Archive for Eviction
Sep
05
Repossession Advice – It’s Never Too Late to Act
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The property market in South Africa has already started to experience great falls in house prices, many people are unfortunately being hit by this and many more stand the risk of losing their homes. Despite the tough times we are currently facing, solutions to these problems are already being offered to home owners in South Africa by companies who are able to purchase houses for cash and allow the home owner to remain in the property after the sale. This is known as a ‘Sell And Rent Back’ scheme.
‘Sell And Rent Back’ is the most utilized service which aids in preventing repossession and eviction when as a home owner you are not able to meet the mortgage repayments on a monthly basis. The great part about these schemes is that you will be allowed to stay on your home and not have to worry with being kicked out of the property out of the sale. You can simply carry on with your life as it was before and rid those sleepless nights.
Essentially this now means that the original owner (who is now renting the property back from the company), no longer will be responsible for paying rates and taxes as this is now the responsibility of the new owner. This is a great benefit as it helps in reducing the previous home owners extra outgoings which is where the problem started in the first place. The less outgoings for the home owner, the better. Another great thing that these repossession services offer is a buy-back option. This is where the repossession service gives the home the owners the option to buy the property back at a later date if their financial situation proves to be healthy enough to do so. Ideally the home owner would rent the property back from the repossession service, save money for a deposit while living in the property, and then buy the property back say 5 yrs down the line when market conditions have improved, as well as the home owners financial situation being in a better state.
In order to sign up to a deal like this, the home owner simply needs to source one of these companies that has the ability to buy houses for cash. These repossession services don’t normally charge anything for their service so its great for the home owner as they don’t need any upfront cash in order to enter into an agreement like this. The home owner will also be under no obligation what so ever which takes the pressure off the home owner completely. These companies are able to prevent repossession days and even hours before the actual repossession of the property. They really do provide a valuable and life changing service which is well worth looking into.
Rent Back
Aug
26
Mortgage – Repossession Advice
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With the sharp increase in the number of repossession’s throughout England and Wales over the past year, it is vital that tenants are fully aware of their rights and what help is at hand for them.
First and foremost it’s important to point out that lenders and freeholders are fully within their legal rights to take action against you if you fail to keep up with repayments, or in the latter situation; break one or more conditions of your lease. At the same time, this action is not automatic and your lender or freeholder has to state a valid legal reason, along with following the correct procedure in order for your eviction to be initiated.
If you are threatened with a repossession order then the first thing you should do is seek help from your local housing association, advice centre or the Citizens Advice Bureau.
Although numerous accounts contradicting the fact that lenders should use repossession as a last resort are cropping up, essentially the majority of lenders will be more than eager to sort out your repayment problems, and work on implementing a new repayment plan. The options available to you at this stage will depend greatly on your personal situation and your lender will usually take into account what type of mortgage you have; how far you’re are into arrears; and the reason you have fallen into arrears.
Almost always the first indication you will have that your repayments have become problematic are by a letter you will receive from your lender. This will usually just be to inform you that you have missed one or more payments and establish how you intend to catch up on these payments; in most cases they will request that you get in contact with them either by letter or telephone.
Its vital here that you do not simply ignore letters from your lender or landlord as this will encourage them to get their solicitors involved and will show the courts your unwillingness to cooperate.
Following your first letter you will receive one stating whether or not your lender found your proposals agreeable, if not then they will usually give you 1 week to either clear your area’s or get in contact with them; with failure to comply resulting in the matter being passed onto their solicitors. It’s always better to try and resolve the situation with your lender before involving their solicitors, so again it is vital that you answer their letters or get into direct contact with them.
If you have still not taken any action then you are likely to receive a letter from your mortgage lender solicitors stating that you have 1 week to pay of all arrears or make a proposal on how you intend to do so, if you do not then they are able to start court action.
Negotiations are vital at this stage, and if your mortgages case is taken to court, then chances are they will be much more sympathetic if it is obvious that you have made an effort over the preceding months. A remortgage may be an excellent way to cover your outstanding arrears, either way it’s highly advisable you talk with an independent advisor before taking such action.
Rent Back
Jul
27
Getting Repossessed? Want to Stay in Your House? Sell and Rent Back Schemes are a New.
