Can I Sell If In Arrears?greenspun.com : LUSENET : Repossession : One Thread
Can I sell my property even though I have 3 months arrears to pay? And if so, should I notify the Mortgage company straight away?
Any advice appreciated.
-- L (LAWLOZ@aol.com), July 04, 2001
Of course you can sell - its your house until and unless it is taken off you by a possession order which is enforced (in other words, you are evicted)
You agree sale in the normal way, instruct your solicitors who will get a redemption figure off the mortgagees as at the completion date and then they get that money and you get the rest less fees like estate agent and solicitor.
-- David J. Button (firstname.lastname@example.org), July 05, 2001.
I would imagine that it would depend on the terms of your mortgage contract. You need to talk to your mortgage provider, and if you meet any unreasonable obstructions ask the CAB for advice. If it were me I'd make it a priority to start paying off some of those arrears straight away, because I have read that technically - according to normal mortgage contracts - lenders can begin repossession proceedings after only 2 missed monthly mortgage payments. You really do need to try to stay on top of this one. The price you manage to realise yourself for your home is bound to be more than the lender will get, in the experience of many contributors to this Q&A board. My flat was sold for £1,300, for example, by the lender.
-- Eleanor Scott (email@example.com), July 09, 2001.