Posts Tagged ‘stop home repossession’

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.

Essential Tips to Stop Home Repossession in Stockport

Wednesday, September 28th, 2011

Home repossession is a serious problem in Stockport. The entire country has caught the fever; homeowners from all over the country are afraid of repossession. Everybody is trying to figure out an easy way to stop home repossession in Stockport and in other areas of the country.

Here are some useful and realistic tips that help you to stop repossession not only in Stockport but anywhere in the country.

  1. First, do not get nervous – you can stop repossession and keep your credit in good shape.
  2. If you feel that you might be under financial hardship in future, talk to your lender first.
  3. Do not neglect any kind of communication from your lender, be it a mail, snail mail or phone call.
  4. You should realise that your lender also does not want to repossess your house; it is an expensive process. They would try to help you so that you can pay off the loan.
  5. Fast property sale is the easiest way to stop home repossession in the country right now.
  6. By selling house fast you can stop repossession and save your credit

This list consists of some do’s and don’ts as well. It gives you a brief idea on what to do and what not to do when you face repossession in Stockport. The same tips are applicable for the homeowners who are into similar situation anywhere else in the UK.

Facing Repossession in Shrewsbury? Here is a solution that always works

Saturday, July 23rd, 2011

Repossession is a nightmarish event; homeowners who are paying their mortgage always keep a close eye on the rate of interest because if it goes high, a lot of people might default on their mortgage payment.

If you are facing repossession in Shrewsbury you have to think of a way out. Once your house is repossessed, you have to leave it and relocate to another place. Moreover, your credit record will start showing this history of repossession and damage your creditworthiness.

In case you are facing property repossession in Shrewsbury, then do not do panic. There are many homeowners who survived repossession, so there will be options for you too. You have to explore various ways that can help you stop repossession and choose the one that suits you.

Here I will tell you one such solution that works good for all and that is always usable – fast property sale. By selling your house you can get a lump sum amount which can be used to pay off the outstanding debt and avoid repossession.

Fast property sale helps to stop property repossession in Shrewsbury

You can stop repossession by selling house fast; but when the property market is not performing well it is difficult to find a buyer for your home. Only quick home buyers can help you; even when the market is down cash home buyers can purchase your house so that you can avoid repossession.

To sell house fast in Shrewsbury you have to contact local buyers. They will evaluate your property and offer you a free quote. By accepting the proposal you can sell your home quick and avoid repossession.

Repossession rate is set to rise by 12.5% in 2012

Friday, June 17th, 2011

Repossession rate is still under control because mortgage rates are low. According to the Council of Mortgage Lenders (CML) the mortgage rate will continue to remain low in 2011. And then it will start to increase modestly in 2012. This will definitely have an impact on the number of house repossession all over the country; the repossession rate is likely to increase by 12.5% – that is what CML has predicted.

The repossession rate did not go beyond control because the mortgage rates were low; during the recession of 1991 higher number of people faced repossession compared to present statistics. Just imagine if mortgage rates start to increase in 2012, then situation may become really tough.

Many homeowners are still not feeling the tremor; but that does not mean they are safe! Once the mortgage rates go higher then the true picture will become visible. Once people realise that the plate is getting hotter they will start looking for a solution; perhaps they will try to sell their house fast to stop property repossession.

If thousands of people start selling their house suddenly, it is likely to create a disturbance in the market. There will be more sellers in the market than buyers; the demand and supply balance will get damaged making it tougher for the sellers to find a buyer.

You know that the easiest solution to stop home repossession is fast property sale; still you will not be able to achieve it because there is no buyer. This can be painful! How long can you wait for a buyer; your credit is on stake after all.

Stop Home Repossession with Cash Buyers

You can work with cash buyers and get rid of all the worries. Cash property buyers can help you sell your house quickly even when the market is down. With ready cash they can help you close the deal quickly.

Reputed cash buyers will pay you close to market value for your property. If you are planning to sell house today or in future, consider working with cash buyers.

It’s never too late to try to stop home repossession

Wednesday, June 8th, 2011

There are several things that you can do to stop home repossession. Here is a list of actions that you can take to protect your home from repossession.

