Archive for October, 2011

Home repossession may hit you any time – Are you ready for the unforeseen?

Wednesday, October 19th, 2011

Financial hardship comes suddenly without giving you any indication; things were alright until recent. The increasing number of unemployment and recession made things worse for many mortgage borrowers. A lot of borrowers lost their jobs and defaulted on their home loan which eventually resulted in repossession. Things are worst for those who are going through medical problems or divorce.

Even if things are alright with you, it might go wrong any day. Are you prepared for the bad days? Do you have any savings? Do you have a Plan B? What will you do if you suddenly lose your job?

It is always better to know your options and have the strategies in place before the problem begins. You should learn about the options available to bypass home repossession; then only you will be able to fight the battle successfully.

Employment plays a vital role; if you have loans to pay off and you lose your job suddenly, all your savings would go to cover the living costs. So chances are high that you would be into mortgage arrears. To avoid this, look for a second source of income. If your spouse is employed then the problem may not be that much severe. Still, both of you should look for a secondary job before it is too late. There are many ways of earning money and working from home opportunities; you may choose one depending on your skill set and interests.

So a secondary source of income can reduce the problem to some extent. The other thing that you have to consider is the right way of stopping home repossession. A lot of people would advise you to go for quick sale and that is indeed a very practical solution when it comes to stop repossession.

A lot of people try to sell their houses fast through estate agents. But estate agents might not offer you a quick deal when the economy of the country is in such a grave condition. Local property buyers can be of immense help; if you are trying to stop home repossession in Manchester then look for buyers in the same area. A local buyer can offer you a quick deal so that you can stop repossession and keep your credit rating high.

Effective Ways to Stop Home Repossession in Derby

Tuesday, October 11th, 2011

Home repossession is not a desired event at all; you have to try your best to stop home repossession. There are different options that you can try; however, you have to choose the best one so that you can stop repossession and keep your credit unhurt.

Equity release:

This is one of the popular ways of saving houses from the clutches of repossession; however, keeping the present market condition in mind it can be said that equity release might not be the ideal solution for all. As the economy started to fall down, many houses went into negative equity. If your house is in negative equity then equity release cannot be of any help when it comes to stop home repossession.

Selling house through property agent:

Selling house to stop repossession is another popular way to stop repossession. Selling house through property agents is probably the most common way of property trading. However, with recent economic turmoil property agents are not in a position to help homeowners sell house fast. Individual buyers are not purchasing properties; lenders are sceptical about extending credit. As a result many prospective buyers are not qualifying for loans. So there is a dearth of buyers; even when there are many sellers.

Selling house to cash buyers:

Selling house to local cash buyers seems to be the most practical way of stopping repossession in the country right now. If you need to stop home repossession in Derby then look for cash buyers of homes in Derby area. They can offer you fast and assured home sale.

Professional cash buyers offer customised solutions; once you get in touch with them they analyse your situation and then come up with the right solution for you. Look for a professional cash buyer in your area to stop home repossession.