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If you are getting repossessed and you want to stay in your house their solutions already available in the UK market place, in order to address the growing problem in the face of the credit crunch which is sweeping the nation a collection of small company’s are emerging that are able to offer “Sell & Rent Back Schemes”
These schemes not only allow the individual or family concerned to sell their house quickly and stop the eviction taking place but also allows them to stay I their house as a tenant. It is not unusual for these kind of deals to offer the ability to be able to buy back the house at a later stage if your financial position improves this can be useful for those that would relay like to keep their house as if an eviction and repossession tool place it would otherwise be sold at auction and there are no guarantees the new owners would want to sell.
The other benefit of this scheme is the fact that it allows you to clear all your debts with the lender, although you will be selling your house for an agreed percentage of market value the nature of these deal mean this would include clearing all the outstanding debts with the lender which could consist of the outstanding mortgage amount, any secured loans you may have against the property as well as things like mortgage arrears, this gives you a clean slate as the alternative of your property being sold at auction would mean that if the amount it was sold for was less that these debts combined the lenders would still press legal action and chase you for the remainder of the debt.
These deals are also effective at stopping an eviction from taking place as your will find your lenders willing to co-operate with you on such a deal as it means that they can get their repayment in full with out going through the expensive process outlined above.
go now to http://www.avoidhomerepossession.co.uk/
Sell and Rent Back
Jul
12
Care Needed With Mortgage Rescue Firms
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Home owners who are struggling to keep up with their mortgage repayments are being hounded by so-called “mortgage rescue firms” who promise to save potential evictees from home repossession.
The cost of borrowing has increased considerably over the past year due to rising interest rates. Previously low mortgage repayments have increased significantly for some home owners, particularly if their mortgage contains a variable interest rate or a discount rate period that has expired.
The increase in monthly mortgage repayments has lead to a rapid rise in mortgage arrears and possession orders. Home owners who are facing repossession and eviction have become easy targets for mortgage rescue firms who promise to stop the repossession process and help the home owners to stay on their properties as tenants.
Mortgage rescue firms come in various forms – from large, national firms to small companies operating as sole traders in local areas. The mortgage rescue firm will typically offer the distressed home owner a heavily discounted price for their property and allow them to remain in the property as a rent paying tenant.
The amount of money offered for the properties varies considerably. It will usually depend on how much money the distressed home owner owes on their mortgage balance plus any arrears that have accumulated. This amount can sometimes be less than half the value of the property on the open market.
While this may seem unreasonable, the point of the exercise is to rescue the property owner from repossession and many years of financial hardship. For many individuals, this offer is attractive enough to accept, despite the fact they will lose thousands of pounds of equity in their home.
Normally, the mortgage rescue firm will allow the occupant to remain in the property as a rent paying tenant. Unfortunately for many people who accept the offer, they fail to realize that they have no legal recourse to remain in the property long-term. Instead, they will become a rent paying tenant on an assured short hold tenancy agreement, and when the term expires they can be evicted.
This is the part of the deal that property owners who are in financial distress need to be aware of. While the repossession process may be stopped and the home owner is allowed to remain in the property for a short time, the mortgage rescue firm has no obligation to allow the tenant to remain in the property over the long term.
Home owners who sell their properties to mortgage rescue firms should therefore attempt to negotiate a long term lease in if they wish to obtain any form of security regarding remaining as a tenant in the property.
Instead of contacting a rescue firm in the first instance, home owners who are struggling to keep up with their mortgage repayments should first attempt to find a solution with their current lender. If they fail to find a solution the home owner should then try to remortgage their property with another lender provided they can afford to keep up with the repayments. By remortgaging the individual will be able to remain in their property and may not be forced to sell it.
Quick House Sale
Jun
29
Repossession UK – a Look at How People are Avoiding Repossession by Using
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If you are already in the position were you home has actively been repossessed it still may not be too late to get help, even if you moments away from being evicted. In this situation if you have not managed to come to any agreement with the lender that will allow you to stay in your own home you can still approach company’s that specialise in dealing with repossessions, this can be a good alternative if faced with loosing your home completely and could help you stop repossession in its tracks.
