Archive for the ‘Repossession Help’ Category

>>>Mortgage Help

You can be repossessed if you can’t keep up your mortgage payments. If you ignore the problem it could escalate and become much worse – leaving it more difficult to control your debt and avoid repossession. Please don’t let this happen! Take control today by contacting us so that we can help you to avoid repossesion of your house.

Call Repossession Saviour on 08000 40 77 40 and get Free and Friendly advice from experienced professionals

Reposession is a process that occurs when a first mortgage or secured loan lender obtains a court order to take possession of a property due to a borrower’s failure to keep up to the date with the mortgage or loan repayments.

Your lender can take you to court if you don’t pay your mortgage or any other loan secured on your house. Your freeholder can also take you to court if you break a conditions of your lease, however this is very unusual.

There are different ways that a borrower can avoid repossession. Arranging a remortgage or secured loan are two options that are open to the homeowner(s) however there must be the capability to meet any increased mortgage or loan repayments in the future – along with the need for a right amount of equity within the property. By arranging a remortgage you could clear your outstanding stages and even reduce your monthly repayments by achieving a more competitive rate of interest – this will largely be dependent on your current circumstances.

>>>Eviction UK

Important Information For you To Stop House repossession.
If you are a homeowner, your lender may only take possession of your property if the court makes an order ordering you to leave. The most common reason for a property to become repossessed is mortgage arrears or arrears on a secured loan. It may be possible to avoid reposession by taking action at the earliest opportunity you can – whether you are able to negotiate a solution with your current lender or whether you are looking to switch lenders altogether.

The courts may turn away a lender’s application for a repossession order for a number of reasons – This may be because there wasn’t enough good reason to repossess your home or simply because the judge believed that you should be allowed to stay, allowing you time to make situation right.

The time taken to avoid a repossesion will depend on the individual circumstances of the applicant. However this can mostly be done within a few days. When the eviction order is granted you will usually have six weeks to make the arrangements.

>>>Repossession Advice

Conflicting Property Market Reports
There have been conflicting and confusing reports about the state of the UK property   

Commercial Properties As Fixer Uppers Are Worth It
Distressed properties are usually sold at an amount that is considerably less than their current market value. 

91 homes repossessed this year 

LENDERS had 456 repossessed homes on their books at the end of March but experts say the figures significantly lag behind those in Britain and the US.  

Cheap Houses in Miami Great for Buyers but not for County
In April, nearly 5700 Miami-Dade homes were bought by bidders or repossessed by lenders through public auctions. 

 

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Deep in debt: the average UK household owes £57,950

Another month goes by and we’re all deeper in debt. According to money charity Debt Action, our collective personal debt comes to £1,460bn – which means as individuals we owe more than what the whole country produces in a year.

>>> Repossession Debt, Property Repossession

And the debt problem is getting worse. The latest available figures – for March 2010 – show that we fell a further £0.6bn deeper in debt. The interest payments on that debt were £67.8bn in the last year alone.

It means the average household now owes £57,950 while the average amount owed by every UK adult is £30,258.

The average interest paid by each household on their total debt is approximately £2,692 each year while £186m-worth of personal interest is paid out each day in the UK.

Apart from mortgages, we also owe an increasing amount on plastic and loans. Debt Action says the average consumer borrowing through credit cards, motor and retail finance deals, overdrafts and unsecured personal loans soared to £4,593 per average UK adult at the end of March 2010.

There are 9,500 new debt problems dealt with by Citizens Advice each day. Meanwhile house repossessions are occurring every 11.4 minutes as homeowners fall behind with their mortgage payments and someone will be declared insolvent or bankrupt every 3.69 minutes.

Prevention planning

Of course there are ways for people to prevent repeating their mistakes and getting into future problems, according to Justin Modray at CandidMoney.com, who points out that the best way to avoid problems is not to spend more than you earn.

"If you need to borrow over shorter periods then try to take advantage of zero or low interest rate credit cards – but have a plan to repay the balance before interest starts to pile up," he says. "For longer term borrowing, consider a low cost loan or, if you have plenty of equity in your home, a mortgage."

Avoiding store cards – which often charge punitive rates of interest – and keeping on track of your finances with a strict budget are also essential. "A monthly budget is an excellent way to instil some financial discipline so keep a record of all your expenditure and then see where you can cut unnecessary costs and get better deals."

Keeping on top of your mortgage repayments is critical.  If you have, or think you may, fall into mortgage arrears, you must get repossession advice as soon as possible.

>>> Repossession Advice

There are other financial products that are worth considering that may help you during the tough times, adds Penrice at Honister Partners. "To guard against the risk of unemployment, people should ideally have around three months’ salary as a reserve to tide them over should the worst happen," he explains. "It would also be worth considering ASU insurance, which can give protection against loss of income due to accident, sickness and unemployment."

