Stop Your Repossession Now

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More tales of repossessions stopped
More tales of repossessions stopped

This week I've been working to help and middle aged ex-health worker who after giving 3 decades of service to his employer and, of course, to his patients recently lost his job in health service cuts.

Losing his job lead to this client becoming very anxious about his future situation and the home he had occupied for 20 years since the death of his parents. As with many people, the client in question was not sure where to turn for advice and had begun to live in fear of one his creditors taking out a repossession notice and obtaining a court order to repossess the house.

Originally, the client contacted me after downloading the Stop Repossession Now PDF document from our website which explains the eviction and repossession process in plain terms for those who have never experienced the nightmare of being repossessed. In this case it wasn't the lender GE Money who were chasing arrears but a second charge, sub-prime lender of the type who advertise on daytime TV - no names necessary.

I was able to offer the client the chance to stay in his family home, to rent back at a market rent and from the sale of his house not only become 100% debt free but also have a large lump sum to invest for his future. On top of he has the right to buy back his home at a future date at a discounted price.

For anyone in a similar position, sell and rent back could be the answer, provided you have enough equity in your home.

As always my advice was free...

We've prepared a free guide on how to avoid repossession and clear your debts at the same time without borrowing more money.
Bankruptcy or IVAs are not the answer

Click Here to download the PDF file.

Fri, 23 Mar 2007 12:31:06 +0000

Landlord repossession mortgage arrears
A week is a long time in our day to day lives, but a very short time indeed if you are facing repossession of your home.

In the past seven days I've been trying to help a number people from all different backgtrounds and circumstances to stop repossession of their homes and properties.

One of those was a Buy to Let landlord with a five or six properties in the South East that were paying their way, but one in the Midlands that was facing repossession. The reasons were fairly unsurprising when the landlord told me more about the property.

First Reason
It was a 3 Bed townhouse in a brand new development that is still being finished in stages. Seven of the properties in the same terrace had recently been repossessed and sold off by the lenders' via Estage Agents closed bid auction. These properties were being sold at a discount, whereas the landlord was trying to sell his at full market value.

Second Reason
As the estate was still being finished there were also dozens of brand new properties for buyers to view and many of these come with builder's deposits paid, or other cashback deals. This also means that there are fewer borderline tenants ready to pay top dollar for a 3 Bed house when they could get a mortgage with almost no deposit necessary, or at the other end of the scale rent a smaller 1 or 2 bed flat in the same development. The competition between all these landlords also meant that our landlord had not been able to find tenants for over 3 months.

Third Reason
No equity. The landlord was effectively 91% mortgaged, so in order to pay back the mortgage lender from a sale he was looking to sell for almost full market value. However, as we have seen there were still some of the 7 properties in the same terrace for sale after repossession for around £20k less.

Buying a buy to let investment property in a large off plan development is a serious no-no. You are buying into an area where there will be guaranteed competition for renting when the properties are finished, always new properties coming onto the market with their fresh decor appeal, and it's so hard for even mortgage lenders to value new builds off plan that some mainstream lenders like Portman Building Society won't even give you a mortgage for them anymore, at least until the housing market settles in the area.

Stop Repossession
So our landlord was facing repossession. If he didn't stop the repossession from taking place, he would be certain to have a difficult time ahead. He would not get any remortgage on his other properties, he would not be able to buy any more properties, either.

Some reading may think 'oh well, landlords being repossessed - it's not the same as families, is it?'. However, most people in the UK who rent, rent from private landlords. Renting now is often the cheaper option than paying a mortgage on the same flat or house. If our landlord gets repossessed, then the families who live in his houses will also be kicked out.

That in itself has dire impact on family, jobs, cost of transport, finding new deposits for a new home etc, so even landlord buy to let repossessions don't exist in a vacuum.

Repossession wherever it happens can be devastating for many people indirectly.

As it happens, in this case, I was able to use my network of contacts to find a young couple who were looking to buy in that area, and with the 5% discount that the landlord was looking for would be able to effectively get a mortgage without a deposit. Let's hope it ends well and out landlord doesn't get repossessed and his other tenants don't suffer!

