Posts Tagged ‘House Repossession’

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.