Even so, the financial problems being experienced by many are not expected to ease any time soon. In fact, Sands at RSM Tenon warns we are likely to continue seeing record numbers of people looking towards insolvency during 2011.  House repossession and eviction is expected to rise in parallel.

"The UK’s debt culture built up over the last decade has intensified the effects of the financial crisis and people need to understand the consequences of taking on debt and be given incentives to rebuild their savings," he says. "We are seeing record levels for the third quarter in a row so advice is crucial to help the hundreds of thousands of people suffering financial distress who are on the verge of bankruptcy or house repossessions."

>>> Mortgage Help

Seeking mortgage help and repossession advice as soon as possible is critical to help prevent personal bankruptcy.

 

Technorati Tags: debt, house repossessions, Mortgage Arrears, mortgage help, mortgage payments, property, Repossession, Repossession Advice, your mortgage repayments

>>> Sell House Fast For Cash

Whatever the reason for selling, we can help

If you’re looking to sell your property, if you need to sell house fast, if your home has been on the market for too long, if you’re under financial pressure, if you need to releasing equity but don’t want to move or if you need to stop house repossession, Repossession Saviour offers a fast sell and rent back scheme. You will receive a cash lump sum faster than you thought, with no loan repayments and no financial commitments.

Fast and professional service for mortgage rescue schemes.  Call Repossession Saviour on 0800 40 77 40  for a stress free experience and repossession advice.

>>> Mortgage Help

Properties bought for cash by national homebuyers.

We buy property and land for cash without the expense of legal or estate agency fees, or the time constraints of a long chain of buyers. With our experience in fast property sales, you can receive your money in days rather than long months.

You then choose whether to move on or stay in your current house for an agreed monthly rent, no longer burdened by mortgage payments, the cost of home maintenance or facing the threat of repossession.

Repossession Saviour will guarantee all our property offers, securing a sale for every customer and sparing you from the housing market lottery.
 
A quick house sale may be the answer to your prayers if you’ve suffered a chain breakdown, face heavy debt, received a repossession notice, probate challenges, need to stop eviction, are negotiating a divorce or hoping to emigrate and start a new life, debt free. If you later find yourself in a better financial position, change your mind, we offer a sale and buy back option, having given you the breathing space you needed to consolidate your finances.

>>> Repossession Advice

 

 

 

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Mortgage Repossession Act Protection for Tenants.  House Eviction Stopped.  On 8th April 2010, the Mortgage Repossessions (Protection of Tenants etc) Act 2010 received Royal Assent. The Act is designed to offer some protection to tenants from immediate eviction when a mortgagee repossesses a property.

 

On 8th April 2010, the Mortgage Repossession Act 2010 received Royal Assent. The Act is designed to offer some level of protection to tenants from immediate eviction when a mortgagee repossesses a property because the landlord fell into mortgage arrears.

Currently the tenant is faced with house eviction at very short notice and usually has very little time to raise their situation with the lender because they had no knowledge of the proceedings.

This has become an increasing problem due to the economic downturn and recession in general.  The introduction of the Mortgage Repossession Act follows lobbying by a number of organisations including Shelter, Citizens Advice Bureau, CIH and RICS over recent months.

A copy of the Mortgage Repossessions Act is available at: http://www.opsi.gov.uk/acts/acts2010/ukpga_20100019_en_1

The Mortgage Repossessions Act applies when owners have let their property without the consent of the mortgage lender which results in an ‘unauthorised tenancy’.  If the owner then defaults on their mortgage payments and falls into mortgage arrears, the lender issues an eviction notice and takes possession of the property.

When this happens the tenant has to make an application to the Court but the Court will not automatically delay a repossession order.

The Court may however stay or suspend the repossession order and have the eviction stopped for a maximum of two months either when it makes the order or afterwards.

For this to happen, the tenant must have first asked the mortgage company for an undertaking from it that it will not enforce the order for two months and the mortgage company must have refused to give that undertaking.

The Court will consider any breaches of tenancy when reviewing the tenant’s application. It may also make an order conditional on the tenant making payments to the mortgage company during the delayed period.  This is usually equal to the rent the tenant was paying the landlord but may be a figure set by the court.

The benefits of an order being made, is that it gives tenants extra time to find alternative accommodation. It is only a temporary measure and is time limited, but offers much greater protection than is currently on the statute books.

The exact date the Mortgage Repossession Act comes into force is not yet known but it is expected to happen shortly.

 

Mortgage Arrears Fall – House Repossession Avoided. Total number of mortgages in arrears in 2009 below predictions, as government continues to promote options available to struggling borrowers.

 

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The number of borrowers with mortgage arrears fell by 4% in the last quarter of 2009, as low interest rates continued to help homeowners meet their monthly financial commitments, figures showed today.

By the end of 2009, there were 378,000 home owners with mortgage arrears, defined as owing at least 1.5% of their outstanding loan, according to data from the Financial Services Authority (FSA).