As always my advice was free...
Here's another chance to download your free guide to help you understand the repossession process in the UK. This free repossession report also shows your options to avoid losing your home.
Get your FREE step by step guide here.
Click here to download your PDF report
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Wed, 14 Mar 2007 09:06:04 +0000
Free UK Repossession Guide - Stop Yours Now
Here's another chance to download your free guide to help you understand the repossession process in the UK. This free repossession report also shows your options to avoid losing your home.
Get your FREE step by step guide here.
Click here to download your PDF report
(Free Adobe Acrobat Reader needed)
Sun, 04 Mar 2007 13:49:49 +0000

Wales Tops The House Repossession UK Charts

I found this interesting piece online today about repossesions in Wales being the highest in the UK.
Increase in court claims against homeowners in Wales is twice as high as in England

Wales is becoming the UK’s repossession hot spot, with court action started against homeowners to repossess their homes soaring by 26 per cent in the past year.

The figure is twice as high as that for England, underlining the increasing affordable housing crisis in the country.

Between 2005 and 2006, the number of claims issued for repossessions in Wales increased from 6,559 to 8,294, according to figures from the Department for Constitutional Affairs. In England the increase was 13 per cent, from 108,795 to 123,387.

Figures for repossession orders, which do not always result in a repossession, increased by 55 per cent in Wales.

Shelter Cymru director John Puzey said this figure pointed towards an increase in actual repossessions.

A combination of low wages and high house prices in Wales was making homeownership increasing difficult, he added. ‘The Welsh have a lower than average income than residents in the UK, but the ratio between house prices and income is much lower in Wales.’

Housing markets were also being distorted in rural areas by a trend for people to move from urban areas to the countryside.

‘It distorts the local market,’ he said. ‘Those with the lowest income often live in areas such as Pembrokeshire, with the highest house prices.’

Mr Puzey said there were tensions between those in rural areas who felt priced out of their homes by settlers moving from large Welsh cities or England who could afford high house prices.

‘There are concerns in rural areas about local communities,’ Mr Puzey said. ‘People brought up there can’t afford to stay and there are worries about the language being lost and that [its] characteristics are changing.

‘Some local authorities were trying to deal with that, but it’s difficult to see how you can within the open market.’

If you need a quick cash sale so that you can repay your debts and stop repossession, please contact us today for your free home valuation report and no obligation offer click here

We've prepared a free guide on how to avoid repossession and clear your debts at the same time without borrowing more money. Bankruptcy or IVAs are not the answer

Click Here to download the PDF file.

Sun, 04 Mar 2007 11:53:35 +0000

Mortgage Interest Rates Force Family To The Edge

This week I've been helping a family in the Midlands who despite having bought their home 7 years ago when interest rates where at their lowest since the war, the family have, like so many of us, continuously remortgaged to fund an ever increasingly expensive lifestyle. We not talking about fast cars and luxury here either, but just the constant rise in the cost of living in the UK.

This family had been trying to sell their 4 bed house near Birmingham for 4 months. The estate agents had listed the property in such a slapdash manner that it's no wonder they've had so few viewings on their property. Last month they had an offer but as is so often typical when interest rates rise, the buyers wobbled and pulled out at the last moment.

Last year the family had had a court order to repay some mortgage arrears to their mortgage lender on top of their monthly repayments. This extra payment coupled with the last two rate rises and growing credit card debts that need consolidation, plus the mortgage lender making noises about new arrears and possible repossession, has suddenly put the family in the position that they had to sell fast.

Having viewed the property I made them a cash offer that would cover all their debts, repay the mortgage and (they decided to rent in future) pay the rent on a similar property in a town nearer to where the parents work for at least a year.

With the price agreed, we exchanged within 24 hours, which kept the mortgage lender happy, and completion is due in a couple of days.

No more mortgage arrears stress, repossession stopped, credit cards paid off, debt free and with a year's free rent. It won't be long before the family are back on their feet and with savings in the black again.

If you need a quick cash sale so that you can repay your debts and stop repossession, please contact us today for your free home valuation report and no obligation offer click here

We've prepared a free guide on how to avoid repossession and clear your debts at the same time without borrowing more money. Bankruptcy or IVAs are not the answer

Click Here to download the PDF file.

Wed, 28 Feb 2007 14:07:00 +0000

Stop Repossession. More news from the frontline of home repossession.

This week I had a client who had a very small mortgage against a property worth £130,000.
However, like many people he had fallen into the common trap of slick sales agents from loan consolidation companies and had been convinced to turn his unsecured credit card loans into a whopping £70,000 secured loan.
This Secured loan carried an atrociously high interest rate. The client in question was absolutely convinced that selling his property and renting it back was the only way forward. Sell and rent back deals are often the answer where the home owner has enough equity in their property and their debts can be renegotiated by us on their behalf.
But this client really didn't need to be selling his property.
Instead, I pointed him in the direction of a couple of well respected mortgage brokers and suggested he remortgage his home with a good lender at normal interest rates that this would cut his monthly outgoings by half, without needing to sell and rent back. Of course there is always the possibility that some previous credit history may mean that the client cannot obtain a mortgage at reasonable rates.
If that happens, then sell and rent back will still be an open option and he will still get to remain in his own home for many years to come.

