subject: Sell My Home Or Face Repossession [print this page] Repossession of your home because of mortgage arrears is a spectre haunting many people in today's unpredictable economic climate. Many thousands of people are now in the 'sell house quick or lose it' situation.
Unexpected redundancy, bereavement, illness or accident, has often caused homeowners to fall behind with their mortgages. Recently though, the recession has put thousands out of work, both employees and small traders. Many more have had to accept reduced wages to keep their jobs at all. Meanwhile, many who relied on investments, in property or the stock exchange, have seen incomes slashed and investments wiped out, leaving debts. Some pensioners many still with mortgages to pay- relying on savings to boost their pensions, have seen tiny interest rates obliterate that extra income. Unsurprisingly, thousands of people are now in serious mortgage arrears, many for the first time in their lives.
When faced with losing your home it's very easy to panic, or to try to ignore the situation. It is important, though, to take positive action.
Contact your mortgage lender, before arrears mount, and explain your difficulty. There are various ways they can help you through a short-term problem, and most of the mainstream lenders are happy to do so. Repossessing your home is not in their best interests. Stay in regular contact with your lender, keeping them informed of your developing situation, and work with them to agree a new interim arrangement. Then you must stick to it.
After 3-6 months arrears some lenders invoke legal action. Again, seek advice. You may still be able to keep your home.
It may be, though, that the 'sell house fast' scenario is the best solution for you, and in that case we at Decision Homebuyers can help you by offering a cash sale that really will go through fast. Remember that there is more to life than being a home owner and that many people rent quite happily.
by: Larry Reid
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