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Five ways that might save your home from Repossession

For Sale Buyers by Vince Daw

Is your home under threat of Repossession?
Have the UK Government provided enough help for people in this situation? We do
not think so, if your one of the unfortunate people above, have you tried these
five ways to save your home from repossession.
Have you:
Tried to re-negotiate your loan with your lender.
Tried to qualify for the Government Mortgage Rescue Scheme.
Tried to qualify for Mortgage Interest Benefit.
Tried to find a Sale and Rent-back company to help.
Tried to obtain a re-mortgage or loan to repay your lender.
To re-negotiate your loan with your lender:
Most lenders will only go so far with adjustments of your monthly payments, and
only tolerate short periods of no payments or reduced payments and they usually
demand an extra amount to reduce any arrears. Many people are forced into unreal
istic repayments which they cannot afford but which are then fixed by a suspende
d possession order.
A suspended possession order is a constant threat from your lender as they can a
pply for a 28 day eviction warrant should you default at any time under this ord
er. Once your lender has repossessed, they can sell for any figure they wish, of
ten for well below the market value of the property and if there is a shortfall
against what you owe, plus their costs, they can chase you for up to 12 years fo
r this amount.
Don't forget, your lender will continue to add the monthly mortgage payments to
your debt until the house is sold, and you will not have access to any equity yo
u might still have left in the property either. The property could be unsold for
years. left to deteriorate and even be boarded up or sold at auction, all furth
er reducing its value. Lenders could even force the sale or repossess the next p
roperty you own if they trace you within the 12 year time span and you are unabl
e to meet the shortfall and you have equity in your new house.
The credit agencies will hold the repossession on their registers for six years
and this will have a severe restriction on your ability to obtain credit for tha
t time period.
To qualify for the Government Mortgage Rescue Scheme:
Unfortunately, this Government initiative has offered very little help as the nu
mber of people who qualify are a very small percentage of those who need assista
nce. The scheme only operates with a small number of lenders who are members of
the scheme and only then if the lender at its discretion decides to put you forw
ard for possible help.
You will also have to prove that you have very vulnerable family members living
with you, such as the very elderly, the disabled, a pregnant woman or very young
children and who would be eligible for homelessness assistance and be in mortal
danger if made homeless.
You cannot be the owner of second homes or investment properties and the total h
ousehold income must fall below £60,000 per annum. You must not have savings of ove
r £16,000 either. You also have to prove that your house is not too big or too smal
l for your family's needs and submit to an inspection by the council.
All negotiations with your lender have to have been exhausted and you will have
to have had a financial circumstances appraisal conducted by the scheme operativ
es or CAB.
The main problem though has been the maximum permitted market value allowable un
der the scheme of £120,000 which most regions adhere to.
To qualify for Mortgage Interest Benefit:
This may not be straightforward as the benefit is only paid in respect of the am
ount of the original mortgage sum used to purchase your home plus any essential,
(not cosmetic), improvements that have increased this mortgage accordingly.
Many people who have re-mortgaged to raise capital for other reasons or to conso
lidate other debts find that the benefit does not cover these amounts. Only the
interest element of the qualifying amount of your mortgage would be covered and
there is a maximum limit of £200,000 beyond which no help is available.
The benefit only assists for mortgage loans where the interest rate is 3.69% or
lower, so if your lender is charging you a higher rate of interest, the benefit
will not cover all of the interest due. Of course, you have to qualify for the b
enefit in the first instance by being on income support or job seekers allowance
or similar benefit.
To find a sale and rent-back company to help:
Very strict regulation has reduced the number of these companies to a mere handf
ul and their qualifying criteria is now very restrictive. Most people do not qua
lify for their assistance for these reasons.
To obtain a re-mortgage or loan to repay your lender:
The number of mortgage lenders left operating in this market are almost negligib
le. If you find yourself in the position of having mortgage arrears of even more
than one month in the last twelve months and/or any poor credit history you wil
l almost certainly not be offered a re-mortgage or a loan.
Even if you have kept an immaculate payment history, most re-mortgages have very
limited loan to value percentages and their rulings over income qualifications
are now extremely stringent. To add to these problems most of us have suffered s
ignificant property price falls.
But I don't qualify for any of the above, we here you say. Don't worry, the help
you need is below.
For Sale Buyers | Stop Home Repossessions are a well established property buying
UK company who specialize in preventing home repossessions, we have fast suitab
le common sense solutions for every case we take on, no matter how hopeless you
think your situation is, we can help you.
There are an increasing number of individuals who are in the unfortunate positio
n of being in possession of an eviction notice, or who need a cash sale and are
looking for a quick solution.
You may be in that position now for a variety of reasons, We understand that mou
nting debts cause tremendous amounts of pressure and stress.
For Sale Buyers | Stop Home Repossessions service is available free of charge, t
hroughout the UK except Northern Ireland.
So please call For Sale Buyers today on 08453 289 4547 for a private chat, or vi
sit us at: http://www.forsalebuyers.com and you may find that you are in a stron
g position and that your situation is not a lost cause after all.
About the Author
For Sale Buyers | Stop Home Repossessions are a well established property buying
UK company who specialize in preventing home repossessions, we are also propert
y owners, and property buying agents with our own property portfolio.
Our service is available throughout the UK, except Northern Ireland.
For Sale Buyers | Stop Home Repossessions was established in 2003 by two local p
rivate landlords, with a property portfolio in and around South Wales, over the
years the company has expanded to now own and manage properties in most areas of
England, Scotland and Wales, our main offices are located in Cardiff, South Wal
es. To find out more, please visit us at: http://www.forsalebuyers.com
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