Real Estate - Real Estate Investment

The
lender has to play fair at this eviction and repossession stage and
they should do all they can to get the property up for sale and sell
it as quickly as possible. If you feel that they are not doing so
then you should seek help
property repossession immediately. In certain cases individuals
can make a complaint to the Financial Services Ombudsman which could
result in the lender having to pay you compensation. If you do not
know where to begin then seek help and advice from your local
Citizens Advice bureau. You should also seek advice if you believe
that the lender has accepted an offer on the property that is
unreasonably low. It is the legal responsibility of the lender to
sell for the best price that can possibly be obtained.

Upon
completion of the sale the money that is gained will be used to
recover debts owed to the lender. This will not only include your
mortgage repayments but also any fees that have occurred through
selling the property. This would normally include any legal fees for
the sale, fees associated with an estate agent or fees for repairs
that were made to the property in order to sell it.

After
the lender has recouped their money then any other creditors who you
owe money to for example a second mortgage on the property will be
next in line and take their share. If there is anything left over
after all your creditors have been paid then you would be entitled to
receive it.