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House Repossessions Going Through the RoofBy Mark Brogan |
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Nationally, over 2005 mortgage arrears have increased by 23.3% , personal debt rose by 10.2% , and repossession actions entered grew by 48.2% from 2004.
“Top 7 house repossession tips”
1. “Call your lender” – Don’t ignore the calls or letters, the problem won’t go away. The courts will look more favourably if you have cooperated. House repossession is the lender’s last resort. 2. “Discuss your options” – Depending on your personal circumstances, your lender may agree to defer payment, extend the terms of the mortgage or change the type of mortgage. 3. “Prioritise your bills” – It is crucial to prioritise when paying your bills. Go out and do the food shopping, pay the water and electricity and then pay the mortgage bill. Some companies may pester you for the money they are owed – remember the house is the priority! 4. “Sell and rent back” – If your mortgage arrears and other debts are building and you are heading down the road of repossession, “Sell and Rent Back” is definitely an option. 5. “Look out for predators” – People may try to panic you into taking out high-cost mortgages which may make your financial difficulties worse in the long run in exchange for a short-term solution. 6. “Avoid borrowing more money to pay off existing debt” – This is likely to create problems further on down the line. 7. “Never give up!” – Until the day you’re evicted from a property there is always chance of finding a solution. |
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About the Author |
| About – Sell Quick (http://www.sell-quick.co.uk) is an established nationwide property purchaser specialising in residential house repossession and the “sell and rent back” solution. Sell Quick buys property for cash fast without any fees in exchange for a below market value purchase. The vendor has the option to rent the property back at the going market rental rate. Telephone - 0800 404 77 44 |
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