Talk to your lender

As soon as you realise that you might miss your mortgage payments, talk to your lender. Lenders would always talk to you and help you in all possible ways so that you can avoid repossession and keep the home. No lender can take the borrowers to court if they do not complete the pre-action protocol. The lender has to help the borrower to pay the mortgage before taking them to court.

Once you contact your lender and let them know about your situation they must cooperate you in following ways:

  • Inform you how much you owe to them
  • Consider your repayment proposals if any
  • If they do not accept your payment proposals, they have to show you the reasons
  • If they decide to start legal actions against you, they have to give you 15 days notice

Lenders can help you in following ways:

  • Increase the loan terms so that monthly payment gets reduced
  • Agree to accept reduced payments for a short span of time
  • Adding the debts accrued due to non-payment of monthly instalments to the principle debt that you borrowed

However, to get such cooperation from your lender you have to do the following things:

  • Show them that you also want to pay the mortgage and you want to cooperate with them; never neglect any correspondence or phone calls from them
  • Pay as much as you can
  • Keep in touch with them
  • If the lender agrees to change the loan terms or agrees to accept reduced payment, then get it in writing

There is another alternative; you can sell your home fast.

Sell house fast to cash buyers

Cash buyers can help you to stop repossession by offering a quick sale. They are property investors; they can purchase your house for instant cash. You can use the money to clear your debts and keep your credit in good shape by avoiding repossession. Inform your lender that you are going to sell your home so that they do not start any legal proceedings against you.

There is a third option also; you can seek independent money advice from independent agencies such as Citizens Advice Bureau or Shelter. Take the right step and protect your credit from the stigma of repossession.

Repossession Rate is Likely to Go Down

Thursday, April 28th, 2011

According to a recent article published by The Belfast Telegraph cash for homes sales touched a record number in January. The report says “A record 40% of homes that changed hands across the UK in January were bought by cash buyers.” This is a good sign; troubled homeowners at least have realised that selling house to those who do not need mortgage is easier than selling house on the open market. Sooner others understand this fact the better.

It does not mean that you cannot sell house quickly on the open market; of course you can. But you will need a luck factor – you never know how long it will take to get in touch with the right buyer who would agree to buy your house and would qualify for mortgage as well. But if you work with cash buyers, rest assured that you would be able to sell the house in 7 to 10 days.

According to the report 40% of the properties sold in January were sold to the cash buyers. It means financially distressed homeowners have started recognising the benefits of working with cash buyers. People have realised how cash buyers can help to stop repossession in UK. The rate of repossession will definitely go down in near future.

There are two types of buyers who offer cash transaction – investors who purchase properties for the sake of investment and senior citizens who have cleared their mortgage and are now planning to move a small house simply for the sake of downsizing. If your house is a small one you can target the second group also. And you can contact professional property buyers any time.

To make things faster, you should look for local buyers. If you are trying to stop property repossession in Swindon look for active property buyers in Swindon area. They can offer you a quicker and smoother service.

If more people decide to work with cash buyers, like you, repossession rate would go down certainly.

Tips on How to Stop Home Repossession

Saturday, March 5th, 2011

Employment market and property market are not in a stable condition in UK. Moreover, UK economy just recovered from turmoil; still there are some ways to stop home repossession. However, you must have the confident and interest in you to save your credit, otherwise no solution can help you out. If you surrender to the situations you cannot control anything.

Identify the warning signs:

First of all you have to identify the warning signs; our life gives us indications about what may go wrong in future. If you have been facing financial difficulties for last couple of months, if the credit card bill is piling up, if you are getting worried every month thinking how to pay the mortgage payments then this is the right time to get cautious.

What is the first thing to do when you feel the tremor of repossession?

As soon as you feel that you might be in trouble contact your lender; this should be your first step. See if they can help you pay off the amount. Chances are high that your lender would help you by revising the loan terms so that you can repay it.

The second thing that you can do is: look for other ways to earn money. If you can get another job; however, when the economy is down and employment market is so unstable getting a new job sounds like day-dreaming.

The easiest way is to sell your house to cash buyers; the fund can be used to pay off the outstanding debt. And you can save your credit too. In a depressed market condition, you may find a dearth of buyers in the market; you have to contact the cash buyers in your area. Cash buyers are property investors; they help you stop home repossession anywhere in UK.

