in the open...
Emergency repossession hearing before eviction date
If a vendor has been able to develop a plausible solution to repay the lender after a repossession order has been granted and before the eviction date, then the court can call an emergency hearing for the case to be re-heard....
Repossessed properties sold for as little as 42% of their market value
Repossessed properties sold for 60-70% of their true market price, GB average of 63%. Northern Ireland has been the foremost affected, wherever repossessed properties sold for approximately 42% of their true market price. The...
Beware of some quick-sale property companies
Not all quick-sale companies treat customers fairly. Quick-sale property companies can provide an excellent service, but some companies insist on property owners signing 'lock-out' or 'exclusivity' agreements. A cash purchase...
Alternative to selling property under market value
A short term bridging loan could clear your existing mortgage or loan allowing time to sell your property for its full market value. There are a number of lenders specialising in repossession cases and require no credit checks...