If you’re scared and have to halt a repossession threat fast – there is help 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. Home repossessions are one of the most stressful and unpleasant experiences any family can go through. Unfortunately the repossession help from the Government is pretty ineffectual and only helps a fraction of families nationwide.
The recent figures from the Government Mortgage Rescue Scheme that only 92 families facing repossession were helped despite 11,000 coming forward for help. So what happens to those 10,908 people who didn’t get help? Unfortunately, some will have already been unable to stop house repossession. 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
The Government simply does not have the resources to help you avoid repossession on a nationwide scale.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 privately operated sell and rent back schemes that can buy their homes immediately and stop home repossession in its tracks. The proliferation of these companies seems to continue to rise given that the number of UK repossession risk hot spots has risen from 22 – 34 in the last 12 months.
The Places Most at Repossession Risk
The 34 hot-spots most vulnerable to being unable to stop home repossession include northern metropolitan areas such as Barnsley, Burnley, Blackburn, Bradford and Blackpool as well as 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 works in a similar way to commercial house rescue agencies in that the successful home owners can sell all or part of their house to a social landlord and rent it back again at a more modest rental level. Mortgage rescue firms already offer this service with sell and rent back schemes or sell home fast for cash services.