We've prepared a free guide on how to avoid repossession and clear your debts at the same time without borrowing more money. Bankruptcy or IVAs are not the answer

Click Here to download the PDF file.

Thu, 22 Feb 2007 12:09:12 +0000

No Equity Left In Your Property? Repossession May Be A Real Threat

After a relatively quiet January, since the beginning of this month we have been inundated with requests for help from families all over the UK asking for help to stop repossession. Following on from the previous postings here, the trend is alarmingly similar. Loan companies (and mortgage lenders to a lesser degree) seem to be repeatedly overvaluing properties for remortgage or consolidating loans. As the last mortgage interest rate has kicked in, many people are finding that they are missing their monthly payments, and as a result receiving the dreaded letters for threat of eviction due to repossession.
In some cases, even when the family involved realises that they must sell their house to stop repossession taking place, there is so little equity left in the property after the mortgage and loans have the early repayment penalty (redemption figures) included that they stand almost no chance of being able to recover any money from the sale of the property. However, even selling the property and moving into rented accomodation is better than facing forced eviction and repossession, simply becuase of the social stigma and the harm it does to your credit rating, making even renting difficult as most landlords will run a credit check before they accept a new tenant, and few will accept tenants with a proven track record of non-payment of mortgage, even if the reasons are outside of the family's control.
In cases where the mortgage is relatively low compared to the amount secured on a so called '2nd charge'then there can usually be a solution in selling the home and renting it back. This is something we are able to offer to most people, and often with the option to buy back the property at a later date, but at a price fixed today. In other words, in 3 or 5 years time, the property could be worth 10-30% more, making the option buy back price a significant discount, and much easier to get a mortgage against.

We've prepared a free guide on how to avoid repossession and clear your debts at the same time without borrowing more money. Bankruptcy or IVAs are not the answer

Click Here to download the PDF file.

Sun, 04 Mar 2007 11:47:44 +0000

The Return Of The Negative Equity Property Trap Part 2

Last week I wrote about the situation facing an elderly couple in Yorkshire who over the last couple of years had slipped into the negative equity trap. This week, another example, again due to the recent interest rates rise. This time it was a family in Somerset. When they bought their home they were more than comfortable paying the mortgage at 3.75%. Now the rate is up to 5.65 and they are struggling each month.
This struggle has inevitably led to mortgage arrears and now a court date for repossession is looming just a few short weeks away. In cases where people have debt where the lesser portion is the first mortgage and the greater part from consolidated loans or other secured debts, it can be straighforward for us to reduce their overall debt to such a level that they can sell their home and rent it back (and, importantly pay a lot less than their current monthly outgoings). However, when the main mortgage makes up the bulk of the debt, the mortgage lender is very unlikely to accept a reduced settlement so that the family can stay in their home.
The banks in this situation are keen to repossess, and most courts will agree with the banks and grant an order if the homeowner cannot show that there is a definite sale on the table that will cover the debts secured against the property.
This family spoke to their mortgage company to try to extend to mortgage period, thereby reducing their monthly outgoings. Apparently, the reaction of the 'help desk' receptionist was to laugh and say 'no' in very definite terms. This family are now facing a dilemma. There is not enough time to sell their property on the open market, and they owe too much money to make a sell and rent back scenario work (the rent would be almost as much as the current monthly payments). With all the will in the world, it's hard to see how the court will allow them more time to pay their mortgage arrears and how this family can avoid the stigma of repossession. In most cases I have been able to find a solution that works for us as well as for the homeowner, and when that happens, everybody is happy and people can get on with their lives.
One of the biggest problems when facing mortgage arrears, repossession and debt problems is leaving it to the last minute before trying to find a solution. Time is the enemy if you are facing a repossession order or court date. I fear that more and more people are going to be in this terrible situation of not only facing repossession but also so heavily mortgaged that their options are almost non existent unless they act in good time to try and find a solution.

We've prepared a free guide on how to avoid repossession and clear your debts at the same time without borrowing more money. Bankruptcy or IVAs are not the answer

Click Here to download the PDF file.

