People don't buy houses expecting to default on the
loans secured on them, but life doesn't always go the way we think it will, and some times you may be unable to keep up with
payments - The reasons may be varied: Job loss, divorce,poor financial management, illness, addictions,and other unexpected
economic crises. Whatever the cause, when the house payment is not paid, late notices and letters from the lender begin
arriving, late fees are charged, and before the borrower can deal with the situation, yet another payment is due. There isn't
enough money in the kitty to make one payment let alone two., the lender is refusing to accept a partial payment,
and the repossession process begins.
Once that happens, the borrower has four options: 1) Sell the home 2) borrow yet
more money to catch up with the payments: 3) File for bankruptcy; or 4) Wait out the repossession process and move
out when the house is auctioned or sold via the local agent.
Most people facing repossession resist the idea of selling the home. The are emotionally
attached to it - it after all has a lot of blood, sweat & tears put in to it & also lot's of memories happy &
sad out of it. Even if they did try to sell They can't find the time to show endless sightseers around & then
have to pay the Agent a couple of grand for this pleasure as well as going through the hassle of haggling on
the price. Also you may not have time to wait out a traditional sale that typically takes six to eight weeks or you may
not want the neighbours to know your situation & sometimes at the end of this period you may have to start again as the sale
falls through
( We have another solution )
The number of properties taken into possession by mortgage lenders rose in the first
half of this year. At 8,140, the number of repossessions was the highest since the first half of 2001, and was
up from 5,690 in the second half of 2005, and 4,620 in the first half of last year.
Bankruptcies up by 32%
IVA's up by 153%
Some people are in a state of denial about their financial situation & can
not see what repossession actually has in store & the situation they will be in with their credit file ruined
& themselves and their families out on the street. The other options mentioned will eventually again end
in repossession and are only a prolonging of the agony & will put you in an even worse position
Don't let this happen to you - Stay put in your home - Don't put this off any longer
Please ring for help NOW!!!
or
For HELP left mouse click HERE now!
