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Monday, May 28, 2012
Tuesday, May 22, 2012
How to deal with Mortgage Arrears Repossession
When dealing with mortgage arrears repossession there are things that you can do to remedy the problem. In the same way there are also things that you must not do. Among these things are:
1. Do not agree to higher repayments just so the lender stops bothering you. Overly high repayments can only bury you deeper in debt and you would be worse off than you already were.
2. Do not opt for a sale and rent option. This is when a commercial firm buys your property from you and pays off your debt and allows you to stay at your home while you pay them rent. First off, your house will be sold at a much lower rate than it would have fetched had you sold it wholly. And second, your tenure as a tenant is more often unstable and you could find yourself out of a home and out of money.
3. Do not simply surrender possession of our property to the lender. If you allow the lender to bear down on the mortgage arrears repossession, your house could be sold at a much lower price and you will still be held liable for the shortfall. Ultimately, repossession is not an all out answer to paying off your debt because you can’t be sure for how much the lender will sell your house.
It is definitely much better if you decide to sell your house yourself rather than allow the lender to have control over the sale. You can sell your house yourself and pay off your debt while having some extra to help you purchase a more affordable house and tide you over while waiting to find the perfect place for you to call home.
What you can do when facing mortgage arrears repossession are:
1. Talk to your lender about your options.
2. Read your mortgage terms and find out what actions the mortgage lender is set to take if you fail to keep up with your payments. This way you are able to anticipate his move and you can prepare yourself for whatever action he will take and what you can do about it.
3. Look to your government for help. Find out if you qualify for any government financing programs that assist distressed homeowners such as yourself.
4. Talk to a money adviser about your situation and obtain his help in setting up a financial rehabilitation plan. He can help you set up a strategy on how to deal with your debts and set your finances straight.
5. If your mortgage lender is treating you unfairly or unreasonably, contact the Financial Ombudsman Service. The law provides that in cases of mortgage arrears repossession the lender must give you a fair and reasonable treatment.
In any endeavour or situation know your rights so that you may ably protect yourself and your family. Falling into mortgage arrears does not mean you will be left homeless and helpless. Look at your many options and act on them.
This article was contributed by Willie Nelson of Sell or Yell UK, a property specialist offering practical guides on how to sell your property quick and hassle free.
1. Do not agree to higher repayments just so the lender stops bothering you. Overly high repayments can only bury you deeper in debt and you would be worse off than you already were.
2. Do not opt for a sale and rent option. This is when a commercial firm buys your property from you and pays off your debt and allows you to stay at your home while you pay them rent. First off, your house will be sold at a much lower rate than it would have fetched had you sold it wholly. And second, your tenure as a tenant is more often unstable and you could find yourself out of a home and out of money.
3. Do not simply surrender possession of our property to the lender. If you allow the lender to bear down on the mortgage arrears repossession, your house could be sold at a much lower price and you will still be held liable for the shortfall. Ultimately, repossession is not an all out answer to paying off your debt because you can’t be sure for how much the lender will sell your house.
It is definitely much better if you decide to sell your house yourself rather than allow the lender to have control over the sale. You can sell your house yourself and pay off your debt while having some extra to help you purchase a more affordable house and tide you over while waiting to find the perfect place for you to call home.
What you can do when facing mortgage arrears repossession are:
1. Talk to your lender about your options.
2. Read your mortgage terms and find out what actions the mortgage lender is set to take if you fail to keep up with your payments. This way you are able to anticipate his move and you can prepare yourself for whatever action he will take and what you can do about it.
3. Look to your government for help. Find out if you qualify for any government financing programs that assist distressed homeowners such as yourself.
4. Talk to a money adviser about your situation and obtain his help in setting up a financial rehabilitation plan. He can help you set up a strategy on how to deal with your debts and set your finances straight.
5. If your mortgage lender is treating you unfairly or unreasonably, contact the Financial Ombudsman Service. The law provides that in cases of mortgage arrears repossession the lender must give you a fair and reasonable treatment.
In any endeavour or situation know your rights so that you may ably protect yourself and your family. Falling into mortgage arrears does not mean you will be left homeless and helpless. Look at your many options and act on them.
This article was contributed by Willie Nelson of Sell or Yell UK, a property specialist offering practical guides on how to sell your property quick and hassle free.
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