The number of new mortgage arrears cases registered during Q4 of 2009 was down 9% on the previous quarter at 41,000. The number of such cases had fallen in each quarter of last year, the FSA said, and the figure for the final quarter was 39% lower than the same period in 2008, when the BoE first began to cut interest rates.

The number of new house repossession cases was also down, falling by 15% quarter on quarter to 11,800 – the lowest figure since the summer of 2008.

At the end of 2008, many lenders predicted house repossessions would rise to record levels in 2009, with 75,000 homes being repossessed and half million accounts going into mortgage arrears.

However borrowers have benefited from a series of interest rate cuts which took the BoE base rate from 5% in October 2008 to an historic low of 0.5% in March 2009. In addition, a series of initiatives by the government and mortgage lenders have enabled those falling into mortgage arrears with good prospects of paying off their arrears in the near future to stay in their homes.

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Despite this, the FSA figures show that in the course of 2009, 54,000 homes were taken into house repossession.

The housing minister, John Healey, said: “We’ve pulled out all the stops with government support to help people avoid eviction. More than 330,000 families have had help and advice with their mortgages over the past year, which is one reason why house repossessions are running at half the rate of the last recession.

“I would urge anyone facing money worries not to bury their head in the sand, but to get repossession help in keeping their home.”

 

 

House Repossessions Could Increase Due to Rate Increases and Property Price Falls.  The financial regulator in the UK has warned that there could be a further surge in house repossessions in the UK if interest rates increase or property prices fall significantly.

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The financial regulator in the UK, the Financial Services Authority (FSA), has warned that there could be a further surge in house repossessions in the UK if interest rates increase or property prices fall significantly. The FSA has warned that shock interest rate increases or property price falls could see millions of families put at risk of mortgage repossession.

Over the past couple of years concerns over house repossession levels have been soaring, and the government has been putting various measures into place to ensure that home repossession action is used as a last resort by the banks in the UK. Whilst the situation has eased off as a result of improvements in the property market and the rock bottom Bank of England base interest rate, which has been at an all time low of just 0.5 percent for over a year, the FSA has concerns that this could quickly be reversed if interest rates rise significantly or property prices start to fall again.

Officials from the FSA have said that the families that are most at risk of mortgage arrears are those that have failed to pay off their debts, and could therefore be hard hit if interest rates go up or property prices fall. Many young professionals who took out mortgage loans that were many times their income in order to get onto the property ladder could find themselves in risk of bank repossession, as could those that have been living beyond their means through the use of loans and credit cards.

Many families could find their income slashed and their finances deeply affected by any increase in interest rates, a further house price crash, or from rising unemployment. Many may find that this leads to mortgage arrears, and this could eventually result in house eviction and could push home repossession figures back up.

The warning comes after it was revealed that millions of people that are desperate for credit have been applying for credit cards, with some charging interest rates of up to 60%. These people are amongst the groups that are likely to suffer the most in the event that their finances are affected by interest rates, house prices, and job losses.

 

House Repossessions Likely to Spike in 2010.  House repossessions appear to be falling, according to official figures but there are fears that many more people will have their house repossessed this year.

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With many homeowners struggling with mortgage arrears, it is hardly surprising to see that house reposessions are still high, with around 46,000 in 2009, according to the Council of Mortgage Lenders (CML).

However many think the real number of repossession orders could be even higher. Though the statistics are collected correctly, many believe they do not accurately reflect current market conditions.

Ultimately, the problem is feared to be far greater than it appears and the home repossession figures are likely to be nearer to those of the last big house recession, back in 1991 when there were 76,100 houses repossessions.

Some point out that these figures do not take into account the number of homes being sold by families to private landlords, under sale and rent back schemes. It has been estimated that the number of homes sold under sale and rent back schemes was close to the 25,000 mark last year.

Another factor is that the CML only collects the number of mortgage repossession. There are no records of how many properties with second-charge loans secured against them.

What is more, the introduction of the mortgage pre-action protocol in 2008 – which and sets out the steps lenders must take before applying for home repossession – could be a delaying factor in eventual house repossession for some homeowners.

It is possible that bank repossession will increase quite significantly in 2010. The latest annual 2010 house repossessions report reveals that 67% of mortgage lenders and repossession experts also forecast an increase in home repossessions this year.

While lenders have had to help borrowers struggling with repayments rather than rush to reposses, they can only hold out for so long – the scheme has created a bottleneck which will start to clear in 2010.

It can take between six and 12 months to have a home repossessed, but at the moment it takes even longer because of the various government-backed schemes. So, the most recent figures released are based upon borrowers who experienced difficulty around a year ago.

The low cost of standard variable rate mortgages at the moment is good news for homeowners. But what happens when the Bank of England base rate starts to rise? They will see repayments go up, and if the money isn’t there to pay house repo will rise.

 

Repossessions Estimated At 53,000 for 2010 by Council of Mortgage Lenders.  Some uncertainty as to the financial year ahead has appeared between lenders and experts. A recent report from the Council of Mortgage Lenders stated that there were 46,000 house repossessions in 2009, an increase of 15% from 2008 when 40,000 home repossessions occurred.

