What is House Repossession

House Repossession is a legal procedure in which mortgage lender takes possession of a house and sells it to recover the money that was secured by the home owner, against that house.

People normally face house repossession when they fall behind with mortgage payments.

People finding it difficult to pay monthly mortgage payments can ask the lender to resturcture and try to lower their monthly payments. In some cases, by getting a cheaper, interest-only deal can do the rescue. Otherwise, they can sell the home to pay the outstanding mortgage debt. This is referred as "forced sale". If homeowner is not successful in getting a cheaper, affordable mortgage or sell the home himself then repossession is the step to be followed.

What's happening with house repossessions at the moment?

The recession is showing itself and repossessions soared last year as number of homeowners falling into arrears increased significantly. The Ministry of Justice, reported a significant increase in House Repossession orders. Council of Mortgage Lenders said that more than 40,000 properties were repossessed in 2008, which is far more than 25,900 in 2007. An important fact is that not all repossession orders actually end with house repossession. Lenders and borrowers always have a chance to reach an agreement, any time after the repossession order is issued and proceedings start.

Why are house repossessions rising?

House repossessions are continuing to rise as the recession continues. Redundancy problem is increased and people are losing their jobs. So they are unable to pay their mortgages. This situation leads the lender to initiate the proceedings towards house repossession.

The credit crunch has also intensified the problem. Homeowners mostly rely on credit cards and loans in order to bridge the gap between their income and expenses. High interest rates, seen in past, left many borrowers into difficulty.

We can save your house, you may not have to sell it

You need to act quickly, so that our team of experts, at Save My Cave, can analyze your situation and suggest the most optimum solution to stop repossession of your house.
You can call FREE on 0800-43-22-999, to speak with our advisor. Or fill out 2 minutes Consultation Form to provide us information about your situation.