Stop Home Repossession

If you find that you’ve fallen behind in your mortgage payments, your lender will want to know how you are going to clear your mortgage arrears. Without any process in place, or if your situation is particularly desperate, your mortgage company could start court proceedings against you to seize or ‘repossess’ your property, leaving you homeless and perhaps still owing them money.

Repossession orders usually allow a lender to seize a property within 28 days of granting – you can, however, stop the process at any time.

If you have mortgage arrears, or if your lender already has a court order and you’re threatened with eviction, you need to act, FAST! This is where house buying company’s service can help you.

Selling your house through an estate agent can take months. If your house is repossessed, your lender will usually sell the property at auction where prices can often be 30% below market value. After paying off the mortgage and arrears, this could still leave you owing money to your lender. A quick house sale through a professional property buyer, is the best way to clear your debts.

How can professional property buyers help?

In short, most house buyers will purchase your house, for cash, quickly – often within 7 days.

You should contact them long before your lender has applied for a court order. However, we can still help at any time before you are evicted – you simply need to prove to a court that you can rectify the situation, which, with a house buyer’s help, you could.

How does it work?

It’s quite simple. To make an offer most home buyers will arrange for 3 agents to visit your property to carry out an appraisal on their behalf.

Once they receive the valuations, the house buying company will be able to make an offer, currently up to 85% of the appraisal valuation, within 48 hours.

There is usually no cost or obligation in receiving an offer.

What are the benefits of using a professional property buyer?

The advantages for you are clear:

You avoid repossession.
You receive more money for your property than you would through a repossession sale at auction.
You can repay your mortgage and clear your debts.
You could be left with cash and a clear credit record.
Borrow money in the future without punative rates and move on with your life.
Many home buying companies have years of experience in dealing with these situations.

Don’t let your mortgage lender live in your head rent free. Thousands of homeowners have just one thing in mind and that is how to pay their mortgage next month. With the financial crisis draining their pockets to the bottom every month homeowners face the difficult decision of what are the most important bills to be paid.

Increasing bills and families to look after makes it a daunting position to be in for the homeowner. Most of them have high debts on credit cards and overdrafts and to be able to meet all the financial commitments is the big challenge each and every month.

Unfortunately, an increasing number of homeowners are reaching a dead end and are now unable to juggle their finances anymore. The sell and rent back is the right solution for these difficult times. The main benefit is to avoid the almost certain probability of the homeowners having to give their homes back to the lenders with the extra disadvantage being any equity built up over the years is lost as well.

The sell and rent back scheme will give the homeowners the special advantage of avoiding their names to be black listed and consequently lose the ability to have credit again for the next six years.

In the process of sell and rent back your home the family will gain the opportunity to pay off their debts and depending on the negotiations be able to live rent free for up to one year.

Sell and rent back plus buy back is an outstanding option to opt for as it will give the homeowner the ability to recover from the financial hardship and buy their homes back in the future.

The part that excites the homeowners is that they will be able to buy their homes back for a pre agreed price that will certainly be below the market value. In that way all the equity accumulated in the property will be kept by the homeowner.

The 24/7 pessimists are saying that it will take at least 7 years for house prices to back to where they were before the downturn began after studying the data for the last fall in prices in the 90’s. However, if you look at the Nationwide figures you will see that house prices in the 90’s kept falling for 4 years without a break – 1990-91-92-93 – and then in the following 2 years – 1994-95 there were a few upturns and downturns. Now, Nationwide figures show that we had 4 quarters of downturn and now it is already showing signs of an upturn where the house average prices went from £151,861 to £154.016.

The signs that house prices will recover quicker then the last time are starting to show and this is especially good for homeowners who are interested in going for the sell and rent back plus buy back. This option is an excellent option to avoid repossession, sort out their financial mess and start again without losing too much.

First thing is to figure out how much you actually have to spend on a repossessed mobile home. There are a few things that can drain the amount you set aside for your purchase. The example I will be using is a repossession in a park, you want to keep in the park.

You just received a repossession list from one of the mobile home finance companies, or you have seen a good deal on their website. Whats the next step? Call the finance company. Have the ID or account number ready when you call.