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Some uncertainty as to the financial year ahead has appeared between lenders and experts. A recent report from the Council of Mortgage Lenders stated that there were 46,000 house repossessions in 2009, an increase of 15% from 2008 when 40,000 home repossessions occurred.

With unemployment looming for many, anyone who has mortgage arrears needs to be totally aware of their choices and options to avoid repossession.

Nobody can predict what will happen in the future, but it is possible to ensure that the choices that are made today regarding bank repossession are informed decisions which benefit the current situation.

Remortgaging at a better rate may be the biggest single money-saving activity possible (not to mention avoiding repossession) for some.

Previously, lenders were only offering remortgages to home owners with large amounts of equity in their property, however, some have slackened their criteria.

Having an income and mortgage protection insurance policy enables individuals to feel more confident about their financial future, knowing that they have a safety net in place should the unexpected occur thus avoiding the dreaded repo bank situation.

2010 forecasts show that predictions of future job losses and other economic restraints will potentially result in 205,000 cases of mortgage arrears as well as thousands of bank repossessions.

 

House Repossession Forecast Cut Pondered By CML. Call Repossession Saviour now on 08000 40 77 40 and we can help you with your repossession. The Council of Mortgage Lenders (CML) has hinted that it might lower its house repossession forecast for 2010 after seeing lower house reposessions than expected in Q4 2009.

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The Council of Mortgage Lenders (CML) has hinted that it might lower its house repossession forecast for 2010 after seeing lower house reposessions than expected in Q4 2009.

There were some 46,000 houses repossessions in 2009, up from 40,000 in 2008 and the highest level since 1995.

The CML dramatically cut its forecast for the number of house repossessions in 2009 to 48,000 from an initial prediction of 75,000.

The trade body says its 2010 forecast of 53,000 home repossessions may also be pessimistic because unemployment figures are significantly better than expected, interest rates still low, lenders have better arrears management in place and government assistance schemes are having a positive effect.

Figures from the Finance and Leasing Association also show that home repossessions among second charge lenders fell in Q4 last year,.

There were 233 houses repossessions by second charge lenders in Q4 – a 37% drop compared with Q4 2008.

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However the latest home repossessions report shows that 67% of lenders and experts are still predicting a rise in 2010 compared with last year.

Of this figure, half believe that house reposessions will increase by as much as 5% while 17% believe a rise of between 5% and 15% will be seen. A further 6% foresee an increase of more than 15%.

Lenders allude to excessive borrowing from other financial sources as the most likely cause of rising home repossessions, with redundancy being the second biggest contributor, marital separation the third and interest rate rises the fourth.

Paul Walshe, head of lender services at Moore Blatch, says: “Sadly, excessive borrowing is still pushing consumers into mortgage arrears and defaults. This is one of the reasons we believe finance providers should take total borrowing into account before offering any money.”

 

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House Repossession Hits 14-year High. The Number of Repossessed Houses Soars.  The Council of Mortgage Lenders (CML) said there were 46,000 home repossessions last year, the highest number since 1995.

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The number of people who had their home repossessed reached a 14-year high during 2009, latest figures have shown.

The Council of Mortgage Lenders (CML) said there were 46,000 home repossessions last year, the highest number since 1995.

There were 10,200 bank repossession properties in the fourth quarter of 2009, 13% lower than in the third quarter.

That was also a drop of 2% on the last three months of 2008.

In December 2008 the CML had predicted that there would be 75,000 house reposessions in 2009.

However Housing Minister John Healey caused controversy when, in an interview with Radio 5 live, he said that, for some people, having their house repossessed was the best thing that could happen to them.

The shadow housing minister Grant Shapps said ministers had “lost touch with reality” and called on Mr Healey to apologise to “the tens of thousands of families ” who had who had been the victims of house repossession.

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The CML said that in terms of payment difficulties, 188,300 mortgages ended the year with mortgage arrears equivalent to at least 2.5% of the outstanding mortgage balance.

This was lower than the total of 195,000 mortgage arrears it had forecast, and 3% lower than at the end of the third quarter of 2009, but it still marked a 3% rise on the end of 2008.

CML director general Michael Coogan said: “The fact that mortgage arrears and house repossessions did not rise as much as we feared in 2009 is testament to the effect of low interest rates and a great deal of effort by government, lenders and the advice sector to help borrowers to address financial difficulties when they occur.”

As a result, the CML said that its current forecast for 2010 of 205,000 arrears cases and 53,000 properties taken into possession may be “a little pessimistic”.

However, Mr Coogan added: “We are not out of the woods yet – 2010 will still be a challenging year for many borrowers, and some households will inevitably find their finances being squeezed if and when interest rates do eventually rise.”

The housing charity Shelter said the number of house reposessions was still “completely unacceptable”.

