More and more people are leaving until the last minute before seeking a solution to stop repossession of their home.
Last Friday afternoon I got a call from a very stressed homeowner who called to ask us to stop his eviction order. We do this all the time but the eviction order had already been in place for at least 7 days and the bailiffs were due today (Monday)!
In other words the family had left it until barely a few hours before finding out what their options are. Sad as it is, in this case, this family will be evicted.
I asked the caller why he hadn't called us before because we almost certainly would have been able to help him and his family avoid repossession. He told me that they had had a possession order suspended last year, but then they had not paid their mortgage payments for the last 4 months.
Suddenly, he was amazed that he received a letter from the bailliffs announcing that they would be physically evicting the family and all their belongings within 24 hours.
The point about a suspended possession order from the court is that the possession order is valid, the judge has granted the lender the right to repossess your home, but has agreed to suspend the eviction so long as you pay the agreed amounts each month to repay your arrears. If like our caller, you break that agreement, then the lender does not have to go to court again to get an eviction order. Why? Well, because the original possession order was suspended, but not cancelled.
So, if you find yourself facing a situation like this please contact us right away because your options will be much greater and you can remain in control of what happens to you, your family and your home.
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Monday, 18 June 2007
Tuesday, 12 June 2007
Lib Dems Warn of Home Repossession Rise
Commenting on figures published today by the Council of Mortgage Lenders showing that mortgages are at their least affordable for 15 years, Liberal Democrat Shadow Chancellor, Vince Cable MP said:
"Many families are now struggling to meet interest payments as house prices and interest rates continue to rise. The ominous warning today from Mervyn King suggests there is at least one more rise in interest rates to come.
"Gordon Brown has been extraordinarily lucky so far, but a combination of an economic slowdown and higher interest rates could spell disaster for large numbers of heavily indebted families.
"A generation of young people are now finding it impossible to get onto the housing ladder except by borrowing at levels which are ludicrous and dangerous. Unfortunately some mortgage lenders are inviting disaster by doing just this.
"If interest rates rise further, many home owners will simply not be able to pay. The figures over the last two years show that although we are not yet at the crisis levels of the early 1990s, the number of repossessions and repossession orders is soaring."
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