If you are in Leicester area and trying to stop home repossession in Leicester look for local cash buyers to make the entire process fast.

Report: Home repossession in UK falls further

Friday, October 22nd, 2010

In the second quarter of the financial year, the number of home repossessed by the mortgage lenders has fallen further. In the last quarter, the lenders have seized 9400 properties in the last quarter according to a report by the Council of Mortgage Lenders (CML).

Home repossession has now fallen for three consecutive quarters since they had reached a peak at 12,100 in September, last year. The total number of mortgages in arrears also dropped 5% during the quarter to stand at 178,200 by the end of June. However, the situation is not really as healthy as it sounds. The safety net for the borrowers is weakened by higher interest rates, a rise in the unemployment and also reduced support from the government regarding mortgage payments.

The CML estimates that only around 39000 homes might be repossessed this year, which is down from CML’s previous estimation of 53000. This estimation comes with support from the courts in England and Wales where the property repossession by the lenders has fallen yet again. The statistics by the Ministry of Justice show that the claims of house repossession by the lenders have fallen by 5% to 17774 in the second quarter of this year.

Although the picture is not rosy, however, there are options available. Stop home repossession is a trading portal for the Yellow Springbok, one of the leading property buyers of UK. And we have access to substantial funds through our network of cash investors. In case you are looking for ways to stop house repossession, we can make you an offer within 48 hours.

Choose the right thing at the right time and live a stress free life.

3 Most Effective Tips on How to Avoid Home Repossession

Sunday, October 3rd, 2010

House repossession is a common affair now in UK. ‘Buy me’ and ‘For sale’ sign boards have got sticky across the nation. In the year of 2009 more than 40,000 houses were repossessed. And there is still no signal in 2010 for the market conditions to improve.

Unemployment rate is still quite high; many citizens are in mortgage arrears and those who are gasping heavily to pay the installments are afraid of repossession. The first tip will be not to do panic; handle the situation carefully. Talk to your lender and see what they have to offer.

Get repossession help from your creditor

Talk to your creditor, let them know your situation; a lot of lenders offer loan modification services too to help troubled homeowners avoid repossession keeping their homes. Home loan modification is a good idea; the lender may waive late fees and other financial charges. Arrears may also be included with the principal balance.

Cost cutting and budgeting

See if you can trim your monthly expenses and eliminate some of the not-so-important activities. The saved money can be used to pay off mortgage. You can do it yourself without taking any repossession help from your bank or a third party.

Sell the house off

You may consider selling the house fast; you can use the selling price in various ways; you can pay off the mortgage with arrears in full, you can keep the residue for investment, you can repay your unsecured debt with the residue amount as well. This will help you stop home repossession. Instead of approaching individual buyers in the open market, you can contact cash property buyers who purchase properties of any type and condition for instant cash.

How to avoid home repossession

Monday, September 13th, 2010

Repossession is a legal process which involves recovery of properties from defaulters by the various financial institutions. The repossession can happen when the homeowner is unable to repay the mortgage payments in full. In such circumstances, you as the homeowner lose the right to ownership of the house. This may need you to evacuate the premises as the lender is authorized to occupy it.

The repossession affects your credit scores, preventing you to get credit in future if needed.

However, the process of repossession is pretty long term and it does not occur overnight. Be aware of your rights and avoid home repossession.

Prior to repossession, you will receive a number of notices in writing from your lender, offering you settlement options. In case you are unable to pay back, you will be sent a formal order of repossession by the court of law. Just remember, the lender will always be more interested in getting the money back, instead of getting the possession of the property.

In certain times, due to unavoidable financial constraints, it might be difficult to make payments in time. Under such situation, quick selling of house is indeed a very good solution to stop the repossession of your house.

You can sell your property with the help of a property agent. But, this is a time consuming process. To stop house repossession, you need a lot of cash in a very short period of time. Getting hold of a huge amount of cash is pretty much impossible. Instead, you can turn towards private investors with lots of cash, who buy house privately. The good part is, all the attorney fees are paid by the investors.

Many such investors offer a rent-back option to the homeowner, whereby, you can sell the house to the investor and then rent it back straight from them at an affordable rent.

This advantage is one of the many such other flexible offers available from cash buyers.