Archive for May, 2011

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.

Property market is not as paralysed as it looks like

Tuesday, May 10th, 2011

Are you a homeowner in UK facing financial hardship? Not sure how to pay off the mortgage? Afraid of repossession? Take a deep breath – there are options for you.

It is important for you to realise that there are ways to stop house repossession in UK. So do not surrender; even when the property market looks stagnant and you do not see any hope to find a buyer quickly do not give up. Market condition is not as grave as it looks like. It’s true that selling house is not easier now but if you try properly you can sell the house and stop repossession.

When first home buyers have taken a step back cash home buyers are very much active in the market; probably you did not notice. Cash buyers can purchase your house for quick cash; you can then use the fund to pay off your mortgage debt.

However, if you try to sell your house in traditional ways by taking help of an agent, you may end up with no result. As the first time buyers are dormant now it is difficult to find a buyer through an agent. You have to look for cash buyers in your area.

If you are in the advanced stage of repossession and your creditor has already started taking legal actions against you then selling house fast is the best alternative for you. Just contact your lender and let them know that you are selling the house, collect some kind of agreement from the buyer and show it to your lender – as soon as they understand that you can pay off the debt, they will stop repossession proceedings against you.

You can then sell the house on a preferred date and pay off the debt in full or partially depending upon the equity on the house.