If you were to approach one of these company’s they will likely be able to delay the eviction giving you more time to find the best solution to your current circumstances. The organisation will normally provide you with no obligation alternatives to help you avoid your repossession, most of them do not charge fees for assessing your situation, and will work very fast to help ensure that you are able to resolve your dilemma.
How they are able to resolve this for you is by being able to buy your home from you and allow you to rent it back from them which means that you wont have to leave the property.
Another option you may sometimes be offered is rent and buy back, were they will buy your home and rent it back to you at the market rate and if your situation improves you will have the option to buy it back from them
go now to http://www.avoidhomerepossession.co.uk/
Rent Back Fast
Jun
16
Sell House and Rent Back, Stop Repossession Fast! a New UK Solution Hits the Market
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The property market in the UK has already started to see drops in house prices, 1000’s of people are being affected and 1000’s more are in the risk zone. In recognition of this unravelling disaster solutions to tease problems have began to be offered by company’s in the form “Sell & Rent Back” schemes which allow distressed buyers to sell their houses fast in order to avoid them being taken away and are given the option to rent the house back and continue living in the property
“Sell & Rent Back” is often the most used and one of the better options for preventing eviction and loss of property when you find your self in the position that you cannot keep up the the repayments on your mortgage. This will allow you to stay in your own home and avoid the stress of having to move when you have no were to go.
Fundamentally this means the original owner, who is now renting the home from the new owner, is no longer responsible for any taxes or repairs the home may need. This is a major benefit when the financial position you were in would make these extra payments a drain on resources. Depending on what kind of deal that you enter you may even agree to buy the house back at a later date if your financial position improves. Its always a good idea to save money when you in this position so that you have some capital to buy the house back.
In order to enter into one of tease schemes all you have to do is get in contact with one of the company’s that specialise in these kind of deals, the majority do not charge any fee’s and work on a no obligational basis, and will be able to help stop an eviction from taking place even if its only days away form happening, in some cases even hours.
go now to http://www.avoidhomerepossession.co.uk/
Real Estate Professionals
Apr
29
More People are Relying on Credit Cards to Meet Mortgage and Rent Payments
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A poll carried out by YouGov has shown that more than one million household in the UK have used a credit card to pay their mortgage or rent. Housing charity Shelter backed up these findings by revealing that 6 per cent of those surveyed admitted they need to use credit to meet their housing costs.
Younger people were found to be more likely to rely on credit to stay on the property ladder, with 7.5 per cent of those aged between 18 years old and 24 years old confessing they had used credit cards to meet their mortgage or rent repayments.
Those using credit to make such payments have been warned by the Housing Advice Service that they face getting themselves into a ‘spiralling maze of debt’ in which the credit available to them will eventually run out.
Housing charity Shelter have laid some of the blame at the door of irresponsible mortgage lenders, saying banks and building societies were allowing people to become financially stretched, forcing them to turn to credit to keep themselves afloat.
Chief executive of Shelter, Adam Sampson claimed the situation was appalling, he said, “The number of people hit by the credit crunch, interest rate hikes and unaffordable housing costs are rapidly rising. For many people trying to keep a roof over their head, desperation is driving them to short term, high cost borrowing. Ordinary people are being forced to seek more risky and expensive ways to stave off the threat of eviction and repossession.”
Shelter alleged that most credit card companies charged a rate of interest of between 15 per cent and 18 per cent, nearly 50 per cent more than even the highest mortgage rates of 11 to 12 per cent for people with poor credit histories.
People with poor credit ratings would typically be charged interest rates of up to 40 per cent by credit card companies, five times higher than the average mortgage rate.
Director of services at the Community Housing Advice Service, Stuart Freedman said, “There is such a pressure on people’s budgets that paying your mortgage or rent by credit card, then paying that card with another card is becoming the norm for many people. It leads to an ever spiralling maze of debt, and eventually the credit simply runs out.”
The findings from the research unearthed that men are fractionally more likely to use credit to meet their rent or mortgage repayments. On average, 7 per cent of men will use credit cards, compared to 6 per cent of women.
The places in the UK which are most reliant on credit are found in the Midlands and Wales, where almost one in ten households in these areas has resorted to using plastic to keep on top of rent and mortgage repayments.
