Regaining Possession

Once you have been evicted you still have the right to regain possession of your home right up until the point your home is sold by your lender. Your home should be marketed in the same manner as any other home, if being sold by an estate agent it must be as transparently advertised as any other property and not put in the estate agents bottom draw to give to someone well below market value. Once a buyer has been found the lender must advertise the sale price locally giving anyone the opportunity to make an increased offer.

If you have been evicted from your home and if there is at least 25% equity you can regain possession of your home. There are non status bridging loan companies that will lend up to 75% of the value of your home so that you can redeem the mortgage in full.

You will need to demonstrate to the bridging loan company that you have a viable way of redeeming the short term finance, such as a new mortgage offer which during this credit crunch of Autumn 2007 and Winter/Spring of 2008 would be difficult to achieve at loans to value of in excess of 75%. You have to take into account that if you were to borrow 75% on a bridging loan interest and charges will occur which if added to the loan would push the amount required to redeem the bridging loan to close to 80% if the loan ran for more than a month or two.

You may have a firm buyer and even be able to consecutively be able to exchange contracts on the sale of your own home. This may save you money as you are then able to achieve the full market value for your home. The costs of the bridging loan can then be warranted due to the fact that the cost of the finance is less than the difference between what you are able to sell your home for and the likely price your home will sell for as a repossessed property.

FREE CREDIT REPORT!! - Now more than ever it is important to know what your credit report looks like and how you can improve your credit file! Please click on the banner to get your free credit report, you will need to enter a few details to sign up but please take the time to do this! If you would like to email your report over to us, this should also make it easier for us to find the right financial product for you first time!