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Separately, figures from the Ministry of Justice showed that the number of potential house repossessions in the pipeline in England is falling.

The number of home repossession actions – the first stage of an attempted repossession by a lender – launched in the courts in the fourth quarter of 2009 was 20,061. The number was 15% fewer than in the previous three months and 26% fewer than at the same time last year.

The number of house repossession orders agreed by judges also fell to 16,928 – 15% fewer than in the previous quarter and 42% down on the same period of 2008.

In November 2008, the government introduced the mortgage pre-action protocol which said lenders would have to demonstrate to the courts that they had exhausted all possibilities before going ahead with a house reposession.

 

Repossession? Avoid House Repossession! It’s not too late, even hours before an eviction, to act to stop repossession. We can work with you to find best solution to suit your needs and situation. And we act quickly.

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It’s not too late, even hours before an eviction, to act to stop repossession. We can work with you to find best solution to suit your needs and situation. And we act quickly.

We understand you’ll be facing difficult decisions about your house repossession. We treat each situation sympathetically.

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Remember, a call to us is free. We don’t charge any fees for valuations or for assessing your situation. And you are under no obligation to proceed with any of the solutions we present to you. We’ll also cover legal fees so you can be represented by specialist repossession lawyers to help buy you more time in your home.

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Get Free advice from Repossession Saviour on 08000 40 77 40

How we can help

The simplest way to avoid repossession is to sell your house. We can complete a quick sale which is guaranteed, without facing the uncertainties of the housing market which could put your house at risk.

Don not give up if you can not reach an agreement with your mortgage lender to save your home. We can offer flexible alternatives to help keep you living where you are.

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Repossession Advice For Free.  Get Property Repossession Help Here. Call Repossession Saviour now on 08000 40 77 40 and we can help you with your repossession. If you are faced with the threat of repossession you are needed to seek professional assistance immediately…

Depending on your current circumstances, and in particular, the available equity in your property, the process of home repossession can be prevented if you act fast. In many cases, fast and decisive action can prevent un-wanted legal bills, court intervention and ultimately, repossession of your house. We have provided a little bit of some repossession advice below to give you an overview of the repossession process, it is however important to get professional repossession advice.  Just click Link Below

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In many cases where a borrower starts to experience difficulty in meeting their mortgage or secured loan payments, it would be sensible advice to approach their lender at the earliest date possible. Many problems will simply be left to increase if they are not dealt with in the early stages.

Many mortgage lenders will only start the property repossession process as a last resort – when all other avenues have been inspected. This legal remedy is pursued in order to recoup any debts in the quickest possible time.

>>>>>> Repossession Advice & Help From The Repossession Saviour Team

In the early stages, the lender may be prepared to make a payment plan, whereby any large arrears are cleared over a set period of time – this will usually take effect by way of an higher monthly mortgage repayment. The other available options will depend on the most part with:

1. The type of mortgage you own

2. The stages of the arrears and how far behind you are with your repayments

3. The reason(s) for falling into arrears in the first place – For example, loss of work, sickness etc)

4. Your ability to meet the future repayments

It may be possible, as a short term solution, to reduce a borrower’s monthly mortgage repayments until they are able to get their repayments back on track. This can be proceeded by reverting their repayment mortgage (where applicable) to an Interest Only mortgage, or extending the term of the mortgage – these two remedies will of course not be allowed in every case and it will always be subject to acceptance and approval by the lender.

Another solution to averting the threat of repossession is to switch lenders by considering a remortgage. This is achieved by clearing the mortgage balance and outstanding stages – starting a new with a different lender.

>>>>>> Find Further Repossession Advice, Help & Guidance here

 

Technorati Tags: home repossession advice, house repossessio, House Repossession

Repossession Help? Mortgage Arrears?

The UK’s mortgage sector has been hit hard by the worldwide credit crunch. Lenders are pulling off the shelves easy lines of credit and cheap mortgage deals everyday. Interest rates are unlikely to fall much more in the near future, in fact they may well rise if inflation keeps going up. Lenders have also decided that they don’t want to pass on the reduction of the base rates to homeowners.

Dept Management – Many people find themselves paying more than they can afford every year, with credit cards, mortgage payments, car loans and other outstanding bills. There are a number of options for you so do not panic.

Debt management is an agreement between you and your creditors, which allows your debt levels to be reduced to an affordable figure. You can negotiate the terms of the agreement or use a specialist Debt Management Company to negotiate on your behalf.

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Individual voluntary Arrangement (IVA) – To repay your debts you need a legal IVA agreement, either in part or in full. An insolvency practitioner will undertake the negotiations on your behalf and will check regularly to ensure that your circumstances haven’t substantially changed. If most of your creditors agree to the arrangement, the others must agree to the terms of the agreement as well.

Debt Relief Order- To apply the Insolvency Service for a debt relief you must have debts of less then £15,000. This option, which lasts for a year, is a cheaper option than going bankrupt.

