Archive for the ‘House Repossession’ Category

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.

House Repossession Rate in UK increases in the First Quarter of 2011

Thursday, May 19th, 2011

House repossession rate increased by 15% in the first quarter of 2011. A total of 9,100 houses were repossessed during this period – almost 15% higher than the last quarter of 2010 and 10% lesser than the same period of last year.

The stats are shocking; just imagine if base rate increases how tough it will be for the homeowners to pay their mortgages. People with a steady job can still handle the situation; but those who do not have any job or not sure if they would be able to secure a steady income in future are in real trouble.

Repossession – A stigma on your credit

Everybody tries to avoid repossession; it is bad for credit and it is hectic for you and your family. If you can foresee repossession, try to figure out the best way to get out of the situation. Either you have to secure a steady and stable income so that you can pay off the instalments on time.

If that sounds too tough, you can go for quick sale to stop house repossession. Quick house sale is an easy way to solve your immediate financial crisis such as house repossession. You can sell your house to cash buyers and repay your outstanding debts in full.

Professional cash buyers would pay you close to market value for your house. They usually purchase properties of any type and condition. You can sell tenanted houses to cash buyers as well. If you know how to stop house repossession, no matter whether repossession rate is rising or what – you can keep all the worries at bay.