Sun, 04 Mar 2007 11:48:06 +0000

The Return Of The Negative Equity Property Trap

This week I have been trying to help a family in Yorkshire to restructure their finances and finally get free of the debts that they had been building over the last six or seven years.

We'll call them the D Family. Like many people the D Family had used credit cards to fund an increasing more and more expensive lifestyle. We're not talking spendaholics here, just a pretty basic lifestyle that included the odd inexpensive holiday, some car repairs, and, spurred on the by recent TV obsession with improving our homes, a full set of new double glazing.

All was well until Mr D. was told that there would no longer be overtime at his workplace, the gas and petrol bills soared, and horror of horrors, their house actually stopped going up in value and has remained static for the last 8 months.

Having seen one of the many TV ads for loan consolidation, the D Family decided to put all their loan eggs in one basket, plus 'a little' bit more to help them with their current bills. All this secured with a second charge against their 3 Bed family home in a small Yorkshire town. The problem is that in order to meet their sales targets the loan consolidation company (who shall remain nameless) allowed the D Family to borrow up to 97% of the value of their property.

The result is that in an area where the actual sales prices of homes are 96% of asking prices, the D Family have now just slipped in negative equity. Not by much to be sure, but a few thousand pounds. Many have lost their homes to repossesion for less.

I'm currently trying to re-negotiate the family's debts with their secured creditors. Mr D is certainly feeling the strain as his job looks increasingly insecure. Many people in their position are luckier - they have a relatively large amount of equity in their homes.

Of course the thing is to avoid remortgaging to the absolute maximum. For many the solution of selling their home and renting it back can be a breather, especially with an option to buy back their home at a future date. With this kind of option not only are they not borrowing more money (at higher than normal interest rates) but often actually come out of it with a cash lump sum. Most people having come this close to repossession will completely change the way they look at debt and credit cards in the future, which can only be a good thing.

Mr D and his Family are keen to sell their home and rent it back as it would cut their monthly outgoings in half. But, right now, their debts are more than the mortgageable value of their home. We will try to get their debts reduced but the Family are facing an uncertain future with UK interest rates set to rise again this month.

We've prepared a free guide on how to avoid repossession and clear your debts at the same time without borrowing more money. Bankruptcy or IVAs are not the answer

Click Here to download the PDF file.

Sun, 04 Mar 2007 11:48:16 +0000

Repossession cases seen by Shelter have more than doubled in past two years

The number of families threatened with homelessness as a result of mortgage repossessions has risen sharply in the past two years with repossession cases seen by Shelter advisers more than doubling.
Figures from the Council of Mortgage Lenders reveal that homes taken into possession rose from around 10,300 in 2005 to 17,000 in 2006. The council predicts the figure will shoot up again this year, as higher interest rates begin to bite. It is forecasting 19,000 repossessions in 2007 and 20,000 in 2008.
The council said the greatest impact was due to the growth in lending to people with poor credit records who are more likely to fall into arrears.

Responding to the latest figures, Shelter chief executive Adam Sampson said:
'Spiralling house prices, created by a desperate shortage of housing, are forcing more families to overstretch themselves to get on the property ladder.'
Mr Sampson added:
'The massive rise of 65 per cent in mortgage repossessions means thousands more hard working families face the nightmare of becoming homeless.
'Mortgage arrears and repossession problems seen by Shelter have more than doubled in the past two years, and we received more than 70,000 hits on our repossession web pages in 2006.'
'We are calling on mortgage providers to be more responsible, particularly when lending large sums of money to vulnerable people on low incomes, and urging the Government to increase support to help families keep a roof over their heads.'

We've prepared a free guide on how to avoid repossession and clear your debts at the same time without borrowing more money. Bankruptcy or IVAs are not the answer

Click Here to download the PDF file.

Sun, 04 Mar 2007 11:48:48 +0000

Free UK Repossession Guide - Stop Yours Now
We have prepared a free guide to help you understand the repossession process in the UK. This free repossession report also shows your options to avoid losing your home.
Get your FREE step by step guide here.
Click here to download your PDF report
(Free Adobe Acrobat Reader needed)
Fri, 02 Feb 2007 13:39:49 +0000

