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Sell house to avoid repossession

Posted in Financial difficulties, How to sell my house quick | 0 comments

Repossession rate is growing.

Repossession is a disaster: destroyed lives, lost homes, broken families…. Just imagine, that 9,600 homes were repossessed in the UK in the first three months of 2012 – 9,600 families lost their homes! According to the Council of Mortgage Lenders (CML) is actually a good news, as the number is lower than predicted. In 2011 there were 36,200 UK homes repossessed and it’s predicted to reach 45,000 by the end of 2012.

 

Why houses are getting repossessed?

So, why so many people lose their homes?  Why so many houses are getting repossessed especially when the interest rate is so low?

Of course in the current recession many people lost their jobs which impacted many families’ finances. On top of that prices of food, utilities and fuel went up keep making a further dent in family budgets.

As a result, people start getting into arrears, not being able to pay their mortgage and bills. I met homeowners who got into arrears due to sudden illness, job loss, unavoidable house repairs and credit card debt. The one thing they had in common is they were unable to keep up with the mortgage payments.

To start with people might just miss a payment or two, but it’s getting harder to catch up, so they plan to sell the house and cover the debts. However in the current market environment this might be not an easy task. Often homeowners are unable to drop the price any further and stay on the market while the arrears are growing. They really need to sell house to avoid repossession, but it’s not that easy.

The arrears are growing and the situation getting more and more difficult! Home owners can’t see a way out, they get stressed and feel hopeless and instead of dealing with the situation, many people “bury head in the sand”. I was talking to a lady, who lost her house without telling anyone, as she was embarrassed about it!

If people are consistently missing mortgage payments and don’t communicate with the bank, then the next step will be a house repossession order.

 

Sell house to avoid repossession!

So, how to sell house to avoid repossession?  The answer is ACTION NOW!

If you are in arrears, don’t hide and wait until the repossession. Review your finances, talk to your lender, they can work out a payment plan for you.

Ask you friends and family for help, don’t “bury your head in the sand”. If you are facing repossession or received a repossession order, is still not too late. We can stop repossession and sell your house, so you can be free!

To your happiness.

Dasha