Erasing bad credit and Repossesion
Credit problems and avoiding Repossesion
If you maintain mortgage payments on a house
which is burdened with negative equity then you
r lender will not be able to repossess it. However if you start
to fall into arrears
then the lender may decide to repossess your property and sell
You will be liable to pay any shotfall after the sale too.
Repossession is a last resort,
but lenders know that in a very severe down turn they risk a larger
shortfall which whilst will still be owed to them by you, will
not be secured
on any property as it will have already been sold. Accordingly
be more keen to sell the property as quickly as possible, and
find that repossession proceedings are quicker than you had expected.
For more about repossession please visit the relevant
section of our Complete UK Credit Repair Guide and Bonuses.
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