Posts Tagged ‘how to avoid repossession’

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.

Best tips to avoid home repossession

Thursday, September 23rd, 2010

If you want to avoid home repossession at any cost, then stop ignoring the repossession problem. There is a campaign that is launched by the national government which provides information about repossession. This campaign also helps those distress home owners who are falling behind in their mortgage payments. This campaign is welcomed by the Council of Mortgage Lenders (CML) and covers the following points:

  • Be aware of the looming repossession problem. Tackle it head on.
  • As soon as you realize that you have a difficulty in paying the mortgage payments, talk to your lender openly and honestly.
  • Think proactively. If you have never missed any mortgage payments till date. But you fear that you might miss one in the future due to the present financial scenario, your lender is there to help.

If you pay heed to the above advice, and take appropriate precaution, you would not be evicted from your home. But in case you are already neck deep in debt and struggling to pay your mortgage debts, then it’s time to act immediately. It’s never too late to talk to your lender about the financial crisis that you are facing. Take repossession help from the government campaign about the mortgage payments for the struggling home owners that are mentioned above.

If you are still being threatened by house repossession, the best option will be to get in touch with a cash buyer and sell off your house quickly. You have a choice to rent it back immediately from them after selling.

We are a firm which deals with private property buyers all over England. If you decide to sell your home quickly, please contact us now to get help.

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.