Archive for October, 2010

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.