Repossession consequences
First and foremost: repossession means you will lose your dear and beloved house and will have to find very quickly a new house to move into. Of course you will have to go through the usual joy of moving house: changing address, phone number and notify work, banks, utilities, .... friends and family members; finding a moving company, packing your belongings and so on and so forth. On top of that - if you have children - you will very likely have to move them out of their school; battle to find a new one that can accept them during middle term, trying to explain your children why they can't see their friends anymore, taking them through a very traumatic experience that will mark you, your children and family for a very long time.
After the repossession; the house you work so hard to own will then be sold by your lender at auction to a group of unknown and uncaring individuals looking for an easy bargain to make. By law the lenders have a duty to sell your house at the best possible price sadly the facts show that this does not quite happen like that. As lenders are really more interested in getting the money back rather than making a profit (see reports from the BBC on repossessed house sold at auctions) houses are actually sold very much below their market value. In some cases this actually means the proceeds of the sale may not be enough to cover all the debt you incurred. You may end up having lost your dear home and still having to repay debt.
Sadly that is not the only aggravating factor of the repossession. Your credit rating will be negatively impacted by the repossession. This means that you may not be able to apply for a new loan - or mortgage for that matter - until your credit rating has recovered from this dramatic fall. Ironically most letting agents employ agencies to check your credit history prior to letting you a house. As as result you may also find very difficult to rent a house. In the case of a bankruptcy; although credit reference agencies will update their records upon receipt of a certificate of discharge, a bankruptcy order is kept on the credit reference agencies' files for six years from the date the order was made.
To conclude on a very sad story; you will loose your home, your children will loose their school and friends, you will struggle to find a new house to buy or rent and will likely have some debt left to repay . All in all, the aftermaths of the repossession will be felt by your family for a quite a long time. You really to want avoid repossession.
Unlike your lender; Mega Quick Sale does understand the situation you are facing and will endeavour to find a suitable agreement for both parties. Our goal and mission is to help homeowners recover from these unfortunate financial mishaps as quickly as possible.
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