how to sell my property in U.K?

alacmathew · Joined: 01 Feb 2008 Posts: 2 2.18 Dollars($)

Hi ,

I am new in this forum, my name is Leiza, resident of North London. I need to pay off my mortgage debts but I am currently going through rough time. Well wishers suggested that I should sell off my home, which I bought 11 years back. I know in present condition this would be one of the best options.

For the past 7 months, I am trying this but all in vain. Estate agents keep promising to help me sell my property quickly but its been almost 6 months and we haven’t seen anything concrete happening.

Classified ads to sell property in open market so far has resulted in just 1 response and that too was frustrating as the buyer was ready to pay just half the price of my equity in the home.

The burden of paying mortgage and my sporadic income are taking their toll. I am frustrated and I need some good and quick advice on how to sell my property in U.K.

helping_user

Welcome Leiza.

Would you mind if I suggest an option other than selling the property? I know you must be attached to your home since you've been staying there for the 11 years or so. And, inspite of trying to sell for the past 7 months, there isn't anything positive truning out. So, why don't try filing Chapter 13 bankruptcy and paying your mortgage while at the same time you can keep your home too.

Surely a bankruptcy affects your credit but in case of Chapter 13 specifically it will affect you comparatively less because here you are trying to make payments on the loan as much as possible.

What do you say?

larry · Joined: 27 Jun 2007 Posts: 3328 473.40 Dollars($)

Hi Leiza.

Welcome to the forum.

Have you consulted with the lender regarding your problem? If not then talk to him ASAP.

If you cannot sell the house you can think about deed in lieu of foreclosure. Talk to your lender and check out if he can accept the DIL.

To know how you can avoid foreclosure with DIL, check out this article at - http://www.mortgagefit.com/deed-lieu.html

Feel free to ask if you have any further questions.

Best of luck,
Larry

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