Repossession and mortgage arrears cause many people problems throughout their lives as property owners, with the constant pressure of having to have the funds in their account to pay their mortgage and household bills. All types of situations arise that lead to a homeowner being unable to keep up their payments on their homes and in return receiving a summons from the court. Repossession and mortgage arrears are a common problem and unfortunately the numbers seem to be on the rise.
A recent report issued by the CML (Council of Mortgage Lenders) indicates that repossessions in the UK stood at 7,700 in 2016 compared with 10,200 in 2015. Statistics show there was a 7% fall in mortgage arrears in the second half of last year with the yearly total of 17,000 being 65% higher than was recorded in 2005, and the highest since the turn of the century. In 2008 in the year of the crash, the first half of the year produced figures of 8,140 reaching 8,860 by the second half. This research only cements the fact that 1 in 690 mortgages end in repossession. These are extremely high figures for people in such a desperate situation.
The report however indicated a hopeful turn in the number of mortgages in arrears of 12 months, having fallen from 94,000 at the end of 2015 to 93,300 by the end of quarter 2015. Those in arrears in 2015 stood at 101,700. For people who are struggling with their repayments and feel they need to find a way out there are people on the property scene that can help. Cash Buyers are a welcome relief for those who are looking to stop their repossession orders or simply sell their property quickly so there is no longer the need to pay back considerable sums of money that is not always available.
The rate of homes that are being repossessed in the UK continues to remain at lower rate, due to lower mortgage rates. However there are certain loan companies that still charge consideraby more than the standard rates, leaving many homeowners in a real crisis that prevents them from being able to enjoy themselves and relax. If you are suffering with the fears that your home is going to be repossessed, there are some things you can do to stop repossession. You will need to act fast in order to stop this ordeal from happening, but it is possible.
- Speak with a mortgage lender immediately. Speaking with the lender will help you determine if there is any way possible that you could come to an agreement that will help keep you in your home. If the lender is unable to work with you, then you will need to take the next drastic step, which is to sell your home as quickly as you possibly can.
- Sell your home-Even though you will not want to have to vacate your home, selling your home will be the only solution to not losing the property entirely and having a black mark put on your record.
- In order to ensure that you can sell your home as quickly as you need to, you will first need to get your home appraised. This will help you determine what the market value on the property is.
Most people who have lived in their homes for an elongated frame of time have an exaggerated estimation of how much their property is worth. Emotional baggage is what people use to determine how much their property is worth. Be aware, that your emotional baggage is not going to change the fair market price for your residence.
- Speak with an agency that provides cash for homes. These agencies will be able to purchase the property from you directly, or find someone who is willing to purchase your property quickly.
Selling your home to stop repossession may seem like a drastic step to take.
However, if you are faced by this type of adverse situation, you need to do everything in your power to ensure that your name is not tarnished due to it. It is terrible to think that you could easily fall into the category of homeowners who almost lose their home to repossession. It is a spine-chilling idea that all of your hard-earned cash can easily get swept to the debt collector’s pockets.