Posts Tagged ‘repossession order’
Friday, June 25th, 2010
One of the major problems that lead to the recession and credit crunch was the accumulation of high risk borrowers and subsequent bad debt. Despite the cataclysmic results over this strategy, lenders could still be skewing the risk held on their mortgage books by failing to include figures on the number of mortgages agreements that have been changed to avoid repossession for the borrower.
Forbearance strategies from lenders are responsible for helping people work through their financial difficulties and still pay their mortgage back. These strategies include extending the mortgage term, changing a loan to interest-only and lowering the monthly repayment but these methods could be affecting the accuracy of the lenders’ company accounts.
Tags: avoid repossession, repossession order, sell and rent back, stop repossession
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Monday, June 21st, 2010
Did you know that private landlords now account for 17% of all repossession claims in the rented property sector? OK not the most stimulating news but it’s true and up from 11% in 2004 according to legal information provider Sweet & Maxwell. What this means is private landlords not receiving rent from tenants and issuing an order to get the flat back.
In the UK, 14% of households are rented from private landlords and the high number of repossessions is attributed to the recent credit crunch which has left tenants with a reduced income. In addition, landlords have been affected themselves and have used repossession laws to quickly remove an unpaying tenant and filling the void.
Tags: avoid repossession, house repossession, repossession order, sell and rent back
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Wednesday, June 16th, 2010
As you would expect, here at the www.repossession.net blog we often write about repossession and generally it’s not a ‘light read’. But now and again something on topic but a little more easy going catches our eye and today, exactly that has happened. Take a look at this BBC article about ‘the good pirate’ who repossesses… ships.
Tags: avoid repossession, repossession, repossession order, sell and rent back
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Friday, June 11th, 2010
Last week the Bank of England gave a stark warning that any rise in interest rates would cause more homeowners to face a repossession order as mortgage repayments would become more difficult to make. Thanks to low interest rates, the cost of running a home in the UK has dropped significantly which as kept the number of nationwide repossessions in check.
The reduction in costs over the past two years has seen a 19% drop in annual mortgage payments, with the Bank of England taking interest rates to the all-time low of 0.5% back in March 2009. Its annual Financial Stability Report , the Bank of England noted that mortgage payments have only continued to be affordable in many homes because of the low rates.
Tags: avoid repossession, house repossession, repossession order, stop repossession
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Wednesday, June 9th, 2010
New rules to control the repossession, arrears and sale and rent back market came into play this week with an aim of placing tougher standards on companies offering customer help. The rules come at the same time as plans to make all mortgage advisers accountable for their actions.
The focus of the changes is to crackdown on poorly run sale and rent back companies that target customers who are facing repossession or need cash quickly. Although there are reputable and honest organisations in the market place, there have been numerous complaints of misleading advertising, low valuations and extremely short-term tenancy agreements made regarding some of the others.
Tags: house repossession, repossession, repossession order, sell and rent back
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Monday, June 7th, 2010
A new service has been launched by Sedgemoor District Council in conjuction with the Citizens Advice Bureau to help home owners in difficulty avoid repossession and stay in they homes. It’s been named the Repossession Prevention Loan Scheme and is funded throught a Government grant of £38,000 which will be used to give households a small, interest free loan.
To qualify for the loan, householders need to register with the Credit Union and agree to save an agreed amount each month. In return for that commitment, the scheme will agree with the lender to clear some of the outstanding debt so that the owner can remain in their home. It’s a great example of doing something positive, no matter how small, to keep home together.
Tags: avoid repossession, house repossession, repossession order, stop repossession
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Thursday, June 3rd, 2010
When it comes to car repossession laws, the situation is pretty clear – if you stop paying it can be taken back. Unlike in the US though, a baliff can’t just take the car without a court’s say so. If you’re facing the repossession of your vehicle, check out this article about your options…
Tags: avoid repossession, house repossession, repossession order, sell and rent back
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Friday, May 28th, 2010
If you ever fancied seeing the state of nation from the viewpoint of house repossession figures, then a new interactive map created by the Centre for Responsible Credit is right up your street. Funnily enough it probably has been right up your street to collect data for this comprehensive breakdown of possession order numbers.
The data is provided by the Ministry of Justice, so you know it’s reliable and the Map has already caused quite a stir in the industry as it’s one of the first of it’s kind to give a visual representation of the UK repossession situation. If you fancy taking a look for yourself, you can check it out here…
Tags: avoid repossession, house repossession, repossession order, stop repossession
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Monday, May 24th, 2010
You can do your best to avoid repossession of your home simply by availing yourself of the professional help offered by charities and impartial advisory bodies. They are the best to guide you out of a repossession problem and have both an online and in community presence.
Before you do anything though, always talk to your lender, it may be the last thing you want to do but it is definitely the first you should. Talk to the bank to let them know about your financial problem and the state of your monetary situation, you may be able to arrange a suitable repayment plan or request more time so that you can try more ways to overcome your financial problems.
Tags: avoid repossession, house repossession, repossession order, sell and rent back, stop repossession
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Friday, May 21st, 2010
It is well understood by everyone that it is a matter of stress when you have to lose your dream house simply because you have no other option left due to your financial troubles. The financial trouble makes you helpless and prevents you from meeting the monthly repayments.
The creditors start taking steps to repossess your house as the result of insurmountable arrears. As soon as you face this trouble you can try to stop home repossession simply by contacting trusted and impartial organisations such as the Citizens Advice Bureau and Homeowners Advice Centre who are skilled in offering advice about repossession.
Tags: avoid repossession, house repossession, repossession, repossession order, stop repossession
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