Record Numbers Of People Go Bust In The UK

BBC reports bankruptcies rise by nearly 60%
Personal insolvencies reached 107,000 in England & Wales
The number of people who were declared insolvent in England and Wales rose to a new record of 107,000 last year.
That was a 59% increase on the year before, when 67,500 people went bust.
The rise was mainly due to a sharp increase in the number of people entering individual voluntary arrangements (IVAs).
The number of individual insolvencies also rose in Scotland and Northern Ireland, though not as fast as in England and Wales.
It is widely expected that the rising trend of personal insolvencies will continue this year.
But Pat Boyden, an insolvency specialist at the accountants PricewaterhouseCoopers, said he doubted that the increase would be as fast as in 2006.
"I wouldn't predict a huge increase this year - though the recent increases in interest rates may put the squeeze on unsecured borrowing," he said.
Bankruptcies, in which debtors typically lose all their assets, rose last year by 34% in England and Wales to 62,900.
But although these still outnumbered IVAs, the number of people choosing an IVA as a route out of insolvency more than doubled to 44,300.
If you are facing repossession or struggling to pay your mortgage and/or secured loans why not sell your house and rent it back? You can buy it back from us later when you're back on your feet. Find out more visit Cash For My House

We've prepared a free guide on how to avoid repossession and clear your debts at the same time without borrowing more money. Bankruptcy or IVAs are not the answer

Click Here to download the PDF file.

Fri, 02 Feb 2007 17:47:52 +0000

Repossessions rise again in 2006

The number of properties repossessed by lenders has continued to rise sharply, up 9% in the second half of 2006, the BBC reported yesterday.

"The Council of Mortgage Lenders (CML) says 8,860 homes were taken back, up from 8,140 in the first six months of the year.

It means that more properties - 17,000 - were repossessed in 2006 than in any year since 2000.

Although the figures have nearly tripled in the past two years they are only 0.15% of all current home loans."

'Prospects worsen'

"Repossessions are likely to creep up from around 17,000 last year to 19,000 this year and 20,000 next year - higher than the low of 6,030 in 2004, but still only around a quarter of the 1991 peak of 75,540," said the CML's director general Michael Coogan.

"This reflects a slight worsening in prospects as a result of higher interest rate expectations since the previous forecast," he said.

The Royal Institution of Chartered Surveyors has also warned that repossessions will rise.

David Stubbs, senior economist at the RICS said: "The RICS expects repossessions to rise further as the impact of the recent increases in interest rates takes its toll and homeowners struggle to repay their mortgage loans."

If you are facing repossession or struggling to pay your mortgage and/or secured loans why not sell your house and rent it back? You can buy it back from us later when you're back on your feet. Find out more visit Cash For My House

Between 1990 and 1993, 247,000 home owners lost their homes as house prices slumped and unemployment rose to record levels.
Wed, 31 Jan 2007 17:48:04 +0000
BBC publishes Repossession Diary - It Can Happen to Anyone

The BBC recently published a debt diary on their website detailing the problems that successful IT consultant Sayara Beg was having whilst facing mounting debt and threat of repossession. It all started when Ms Beg was sacked from her job. Claiming unfair dismissal when her employer refused to allow her to take maternity leave, Ms Beg soon encountered serious financial implications when her monthly outgoings began to rapidly outstrip her income and savings.
One of Britain's booming group of private buy to let landlords, Ms Beg came very close to having her buy to let property repossessed.
Unaware that help could have been close at hand when she needed a very quick sale in order to pay off her mounting debts, she seems to have followed the course that many people take when faced with the very real and extremely stressful prospect of repossession, take. That is, she tried to negotiate her way out of the problem with her creditors.
However, as you can see by reading her online BBC diary (http://news.bbc.co.uk/1/hi/business/5241290.stm) Ms Beg became seriously stressed indeed.
If you are faced with a situation like this, then often the answer is to sell your property quickly for cash, and free up the equity in order to pay off your creditors. Whether you are a buy to let landlord feeling the pinch of rising interest rates or a homeowner that wants to sell and then rent back your home until you get straightened out, then contact us now by clicking on this link to find out more Stop Repossession Now for free confidential advice.

Fri, 26 Jan 2007 17:48:37 +0000
Repossession Orders Rising in the UK

According to statistics published by Abbey one of the UK’s top mortgage lenders, repossessions of homes in the UK are set for a dramatic rise in the first 3 months of 2007.
The problems of over extended credit card debts, those losing jobs and unable to afford their monthly mortgage payments, the increase in divorce and separaration amongst homeowners are all causes cited as boosting the numbers dramatically since the same period in early 2006.
Many people who fall into mortgage arrears or arrears on a laon secured against their property often make the situation worse by failing to act in time. Most repossession orders can be stopped if action is taken quickly. To find out more visit Stop Repossession Now for free confidential advice.

Wed, 24 Jan 2007 09:48:51 +0000

Stop Your Repossession Now

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