If you are stressed and have to avoid a repossession threat fast – there is advice out there.
It is natural to worry when in mortgage arrears and the possession order letter from your bank drops through the letterbox. Don’t let the shock and worry paralyse you. It is possible to stop repossession, please keep that in mind. For any family, the threat of repossession is devastating. Don’t think the Government is going to bail you out (you are not The Royal Bank of Scotland). To date the state backed mortgage rescue scheme has only helped a handful of families. If you need to stop repossession you are going to have to help yourself.
The recent figures from the Government Mortgage Rescue Scheme that only 92 families facing repossession were helped despite 11,000 coming forward for help. The question must be asked, what happened to the 10,908 families that were not helped? The sad truth is that the majority were repossessed and lost their homes to the banks. A luck few though were successfully helped by private companies offering sell and rent back schemes or quick house sale services..
The Truth Behind Home Repossessions
Critics say the sad reality of thousands of families with chronic mortgage arrears unable to stop house repossession shows the Government’s scheme to be a mere drop in the ocean.The Government however claims that over 300,000 families have benefited from their help and advice.
Whatever the reality, the number of homeowners unable to stop home repossessions has risen by 3% in recent months. And these figures have prompted experts to highlight 34 areas most vulnerable to being unable to avoid repossession. Levels of unemployment and high numbers of court orders for repossessions have provided clear criteria in recognising those areas most at risk.
Sell House Fast Schemes Help Stop Repossession
Tightened regulations means that mortgage lenders must inform councils now when they begin repossession action, so council’s can step in and offer advice. Some homeowners however simply turn to quick house sale property companies that can buy their homes immediately and stop home repossession in its tracks. The fact that the number of repossession hot-spots has gone up from 22 to 34 suggests that there is still very much a demand for private property rescue companies to bridge the gap.
What Locations Are Most In danger From Repossession
The thirty four hot-spots most prone to being unable to stop property repossession consist of northern metropolitan areas such as Barnsley, Burnley, Blackburn, Bradford and Blackpool along with London areas such as Greenwich and Lewisham. Croydon, County Durham, Nuneaton, Lincolnshire and Greater Manchester were also on the list.
If you want to stop repossession the Government’s home rescue scheme operates in a similar way to commercial house rescue agencies in that the successful applicants are able to sell all or a portion of their home to a social landlord and rent it back again at a more reasonable rental level. Home rescue providers already offer you this service with sell and rent back schemes or sell home quickly for cash services.