It means that as this order is in place your creditors can’t take any action on you. At the end of the year, all debts listed in the order will be written off. A debt relief order which costs £90, may be paid in instalments over a 6 month period.

Best Remortgage Deals – Whether you are looking to remortgage your home to lower your repayments or to free up some equity to pay off some debts or to improve your home, best remortgage deal could be found by different resources. It’s important to have the right advice when looking to remortgage your home as there may be some charges incurred in the process such as redemption charges and other administration fees, theses fees need to be factored to ensure that remortgaging is worth it.

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Home Repossessions – The UK’s mortgage sector has been hit hard by the worldwide credit crunch. Lenders are pulling off the shelves easy lines of credit and cheap mortgage deals everyday. Interest rates are unlikely to fall much more in the near future, in fact they may well rise if inflation keeps going up. Lenders have also decided that they don’t want to pass on the reduction of the base rates to homeowners.

So, things are looking tough. On the long term experts don’t agree on what exactly will happen. They are acknowledging that difficulties will rise for the mortgage, credit and housing market.

The long term promise, from almost everyone concerned, is that UK house repossessions will continue to rise and rise into the future.

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Repossession Notice? Get Help Now And Avoid Bankruptcy!

Call Repossession Saviour now on 08000 40 77 40 and we can help you with your reposession.

What is a House Repossession Notice? The first time you go to court, you will find out whether or not your lender has succeeded in taking out a house repossession notice, or house repossession order, on your house. Luckily, courts rarely grant repossession orders on the first hearing, on the other hand it does happen especially if you are not in court. The law usually feels that granting a repossession order straight off is too harsh, so it is usually used as a last resort, in cases where there is no chance the borrower can put things right.

Call Repossession Saviour now on 08000 40 77 40 and we can help you with your reposession.

What is a House Repossession Notice?

The first time you go to court, you will find out whether or not your lender has succeeded in taking out a house repossession notice, or house repossession order, on your house. Luckily, courts rarely grant repossession orders on the first hearing, on the other hand it does happen especially if you are not in court. The law usually feels that granting a repossession order straight off is too harsh, so it is usually used as a last resort, in cases where there is no chance the borrower can put things right.

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House repossession notice:  Suspended Order or Repossession Order?

It is likely the judge will grant a suspended order.

• If you’ve been given a suspended repossession order, you are allowed to stay in your home but you must abide by the court’s ruling. This tends to involve repaying your arrears on time, in full.

• If the court feels you are unlikely to repay your arrears in a reasonable time, then a repossession notice will be the most likely outcome. In this case the court will give you a date on which, by law, you have to leave your property;

Either way, the sooner you take action the better chance you to avoid  repossession. The process below gives you plenty of opportunities to put things right.

The Repossession Notice process explained

House repossession notice Payment Reminder

Repossessions are bad publicity, and your lender will be keen to continue a good relationship with you. After all, you are a customer. Most mortgage lenders will contact you via their internal arrears collection unit when they notice a missed payment. If not after one missed payment, they’ll be in touch after second.

Solicitor’s Letter

If you don’t repay your arrears, or ignore their attempts to contact you, they will get in touch via their solicitors. The letter will demand full, immediate payment and it will warn you about the risk of repossession.

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Proceedings for House Repossession

The solicitor will issue house repossession notice proceedings with the County Court. The Court gets details of your arrears then sets a hearing date for you.

Court Order

1. If there is information outstanding or you do not turn up, the hearing is adjourned and the court will set a new date.

2. If you have repaid your arrears completely before the hearing, it will be dismissed or indefinitely adjourned.

3. If you agree a plan to repay your arrears the Court will likely be happy to grant a suspended possession order.

4. Otherwise, the court will make a house repossession notice or house repossession order. This means the lender can take repossession of your property, generally just 28 days later.

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What is your current situation? Get Free advice from Repossession Saviour on 08000 40 77 40 from experienced professionals.

Housing repossessions in US. The $275bn plan unveiled by Obama to help homeowners.

Obama’s description, “a crises unlike any we’ve ever known” on the collapse of the housing market. He also proposed throwing 100’s of billion of dollars to help an around 9 million home owners.

$275 billion was the cost to the federal government.

“All of us are paying a price for this home mortgage crisis. And all of us will pay an even steeper price if we allow this crisis to deepen – a crisis which is unravelling homeownership,” he said.

Obama is intervening in the property crisis aggressively.

But the plan is complicated and vague. Economists, republicans and others indicated that this will not be enough to tackle the huge crises.

Over 400,000 people lost there houses last year and one in six of those were in negative equity.
The figures published today from the US commerce department that the number of starts on new houses/flats was down 16%, the lowest rate since 1959.

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Obama thinks that his plan will help around 9 million people to keep their houses and not just abandoning them.
The Obama Administration said that stabilising the housing market will help the country’s banking giants free up credit.

