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

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

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

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.

310 Repossession Orders Issued in the Second Quarter of the Year

August 23rd, 2011

According to an article published by the kentnews.co.uk 310 mortgage possession orders were issued from April to June this year. As per the forecasts, repossession rate might increase in the second half of the year. Are you secured?

If you are a homeowner and have mortgage debt, you have to ask this question to you? Thousands of homes have been repossessed over past couple of years. Situation is not different in Reading. If you want to stop repossession in Reading, you have to take a suitable step before it is really late.

There are several ways of stopping repossession. As soon as you feel that your house might be repossessed, talk to your lender. They might offer you an easier repayment plan. Remember your lender is also against repossession; it is the last resort for them. A lender does not prefer repossession because of the following reasons:

  1. It is a complicated process
  2. It is a lengthy process
  3. When house price is low, they will not get enough money to cover the outstanding debt

That is the reason they try to help the borrowers by offering simple payment terms so that they can pay it off. When you inform your lender that you are expecting a financial hardship and you might miss instalments, they will review your financial status and offer a suitable scheme.

When the situation is so grave that no rescue programme seems to be helpful, it is recommended to sell the house for quick cash and avoid repossession. Repossession is a scar on your credit history. By selling house fast you can get a lump sum amount in hand; clear the outstanding debt with this money, stop repossession and save your credit.

Home repossession rate might increase in the second half of 2011

August 10th, 2011

Thousands of people are already at risk of repossession; this number might increase as the lenders adjust their forbearance policies. Not a good news at all; borrowers who are yet to pay off their mortgage might fall behind the payments and face repossession.

Home repossession is a nightmarish event; your lender will take you to court, they will evict you from your home, you have to move out of your own property and find a new home and most importantly, your credit report will be hit hard. A history of repossession will stop you from getting financial services for long time.

Fast property sale is the easiest way of stopping repossession. If you want to stop repossession in Telford and surrounding area, look for fast property selling options. As the tough economic climate remains unchanged, it is difficult to sell house fast. So you have to figure out the right method to sell your house fast.

Sell house fast to stop home repossession in Telford

Once you decide that you will sell your house to stop repossession because you are so much deep into mortgage debt that no rescue programme can help you, you have to find out a buyer. You will need someone who will buy your house quickly.

And here is the catch; it is difficult to find a buyer who will offer you a guaranteed sale. Even property agents are not able to provide quick sale these days. Fast property buyers come to your rescue. You can sell your house to the buyers in Telford area and stop repossession any time.

So look for quick home buyers in Telford area; a professional buyer would offer you close to market value. You can close the deal in 7 to 10 days and stop repossession successfully. Contact a trustworthy property cash buyer today.

5 Ways to Stop Home Repossession in UK

July 31st, 2011

Repossession is a big threat that can ruin your entire life. Repossession does not come instantly. There are various steps that have to be covered before the stage of property repossession is reached. However difficult might be the situation, there are various ways to stop repossession in Northampton and in entire UK.

Some of the most effective ways that can help to avoid and stop home repossession in Northampton are as follows:

  • Direct talks with the lender can help to avoid and in some cases stop home repossession in Northampton and in other parts of UK as well. However, you should not wait till the time when repossession cannot be avoided. Talk to the lender when you start missing your mortgage payments at the initial levels. Tell him clearly about your problems for which you are not being able to pay the loan. Building a rapport with the lender might help to avoid home repossession in Northampton.
  • Talking to people who have faced similar situations will also be of great help in stopping repossession in Northampton. They can suggest practical ways of fighting the problem.
  • Selling off the property with the help of quick cash property buyers can be a way to stop home repossession in Northampton. They can give instant cash against the property with which the defaulter can pay the outstanding debts and protect the property from getting repossessed by the lender.
  • Selling and renting back the property is a great way to stop repossession in Northampton and also in other regions of UK. In this, a cash property buyer buys the house and with the amount the defaulter clears all the pending dues. Again the same property is rented back to the owner where he can stay as long term tenants as per the agreement.
  • Releasing equity from the property can be a solution to stop home repossession in Northampton.

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

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

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

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.

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

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.