Selling instead of being evictedgreenspun.com : LUSENET : Repossession : One Thread
I've had a reposession order against me (suspended) since 28th Novemebr 2001. Unfortunately I've now missed four payments (work I was promised has not materialised). I have therefore decided to sell the flat and put it on the market. I told the solicitors (Wood Glaister who are acting for Barclays) about this last week but they have replied that they are going to "issue a warrant for possession and an eviction appointment will be received shortly". Yet the value of the flat is twice that of the outstanding mortgage, and the estate agent is aure we could sell and complete in the next three months at the latest. What can I do? Things are slightly complicated by the fact that I am away from home studying in California, and a friend is living in the flat at the moment (and payin me rent) Any advice would be very gratefully recieved! Thank you PS I guess I'm asking, how long do I have to try and sell the flat before the flat becomes the property of Barclays and how can I contest/delay this happening?
-- Derek Draper (email@example.com), August 04, 2002
If as you suggest you have a substantial equity in the property then in order to buy time why not borrow against this security and pay the missed payments. If the lender receives money owed then it will be much more difficult to obtain an eviction order. You will have to move fast however as the situation is obviously at the eleventh hour already.
-- Gordon Bennet (firstname.lastname@example.org), August 05, 2002.