Repossessions doubled in 2008 and expectations are that things will be worse in 2009! The council of mortgage Lenders has predicted that repossessions for the coming year could reach 75,000.
Figures suggest that the South West, Midlands and London have seen the greatest increase in repossessions thus far, but nowhere has escaped the clutches of the worsening economic conditions.
Likewise there is no socio-economic group that is impervious to the threat of repossession as redundancy looms across the economy.
Pressure on the government to act has led to measures being introduced to assist those in arrears and help stave off repossession. However without the lenders adopting and assisting these measures they will have little impact.
When faced by mounting arrears the important thing is to take action!
Repossession is the final step and so it is vital that you explore all options before residing to handing over the keys to your lender.
Seek Advice
Citizens Advice Bureau, Consumer Credit Counselling Service or the National Debtline, can take you through the process and make you aware of the support and assistance available to you.
Know Your Finances
Go through your finances and work out what realistically you could afford as a repayment allowing for budgeted essentials. This will be key to any negotiations you can do with the lender and the courts.
Stay In Contact With Lender
Through government pressure lenders are being encouraged to negotiate a resolution to arrears, with repossession being the last resort. By ignoring your lenders correspondence you will increase the likelihood of repossession.
Attend Court
Showing up at court allows you to put forward a repayment plan and fight your corner. The judge is more likely find in your favour if you demonstrate an intension to resolve.
If you want to sell your property before repossession you will want some guarantee that you can sell quickly - this is where a house buying company can help you, often completing sales with 7 days.
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