Repossession
How to stop mortgage arrears and house repossession orders
How to stop mortgage arrears and house repossession orders
Article by Marge Dubois
How to stop mortgage arrears and house repossession orders
House repossessions caused through mortgage arrears have hit an 8 year high according to the Council of Mortgage Lenders UK. Around 14,000 homes have been repossessed in the last 6 months in England, Scotland, Wales and Northern Ireland – up 30% on this time last year.
Borrowers most affected, are people who fall under the ‘sub-prime’ market (adverse credit files due to various conditions in their past, including CCJ’s -county court judgments, IVA’s and other bad credit conditions).
Other possible repossession candidates are the 1.8 million people coming to the end of their fixed rate terms in a market where we have seen 5 increases in the base rate over the past 12 months.
Many borrowers have other loans to repay, cars to run and families to bring up so costs can soon mount, leaving them completely over extended so ‘baton down the hatches’ is an understatement with the probability of yet another interest increase within the next couple of months.
If you are facing repossession and you want to know what happens next take the following steps:
1. Talk to your Bank or Building Society as early as possible to explore your options. Delaying this and allowing mortgage arrears to mount up makes it difficult for the lenders to offer a counselling ear and take a lenient stance. An eviction could leave you homeless so act now!
2. Reduce your outgoings, by economising when shopping and cutting all luxury subscriptions. Be aware of what you are spending.
3. Increase your income. This may be possible by working extra hours, taking on lodgers or applying for extra benefits.
4. If there is no way of paying the arrears and the continuous monthly payments then the other option is to start thinking: “I need to sell my house fast”.Remember that getting mortgages after a repossession will be very difficult so if the clock is ticking then registering with an estate agent is not a viable option as this will take time. Selling through an auction is fast but isn’t guaranteed so the quickest way to sell your house is go to a private investor or property company who will buy your home within weeks. If you want to stay in your home you should make sure they offer you a rent back option allowing you to rent your home from them after the sale has completed. If you think your circumstances may change in the future you should go to a specialist company who can also offer you a buy back option allowing you to buy back your home when in a better financial position. A good specialist company offering advice and services on all of the above is http://www.housesforcashuk.co.uk
This hike in repossessions has a nightmare affect on homeowners who lose their properties and is generally the result of people innocently trying to get a foot on the property ladder without realising the consequences of future interest rate increases or changes in circumstances.
If you have mortgage arrears, are facing repossession or have a court hearing don’t waste time and act now, before it is too late.
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Marge Dubois runs you through the ins and outs of stopping your mortgage arrears and preventing your house from being repossessed. For further info click here – http://www.housesforcashuk.co.uk
Marge Dubois is a published writer on a wide range of subjects. A linguist by training, her interests are as diverse as waste management, wine, car leasing, spirituality, loans and many more.
Behind the Scenes of a Car Repossession
Behind the Scenes of a Car Repossession
Article by Sandy Lowenstiener
The economy is still mired in its slump and everyone is feeling the pinch. It won’t surprise you to learn that the number vehicle repossessions has skyrocketed over the past year. Experts suggest that the number of daily repos increased nearly 20% during 2008. What’s more, the increase in activity is not limited to certain types of cars. Luxury models are being repossessed as quickly as low-priced models.
Because this is an area of the automotive industry that few people know about, I’m going to explain what happens behind the scenes. We’ll follow the trail of a repo’d vehicle as it changes hands throughout the process.
The Person Who Owns The Vehicle
Let’s suppose that you purchase a new Mercedes. You found a dealer who was willing to let you drive it off the lot without your having to put any money down. Of course, the monthly payments are staggeringly large. Eight months later, you’ve lost your job and have begun to have a problem with making your payments on time. Eventually, you simply stop paying the lender each month.
The lender will send several notices to you requesting that you bring your account current. If they don’t hear from you, they’ll begin legal preparations for the repossession. For example, the lender will file a lien, request the court to grant a levy, and notify you regarding where the Mercedes will be sold. Then, the repo agent is dispatched to pick it up.
The Person Who Repossesses It
Repossession companies are hired by the lender. The laws surrounding what a repo agent can and cannot do in order to acquire a vehicle vary by state. Also, state law varies regarding what the owner (in this case, you) can do. For example, some states will allow the agent to cross into private property without the owner’s permission in order to acquire the car. On the other hand, several states will let you relocate your car in order to evade the repo agent. In that case it’s up to the agent to find you (and your Mercedes).
The Auction And Dealership Lot
Let’s assume the agent found you and took possession of your Mercedes. In most cases, the vehicle will end up at a private auction attended by the lender, a representative of the dealership, and any number of other dealers who are interested in buying it for resale. If your Mercedes is purchased – and it’s likely that it will be – it ends up on the new dealer’s lot.
Hopefully, you’ll never need to experience firsthand the process of having a car repossessed. That said, it is an important part of the automotive industry and explains how many used cars end up on a dealer’s lot. As for whether repossessed vehicles are reliable, they typically are. But, use the same level of caution you normally would when shopping for a used car.
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Related Stop Car Repossession Articles
Common car repossession tricks
Common car repossession tricks
Article by Nancy Stewarts
Car repossession takes place when a car buyer is unable to make car payments. When a car owner stops paying for the car, lenders would contact a repossession company to confiscate the vehicle. In order to prevent their cars from being repossessed, most car owners usually hide their cars. As a result, repossession companies use tricks in dealing with car owners who are trying to avoid getting their cars repossessed. These tricks include the following:
Use of satellite tracking devicesCar dealers usually use satellite tracking devices installed on cars to locate owners trying to keep the vehicles to avoid repossession. These satellite tracking devices on cars are used to protect the car from being stolen. Through advanced technology, car repo guys could use the former safety feature of the vehicle against your intention of hiding it from being repossessed.
Satellite observance systemSatellite observance system also enables car repo crews to track the vehicle’s location in case you try to run away from them. Another method used by the repo guys is the internet. All they need to do is log on to a particular site and zoom out the street of your residence using Google maps. There are also other sites that are capable of giving out street views of your residence. Other sites have the capacity to provide images of nearby garage where you could have hidden the car to avoid repossession.
Tricky practicesIn order to ensure the success of repossessing car, companies involved in this particular job use tricky practices to prevent vehicle owners from hiding their cars. Good examples of these tricky practices used by repossession companies include the following:
Car repo or used car finder guys would call and tell you that they are delivering something in your house. They request you to come home and sign some documents in order to complete the delivery. By the time you get home, you will just find out the situation that would probably happen next.
Another method act used by repo guys is to appear on your residence as if they are there to inquire about something. They would usually bring along a normal pickup truck. By the time that they were able inform that the vehicle you own would be repossessed, the normal pickup truck suddenly transforms into a repo truck that would tow your vehicle away.
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