What is actually involved in mortgage repossession?
December 17th, 2009 by admin
A friend of mine is facing imminent repossession of their house as they cannot meet mortgage repayments. They seem quite resigned to this, but I am concerned they aren’t giving this enough thought and looking at any way out – largely because they think just letting this happen will be the cheapest solution…
Does anyone know what is actually involved in the process? Does a person become bankrupt as well – or is that a separate issue? I assume this would destroy a persons credit rating for some time?
Thank you for advice so far! As I understand they have talked to mortgage company extensively. I am light on details, but think this has been building for some time and they have already had payment holidays etc.
The CAB sounds like a sensible place to contact, if I can get friend to to speak to them.
Sell and Rent Back
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