Looming repossession doesn’t mean end of the line for homeowners according to A Quick Sale
With three interest rate rises in six months, more and more people are struggling to manage their mortgage repayments and in many cases are battling repossession, according to property purchasing company, A Quick Sale.
Recent data from the Council of Mortgage Lenders (CML) reports the number of mortgage repossessions rose from 8,140 in the first half of 2006 to 8,860 in the second half. This brings the total for 2006 to 17,000 – 65 per cent higher than in 2005.
These figures reflect an increasing number of clients seeking help from property purchasing company, A Quick Sale, even at the point where repossession court hearing proceedings have begun due to payment arrears.
Richard Watters, A Quick Sale Managing Director, said: “A large proportion of enquiries to A Quick Sale are from people who are struggling to make their mortgage repayments and are looking for a solution to their debt problems. Unfortunately, many people are letting their financial situations get to crisis point before seeking help, which can often lead to an even worse predicament, but it doesn’t mean there are no options left.
According to the Royal Institute of Chartered Surveyors (RICS), more than 50 families will lose their homes every day in the UK during 2007 because they can no longer maintain their debt repayments.
Richard Watters continued: “Selling your home to raise enough capital to pay off the debt is obviously a last resort and, for many people on the verge of arrears, re-assessing your finances and looking at your monthly out-goings can help get you back on track. However, for those who have already fallen way behind, it still doesn’t have to mean that they lose their house. It is possible to repay the debt and remain in your home.”
Mortgage lenders will not throw families out of their home as soon as they have defaulted on a payment. Initially it will be managed within their arrears collection department. They will write letters and telephone to chase missed payments. If the arrears go beyond a certain level, generally four to six months, lenders will refer the account to their solicitors.
The first step for the solicitors is to write to the homeowner demanding full payment and warning that repossession proceedings will result if the account is not brought up to date. If the arrears reach six months, the solicitors will usually issue County Court Repossession proceedings.
Preventing eviction even at the 11th hour
At any of these stages, even if a court bailiff has been ordered to the house, it is still not too late to prevent eviction says Mr Watters: “Falling behind with mortgage payments can happen a lot more easily than many people think. A sudden change in circumstances, such as redundancy, injury or a relationship breakdown can cause great financial problems for people, and four to six months isn’t a huge amount of time to resolve these issues.
“If you are unable to reach agreement with your lender to secure your property, rather than throwing in the towel and losing your home, A Quick Sale can offer flexible alternatives that will allow you to stay put. Even if you’ve already been served with the eviction notice, dependant on the circumstances, we can still help get it revoked.
“We can act quickly to discuss your situation and gather vital information to assess your current situation. We appreciate every case is unique and work with clients to find out what they want to achieve, and wherever possible work towards providing a solution which meets their goals.
A Quick Sale can buy a person’s house which will stop repossession, credit black listing and a CML repossession registry entry. Providing there are sufficient funds to clear the mortgage account, surplus equity can release cash for the homeowners immediate use which could go towards a new house, rental deposit, or to simply help them get back on their feet.
About A Quick Sale
A Quick Sale is a property investment company launched in October 2003, which offers an open and honest solution to people needing to sell their houses quickly. Having successfully franchised since 2004, A Quick Sale is now the UK’s leading property buyer. With offices throughout England, Scotland, Wales and Northern Ireland, A Quick Sales offers tailor-made solutions to buy houses direct from the vendor offering a ‘trade offer’ for a person’s home, which is usually 75% - 90% of the open-market value. In return, they provide a rapid, professional and trusted service to release equity with no added costs or fees.
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