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Archive for the ‘repossession’ Category

Coping with debt and house repossession

Although the UK economy is growing, and the housing market is rising at present, there are still a growing number of family homes that are facing repossession.

It is estimated on average 100 families a day lose their property in a home repossession, due to failing to pay their mortgages on time. It is also estimated that this number will continue to rise, as the number of job losses increase, and the lack of employment is forcing more and more people to seek government help and rental accommodation.

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However, not a lot of people realise that full repossession can be avoided by using the skills and expertise of a cash buying company.

Even up until the day of your repossession hearing, you can stop the procedure.

Quick property sale companies such as BestPricesPaid.co.uk can attend court with you and tell the court that they are going to buy the property from you for cash, and that the process of selling is underway. Usually if the cash buying company has proof of funds, the court will accept this and delay the hearing. This gives you enough time to sell your house and to find alternative suitable accommodation.

Rent Back Your House?

One thing to be cautious of is companies that claim you can rent back your property after stopping repossession and selling to them. They are usually either lying in order to purchase your property from you for a below market price, or they are performing an illegal sale and rent back scheme – which you could be liable.

Earlier this year, the FSA put a stop to all sale and rent back activity, so there really should be no company that can offer you such services.

With BestPricesPaid.co.uk we can let you stay in your property for up to 1 month after the sale has gone through. This is different to a sale and rent back, as we wouldn’t expect you to pay any rent in that time, and we would be know that you would be leaving the property in 1 months time.

This is a great way of saving up a deposit, or getting rent together, as you will have one whole month of not paying rent or mortgages. Sometimes after a repossession has been imminent your financial situation is effected, so this breathing space could be exactly what you need.