The banks are unwilling to pay large sums of money due to the extent of how much money they will lose in the housing crisis. Obama’s speech was referring to sub-prime mortgage scheme (loans to people likely to default) that has collapsed the US economy.

To homeowners who say they will stay put Obama’s plan will be restricted to them, Obama says the best thing to do is to trade which will give us a great profit. The Federal Government is in the heart of Obama’s plan for cuts to match repayment and mortgage companies.

He will also provide help so that homeowners, caught in a bind through negative equity, can remortgage.

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We have vast experience in Stopping Reposession.Call Repossession Saviour on 08000 40 77 40 No matter how bad your situation is.

You don’t need to sell your property to avoid repossession & keep your home. Speak to us, free of charge, we’ll explain all your options and give you free advice.

How we can help depends on individual circumstances.

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Year-end improvement in mortgage arrears and repossession in UK

by Gill Montia

In its latest round-up of UK mortgage statistics, the FSA has reported a fall in the number of homeowners in arrears.

In the final quarter of 2009, 378,000 households were behind with their monthly repayments (at a level equivalent to 1.5% of their outstanding balances).

The figure is down now by 4% on the previous quarter and represents 3.42% of all UK residential mortgage borrowers.

In addition, the number of new cases of arrears in UK fell by 9% in the three months to the end of December, to 41,000, while new repossession cases stood at 11,800, down 15% on the earlier quarter.

However, 2009 saw 54,000 homes possessed by lenders in total, up from 46,945 in 2008 but well below the Council of Mortgage Lenders’ forecast of 75,000 at the start of the year.

Meanwhile, the Government in UK has acknowledged that pressure on homeowners is set to remain throughout 2010 by ploughing a further £2.5 million into promoting National Debt line and mortgage help website.

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John Healey, Housing minister, says: “More than 330,000 families have had help and advice with their mortgages over the last year, which is one reason why repossessions are running at half the rate of the last recession.”

He added: “I would urge anyone facing money worries not to bury their head in the sand, but to go to our repossessions help website or call the National Debt line to get help in keeping their house.”

Never assume your situation is too bad to merit help or that you have left the problem too late. We help people with varying circumstances.

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UK Home Reposession – inform yourself about it.

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Many homeowners in UK find themselves paying out more than they can afford every month, with mortgage repayments, car loans, credit cards, and other outstanding bills. Do not panic, there are various options open to you.

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Home Reposession UK

The UK’s mortgage sector has been hit badly by the worldwide credit crunch. Easy lines of credit and cheap mortgage deals are being pulled off the shelves by lenders. Interest rates are unlikely to fall much more in the near future, in fact they may well rise if inflation keeps going up, a lot of lenders have decided not to pass on recent interest rate reductions to home owners.

So, things are not looking promising. While the experts don’t agree on exactly what will happen in the long run, they all acknowledge that mortgage credit and the housing market will be facing difficulties for some time to come. The long term expectation, from almost everyone concerned, is that UK house reposessions will possible continue to rise into the future.

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Home owners in the UK are tightening their belts and preparing for a rough ride. But the best way to stay strong and hang on to your home is to get more knowledge about every aspect of home reposession and arm yourself with the facts.

Inform yourself about UK home reposession: the processes and procedures, the legalities, your rights and the actions you can take to protect yourself and your home from repossession.
This guide provides all the information you need to help you

Reposession Saviour helps property owners avoid repossession by providing useful advice. If you are facing repossession and unsure what to do, call our friendly expert team for impartial advice and information.

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Repossessed House can be ‘best option’ says Housing Minister John Healey

Mr Healey made the comments in an interview with Victoria Derbyshire for the BBC saying that, for some people, having their home Repossessed “can be the best option”.

The Conservatives called for Housing Minister Mr Healey to apologise to families who had lost their homes.

Figures showed repossessed houses in the UK had reached 14-year high.

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The Council of Mortgage Lenders stated that repossessed homes reached 46,000 in 2009, the highest number since 1995.

Mr Healey was speaking to Victoria Derbyshire after the Council of Mortgage Lenders figures were released. “For some people it can be the best option for them to allow their home to be repossessed…” he said.

“Repossession is a permanent feature of our system in good times and in bad. In some circumstances it may be the only option available to them.” Mr Healey went on.

‘Unbelievable!!!’

“This proves once again that Labour ministers have completely lost touch with reality”, shadow housing Minister Grant Shapps, has commented.

Repossessions reach a 14-year high

The comments caused a lot of listeners to contact the programme immediately.

“Having repossessed homes is the worst thing that can happen,” said one.

“I lost my house in September. It was not the best thing to happen to me” said another listener.

But his view also has got support. A text message from one listener said: “Victoria, it WAS the best option for us to lose our property. We had spent far too much renovating it and needed someone to say ‘Stop!’.”

Grant Shapps Shadow housing minister said: “Having previously admitted that he thought it was good for home ownership to be falling, it is unbelievable that John Healey has now stated that repossession can be the best option.

