Posts Tagged ‘home repossession’

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.

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.

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.