If You Have Missed Mortgage Payments, You Need To Sell Quickly

Stack of empty cardboard boxes prepared for relocation from home

Life can be unpredictable, and sometimes, despite your best efforts, you may find yourself facing financial challenges that result in a missed mortgage payment. Often, if you find yourself in a more serious situation, you may have several missed mortgage payments. In the UK, missed payments can have serious consequences, including the risk of foreclosure. How many missed mortgage payments before repossession occurs? It varies from lender to lender, but if you’ve fallen behind on your mortgage, one effective strategy to regain control of your financial situation and protect your home equity is to sell your property quickly. Why is a quick sale a good idea? Take a look at the top 5 reasons now.

Reason #1 – You Avoid Foreclosure

What happens if you miss a mortgage payment? Eventually, foreclosure. In the UK, foreclosure is the legal process that allows lenders to repossess and sell your home if you’re unable to meet your mortgage obligations. Selling your property quickly can help you sidestep foreclosure, preserving your credit score and financial stability. Remember, the threat of foreclosure can be emotionally taxing. It can lead to anxiety, depression, and strained relationships. Selling your home quickly can provide emotional relief, allowing you to move forward with a fresh start.

Reason #2 – You Minimise Damage to Your Credit Score

A foreclosure on your credit report can have a long-lasting negative impact. It can affect your ability to secure credit, such as loans or credit cards, and may result in higher interest rates for future borrowing. If you have a mortgage with missed payments, you can bet that loan will show up on your credit report. Selling your home voluntarily, even if it’s under financial duress, can mitigate some of the credit damage. Taking proactive steps to address missed mortgage payments demonstrates your financial responsibility and willingness to resolve the situation. It may also improve your reputation with lenders and make it easier to negotiate more favourable terms for any remaining debts, which can further help protect your credit score.

Reason #3 – You Reduce Your Legal Costs

Foreclosure proceedings often involve legal fees and court costs that can add to your financial burden. By selling your home quickly, you can avoid these additional expenses and direct your resources towards resolving your financial challenges.

Reason #4 – You Keep Control

When you proactively sell your home, you have more control over the process and can make informed decisions about the sale. This control can lead to a better outcome than leaving it to foreclosure, where the sale process may be less favourable. More than that, though, selling your home before foreclosure allows you to retain any equity you have built up in the property. It ensures that you receive a fair market value for your home, which can be used to pay off your mortgage and other debts.

Reason #5 – You May Find a Better Housing Solution

Selling your home quickly can free up funds to secure more affordable housing options that better align with your current financial situation. It allows you to find something smaller, rent, or explore alternative housing solutions that alleviate financial stress.

Sell Fast When You Have Several Missing Mortgage Payments

When faced with missed mortgage payments in the UK, acting swiftly by selling your home is a smart move. It can help you avoid foreclosure, preserve your credit, minimise legal costs, protect your equity, and regain control of your financial future. By taking proactive steps to address your situation, you can navigate through challenging times with greater confidence and financial stability. Selling quickly can be the key to securing a brighter future for you and your family.

We are proud members of...

  • NAPB
  • RICS
  • The Property Ombudsman
  • Trading Standards

We are proud to be the most regulated property buyer operating in the ‘Quick House Sale’ industry. We are an active member of the NAPB (National Association Of Property Buyers) and are RICS regulated, which means you can have every confidence of selling your home with us quickly & easily.