“This proves that Labour ministers have completely lost touch with reality.” Liberal Democrat housing spokesperson Sarah Teather said Housing Mr John Healey “should just shut up”.

“Labour has no idea what life is like for victims of the recession. Mr Healey needs to get out more before he starts dismissing the misery of homelessness,” she added.

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By Ian Pollock, reporter for personal finance:

It has turned out things are not nearly as bad as they were in the housing slump of the early 1990s.

Thanks to a combination of low repayment costs, tougher court rules on repossessions, and a variety of schemes from government, fewer people than anticipated are either in arrears with their mortgages or have been evicted.

Last year’s 46,000 repossessions were just 61% of the total recorded in the year of 1991, when lenders seized 75,500 homes.

And in the past couple of months the position has started to improve.

But lenders are still worried it might not last. About 75,000 borrowers are stuck with stubbornly high arrears.

Any rise in interest rates could well be too much for their lenders and them, prompting a fresh bout of repossessions.

Campbell Robb, the chief executive of the housing charity Shelter, said: “Any struggling homeowner must seek advice early from organisations to ensure they have all the facts and can make an informed decision about what action is best for them.

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I’m Facing House Repossession – What Can I do?

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The number of people in UK whose houses are repossessed is rising every day. The good news is that most mortgage possession claims do not result in the owner losing their home. If you have concerns about repossession, Reposession Saviour can guide you towards the right action for you, your home and your family.

If you fall behind or mortgage repayments even by a couple of months, the mortgage company may take action to reclaim the property. This can seem like a frightening experience so it’s very important to stay calm and seek professional advice.

With 9 years’ experience and an ongoing commitment to treating every client as an individual, we are well equipped to guide and advise you through house Repossession solutions. Whatever your circumstances, Reposession Saviour can offer you…

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It is important to know that building societies and banks look upon repossession as an absolutely last resort, for a number of reasons:

st – It is not good at all for their image if they throw hard-working people and their families onto the streets because they have gone through bad times, family problems, illness or unfortunate business decisions.

nd – A repossession can prove very expensive for the lender. People who are about to be turned out of their own home are understandably upset and resentful so when they are finally evicted the house is often left in a very poor state.

The routine after the eviction is for a builder to call round, and shut off gas, electricity and water supplies. Then the windows are boarded up, and the locks changed.

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All this not only costs money but the house then begins to deteriorate, since the absence of any ventilation and heating can lead to dampness and subsequent damage to woodwork, decoration and plaster work, whilst such an obviously empty property can attract vandalism, vermin and even squatters.

Estate agents are in many case often reluctant to push repossessed houses at the expense of occupied homes, since not only are they harder to sell but very often  building societies or  banks which now own them pay a far lower sales commission than a private homeowner will.

The result of all this is that a perfectly good house which was worth more than the mortgage outstanding on it could fall in value to a level which was lower than that mortgage plus the accumulated interest and legal charges, leading to a substantial loss to not only the lender but also the unfortunate previous owner and his or her family.

Many people who are experiencing the real prospect of losing their home become resigned to it and believe, mistakenly, that the whole process is inevitable and that there is nothing they can do about it.

In most cases they are wrong, and there are steps that they can take to make sure that their families stay in their home, or at least recover as much of its value as possible.

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MSPs back House Repossesions Protection

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In Scotland MSPs have backed a change in the law which will make it more difficult for homes to be repossessed.

Lenders will have to wait longer to seize properties.

They will also have to prove they have taken reasonable steps to avoid seizing private properties, including agreeing future repayments.

Homeowners will also have the right to have their cases heard in court before their homes can be repossessed.

For those facing insolvency, the Home Owner and Debtor Protection Bill gives the courts much more power to stop the family home being sold to clear off debts for up three years.

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‘Debt solutions’

Banks and building societies repossessed 48,000 homes in the UK over the last year, according to estimates by mortgage chiefs.

Mr Graeme Brown, director of housing charity Shelter Scotland, said: “The Scottish government’s action to bring forward these additional protections for homeowners is timely, particularly amid the current financial situation, and Scotland’s flagship commitment to give everyone the right to a home by 2012.”

But the Council of Mortgage Lenders has warned that by delaying property repossessions, it may become more difficult for Scottish residents to borrow in the future.

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Mr Alex Neil Housing and Communities Minister, said – new legislation was aimed at aiding those Home owners who found themselves caught in a “debt trap”.

He added: “Our response, embodied in this bill, has been to act quickly to introduce more protection for families and to offer support and help to those people who currently cannot access debt solutions.

Reasons why homeowners fail to stop house repossesion:

So many of today’s problems can be traced back to the property boom of the 1980s, when people were encouraged to borrow way beyond their budgets.

When the recession began to rise, the problem escalated, until people were forced into further arrears – and banks and building societies demanded their investment back.

This is what is happening today, with thousands of families facing court action and eviction.

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