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Archive for the ‘repossession’ Category

Repossession

Monday, May 28th, 2012

The threat of repossession is one of the scariest things you can ever face. If you’ve got people who rely on you, or have nowhere to go should you lose your house, it can be disastrous.

There are all kinds of reasons why people end up facing repossession, and often there is little they could do about it.

Sudden changes in circumstance can turn a comfortable mortgage into a desperate situation.

If you’re unable to meet your payments, the lender won’t show much sympathy in trying to reclaim the money they are owed.

The Council of Mortgage Lenders recently described the level of repossessions as ‘stable’ but, with 9,600 homes reclaimed in just the first three months of the year, it’s clear that a lot of people are affected.

The bad financial conditions are making repayments harder than ever. If you do lose your home, the charity Shelter can help.

If you are facing repossession, talking to the lender should be your first priority. They will often help you to get back on track.

As a safety net and last resort, you could look for a quick house sale to raise the money you need.

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Repossession And Retail Prices – Both And More Affected By House Prices

Monday, July 26th, 2010

Just a quickie, if you’ve ever wondered how the economy is affected by house prices and what knock on effects they have on other elements such as repossession, exchange rates and retail prices, then check out this article…

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Repossession Provides Thousands Of Empty Homes But New-Builds Keep Coming

Friday, July 9th, 2010

Despite there being more empty properties than there has been for a substantial amount of time, mainly as a result of repossession and eviction, some councils are keen to build new properties and shout about it. The lastest development of 450 new homes has just been approved in Northampton after the approval of a £2.3 million scheme was approved by the ConDem government.

Speaking about the scheme, West Northamptonshire Development Corporation (WNDC) chief executive Peter Mawson said: “The government clearly recognises the importance of Northampton and has backed WNDC to invest around £2m in the transformation of a largely derelict site.”

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Repossession Numbers Highest In Cities

Friday, April 30th, 2010

The Spicerhaart Corporate Sale report was released earlier this week and it didn’t make great reading for those owning property in London, or any UK city or any home-owner in the country really. According to the report, the league of repossession hotspots in the UK is topped by London, which experienced 166% more than 2nd placed Birmingham

The findings revealed that none of the biggest 5 UK cities fared well with Manchester, Liverpool and Belfast coming in 3rd, 4th and 5th respectively. Those living in the city often paid the highest prices to procure a property but with high unemployment and even higher numbers of defaulting home-owners have really struggled.

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Repossession And Unsure Buyers Affecting Market

Monday, April 12th, 2010

Owing to the aftermath of the global economic downturn, it has been found that repossession numbers have risen and property prices have changed significantly. This is leading many home buyers to shy away from making a property investment. Because they are thinking twice before investing in property market; the real estate sector has witnessed dramatic lows during the recession.

During this economic phase, it is important that you be careful about the investments you make because  there has been a deficiency in liquidity in the market. Amidst this, the home buyers are thinking of putting their money in investments which will give them some profit margins rather than incur losses.

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House Repossession Victims In Scotland Now Have Hope

Friday, March 26th, 2010

Deciding against waiting any longer for the housing market to pick itself up, the Scottish Government have announced the formation of the new National Housing Trust. The Trust will try to kick-start the Scottish housing market by building 1,000 new homes and giving councils £130 million to do up unused properties.

The money will go towards properties aimed at lower income owners and tenants and will no doubt help those who fell victim to house repossession in 2009. As part of the scheme, 1000 construction jobs and will be secured and the Scottish economy will recieve a boost. To start with, the money will be given to areas where there is a shortage of affordable housing.

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Repossession Decision Gives Justice To Mother Of Two

Friday, March 19th, 2010

Hows about this for unfair: Jayne Hewett, mother of two, took out a remortgage on her family home to pay off her husbands credit card debts. Nothing to shocking there, but while Mrs Hewett was remortgaging the property, her husband was having a secret affair.

He then left her to repay the mortgage alone and raise their kids while went he went bankrupt. As a result of the following divorce, the house was signed over to Mrs Hewett but she was unable to make the repayments. Her lender, First Plus Financial Group moved in for repossession but Justice Briggs of the Court of Appeal ruled in favour of Mrs Hewett saying that Mr Hewett was guilty of a ‘deliberate concealment’. Under the conditions of the ruling, if First Plus Financial Group do repossess the house, Mrs Hewett should be able to keep half of the quick house sale price.

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Repossession Order Figures Released

Wednesday, March 17th, 2010

If you were here yesterday, you’ll have read about the recently released FSA figures and the high repossession numbers for 2009. The only good news came in the final quarter with repossession and new arrears cases falling by 15 and 9% respectively. But anyone looking for good news should stop reading there because by the end of 2009, around 378,000 borrowers had gone into arrears on their mortgage repayments.

The FSA figures fall broadly in line with those announced by the CML and both groups reported the highest level of arrears since 1995. The only saving grace is that the number of people actually facing house repossession in 2009 was lower than the 75,000 originally predicted.

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Repossession Numbers Out And It's Looking Bad… And Good

Monday, March 15th, 2010

Did you see the Financial Services Authority (FSA) figures that were released last week? They were all about repossession and arrears in 2009 and unsurprisingly, the number repossessions was 15% higher in ’09 than in 2008. The overall number of repossessions reached 54,055, up from 46,945 in 2008.

It’s not all doom and gloom though, the clawing of the UK out of recession also meant there was also a drop in the number of repossessions. In addition there was also a dip in the number of individuals unable to keep up their mortgage repayments. The positive final quarter of 2009 resulted in a 15% drop in the number of repossession agains the same quarter in 2008.

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Repossession Can Make You Do The Strangest Things…

Friday, March 12th, 2010

A mother of a 1 year-old boy has been sent to jail in the USA charged with child endangerment related to abandonment. This, on the face of it, may seem to be a albeit sad but normal case, but the more you read the stranger it gets. The woman, Krystal Gardner from Dallas, Texas was having her car repossessed when she tossed her toddler through the open back window and on to the back seat.

You see, repossession laws in the USA state that a vehicle may not be repossessed if there is a person inside. So, to prevent a repo man from taking the vehicle Krystal chucked her child in making it illegal for the car to be taken. The thing is, Garder was the one that ended up braking laws and was sent to jail for related charged and for driving without insurance or a license.

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