Archive for September, 2011

5 Reasons why you should stop property repossession in Wolverhampton

Wednesday, September 28th, 2011

Repossession is a nightmarish event; everybody would advise you to stop property repossession. And they are right; it is true that property repossession is a very stressful incident and you should try to avoid it.

If you are still not convinced, here are some reasons why you should try to stop property repossession in Wolverhampton or any other part in the country.

1] Protect your credit

Property repossession damages your credit badly; once it enters your credit report it stays there for long and keeps damaging your creditworthiness. You would face problems getting loans and other facilities.

2] It makes it difficult to find a rented home afterwards

With a recent history of repossession in credit report; it becomes difficult for you to get a loan; even private landlords might find you as a risky tenant. As a result you might have a tough time finding a rented house in your area too.

3] Property repossession is mentally stressful

Your lender has brought legal action against you because you could not pay the loan – this does not sound funny. Property repossession is a very stressful event; you have to attend the court hearing and then need to go through a lot of legal proceedings.

4] It might not be possible to get good price in auction

Lenders usually sell the repossessed properties on auction to get back the fund; properties are usually sold for very low price at auctions so you might not get good price when the property is sold at auction.

5] Lenders can still chase you in case there is a shortfall

If the selling price of the property is lower than what you owe to the lender; the lender can still chase you for the remaining amount. So the nightmare does not end with repossession.

Hence, you should stop property repossession and avoid all these problems. With fast property sale you can stop repossession successfully and save your credit.