Archive for April, 2011

Avoiding Repossession is Easier than Ever

Thursday, April 28th, 2011

No matter whether banks are tightening the rules, whether first time buyers are purchasing or whether property market has been down – you can always avoid repossession in UK. All you need to do is: find out the right way that helps to avoid repossession.

Did you ask what the right way is? The answer depends on your situation. If you have just missed few mortgage payments, you should talk to your lender first. They might offer you easier loan terms so that you can pay the mortgage off.

The problem is amount of mortgage arrears is increasing across the country. All the lenders are trying to figure out some ways to reduce the arrears. Of course loan approval will become stricter and probably repossession will increase all over the country.

The combined effect of this will create trouble for the distressed homeowners:

  1. Lesser number of people will get mortgage, so there will be a shortage of buyers in UK property market
  2. Chances of getting repossessed will be higher as selling home fast will not be an easy task

The good sign is people have started to identify the right method of fast property sale; according to a recent report by BBC close to 50% of property deals in UK in the month of January were done with cash buyers! So close to majority of distressed homeowners know that cash buyers can help them avoid repossession. This is definitely good sign.

If this continues, cash buyers will become the driving force in the market. To avoid repossession in Telford, look for reputed cash buyers in Telford – take the first step to solve all your financial problems.

Repossession leaves a stigma on your lifestyle – Avoid Repossession

Wednesday, April 20th, 2011

Repossession not only damages your credit score; it makes you financially cripple and it may take long for you to get back to the normal track.

It is a known fact that once you go through repossession your credit will be hurt. Repossession is a severe note on your credit report; and it stays there for many years. In future if you try to get loans, your lenders would run a credit check and come to know that you went through repossession in past. It would reduce the chances of getting the loan approved; and if the lender approves your loan the rate of interest might be higher for you.

This is a long term problem that you would face down the line; there is an immediate problem that is more serious. With a recent history of property repossession, it would be difficult for you to get a new home.

If you try to get an apartment on rent from private lenders chances are high that the lender would run a credit check. So this repossession is going to create trouble also. So what is the solution? Avoid repossession; you have to stop repossession to protect your credit and save yourself for many other problems.

But how to avoid repossession! You can sell your house quickly to the cash buyers and stop repossession. There are cash property buyers who help people to stop repossession by offering quick cash for home. You have to find out reputed cash buyers in your neighbourhood.

It is always beneficial to work with local buyers; they can offer you quicker service. From conveyance to other legal matters; they can help you solve all the issues quickly. Hence if you are trying to stop repossession in Shrewsbury, look for property buyers in Shrewsbury first.