As housing costs escalate further, Shelter have said it was becoming a ‘huge problem’ that was likely to become more widespread. They urged people who were struggling with their mortgage or rent to seek professional financial advice before thinking about whether to use their credit card.
Quick Property Sale
Apr
27
Caution With Mortgage Rescue Firms
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Home owners who are struggling to keep up with their mortgage repayments are being hounded by so-called “mortgage rescue firms” who promise to save potential evictees from home repossession.
The cost of borrowing has increased considerably over the past year due to rising interest rates. Previously low mortgage repayments have increased significantly for some home owners, particularly if their mortgage contains a variable interest rate or a discount rate period that has expired.
The increase in monthly mortgage repayments has lead to a rapid rise in mortgage arrears and possession orders. Home owners who are facing repossession and eviction have become easy targets for mortgage rescue firms who promise to stop the repossession process and help the home owners to stay on their properties as tenants.
Mortgage rescue firms come in various forms – from large, national firms to small companies operating as sole traders in local areas. The mortgage rescue firm will typically offer the distressed home owner a heavily discounted price for their property and allow them to remain in the property as a rent paying tenant.
The amount of money offered for the properties varies considerably. It will usually depend on how much money the distressed home owner owes on their mortgage balance plus any arrears that have accumulated.
This amount can sometimes be less than half the value of the property on the open market.
While this may seem unreasonable, the point of the exercise is to rescue the property owner from repossession and many years of financial hardship. For many individuals, this offer is attractive enough to accept, despite the fact they will lose thousands of pounds of equity in their home.
Normally, the mortgage rescue firm will allow the occupant to remain in the property as a rent paying tenant. Unfortunately for many people who accept the offer, they fail to realise that they have no legal recourse to remain in the property long-term. Instead, they will become a rent paying tenant on an assured short hold tenancy agreement, and when the term expires they can be evicted.
This is the part of the deal that property owners who are in financial distress need to be aware of. While the repossession process may be stopped and the home owner is allowed to remain in the property for a short time, the mortgage rescue firm has no obligation to allow the tenant to remain in the property over the long term.
Passive Income
Apr
11
Consider Mortgage Payment Protection For Peace of Mind
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If you want peace of mind that you would not be at risk of losing your home to repossession then consider taking out mortgage payment protection. A policy would provide you with an income after so many days of unemployment or incapacity and would payout for a certain length of time which is set by the provider. You would not have the worry of falling into arrears with the mortgage and the lender taking you to court to seek possession of your home. You would be able to make a recovery or look around for work knowing that your mortgage payments were safe.
Lenders will not repossess at the drop of a hat, but they will as a last resort and if you cannot continue paying your mortgage while catching up on the arrears then repossession is a strong possibility. Repossession means losing your home and the memories built up in it. It also comes with stigma of eviction and of course your credit rating is in tatters, which makes borrowing again extremely hard in the future. One way of ensuring that you are not faced with this possibility if you lose your income is to keep up with the payments of the mortgage by taking out mortgage payment protection. Relying on any help from the State is not the best option. You would have to meet criteria set out and even then you would only receive help with the interest part of the mortgage. You could also expect to wait several months before you would see any benefit. If you were relying on savings as a way of keeping up with the mortgage then savings could soon deplete if you were to be unable to work or could not find work for many months.
Mortgage payment protection can be taken cheaply with a standalone provider. This is a better way to take out protection than having it included into the mortgage. High street lenders charge highly for their protection when adding it onto the mortgage at the time of borrowing. A standalone specialist will also provide you with all the information you need to ensure that a policy is right for you. You are able to choose the level of protection that is most suitable. You could insure against accident, sickness and unemployment together, accident and sickness as a standalone policy or just for unemployment. This will reflect on the cost of the cover as will your age and the amount you wish to protect of your mortgage repayment.
When your policy would begin paying out and for how long would depend on the provider. Some policies would provide you with an income tax-free after the 30th unemployment or incapacity date. Other providers could ask you defer from claiming until the 90th day and some could back pay to day one of you being made unemployed or of suffering accident and sickness. Once the term of the mortgage payment protection policy has been reached then the policy would expire regardless of whether you had found work or recovered and gone back to work.
Real Estate Professionals
