Posts Tagged ‘stop repossession in Reading’

310 Repossession Orders Issued in the Second Quarter of the Year

Tuesday, August 23rd, 2011

According to an article published by the kentnews.co.uk 310 mortgage possession orders were issued from April to June this year. As per the forecasts, repossession rate might increase in the second half of the year. Are you secured?

If you are a homeowner and have mortgage debt, you have to ask this question to you? Thousands of homes have been repossessed over past couple of years. Situation is not different in Reading. If you want to stop repossession in Reading, you have to take a suitable step before it is really late.

There are several ways of stopping repossession. As soon as you feel that your house might be repossessed, talk to your lender. They might offer you an easier repayment plan. Remember your lender is also against repossession; it is the last resort for them. A lender does not prefer repossession because of the following reasons:

  1. It is a complicated process
  2. It is a lengthy process
  3. When house price is low, they will not get enough money to cover the outstanding debt

That is the reason they try to help the borrowers by offering simple payment terms so that they can pay it off. When you inform your lender that you are expecting a financial hardship and you might miss instalments, they will review your financial status and offer a suitable scheme.

When the situation is so grave that no rescue programme seems to be helpful, it is recommended to sell the house for quick cash and avoid repossession. Repossession is a scar on your credit history. By selling house fast you can get a lump sum amount in hand; clear the outstanding debt with this money, stop repossession and save your credit.