1. Ask if its still for sale.
2. Ask for the cash price.
3. Ask if they will finance it.
4. Ask if there is any wiggle room on that price. Negotiate the purchase after you have completed your inspection and have all your cost calculated.
5. Ask if there is any back lot rent owed.
6. Ask if the home can stay in the park.
7. Ask them if they have the park phone number.
8. Ask them how to get a key. The keys are usually hidden somewhere around the mobile home or the mobile home park office has one.

You need to call the park and verify the back lot rent and if it can stay. Ask the park about cost of lot rent, trash, and utilities. If you think your credit is going to be a issue ask the park how difficult it is to get approved. When you go to the park to look at the home, drop by the park office and introduce yourself, get the key and grab the park guidelines. Some parks have pretty strict rules and regulations.

When you get to the home you will need to figure out how much the repairs will cost you. My advice is to estimate 25% higher then you predict. If the home is a newer model then you probably wont need to do to many repairs but there have been exceptions. Keep a sharp eye out for mold! Under windows, in bathrooms, kitchen, and laundry room. Walk around the edge of the floor with a heavy foot in the whole mobile home. Walk around toilets and bathtubs. Pull skirting down to see if the insulation is hanging. This is a quick inspection.

The finance companies typically keep current on the lot rent while its in foreclosure, but sometimes they slip up and don’t pay for a few months. That may be a factor when you ask the park if the home can stay. If you are moving the mobile home, you will still need to pay any back lot rent the finance company has incurred. I know what you are thinking and I feel the same way but believe me its part of the process.

If your plans are to keep the mobile home in the park, you will need to apply at the park. You should be applying at the park after you have your cost calculated and you feel somewhat secure in your bid. If nobody else is bidding on the home then go ahead and apply after you get the bid secured. Most parks charge between $30.00 and $50.00 for the application. Most parks want a month deposit and a month rent up front.

If you win the bid and get approved, you only have one thing left to think about. Your neighbors. Go to the mobile home around 6pm or 7 pm and take another look. Also ask the park office what your neighbors are like.

You can even call the local sheriffs office to see what they say about the park. I hope this helps!

Now Pay Close Attention –

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If you are unable to pay off your mortgage, but still wish to live in your current home, then you could benefit from a consultation with a “sell to rent back” specialist. Typically, when you are unable to pay off your mortgage, you must either sell your home to pay off the mortgage or allow your home to be repossessed. Of course, selling your home would require you to move out and find another place to live. However, selling to rent back is an excellent option that many people are unaware of.

Selling to rent back allows you to sell your home quickly and with less stress. A specialized company would own your home and rent it back to you, allowing you to stay on the property. You would avoid stress and have the option to buy back in the future.

The process of selling to rent back would begin online, where you would fill out a quick form provided by any rent back specialist. In 24 hours, you would have an informal verbal quote for your home, which would be a rough indication for how much your home would sell for. If you think that you want to proceed, you would invite a representative over to talk through the process and present a written quote. When the written quote is presented, you will also be told what your monthly rent would be and how much the home would cost you to buy back when your financial situation improves. The quote, rent, and buy back prices should all be a custom tailored to your personal financial situation.

Selling to rent back is very different from selling your home through a typical real estate agent, and there are advantages and disadvantages to each. The biggest advantage of selling to rent back is remaining in your home. There are many reasons to stay in your own home, and if that’s what you want, you can make selling to rent back work for you. However, you will not usually be offered the full value of your home. This can be mitigated by the fact that there are far fewer fees when selling to a rent back specialist. Real estate agents almost always charge a percentage of the selling price of the home in exchange for their services, so selling to rent back could allow you to save on those fees, which can add up to be quite large. Another possible problem with selling through a real estate agent is that your home could spend a long time on the market, and might not sell at all. If your main concern is avoiding repossession, selling on the open market could take too long.

If you choose to sell to a rent back specialist, the sale could be completed within just a few weeks. The company would even work with you to stop any repossession or eviction proceedings. There could be time to save your home, even if you have already received an eviction notice or been taken to court. However, the sooner you take steps to keep your home, the better chance you have of success.

Whenever you take out a loan to buy a house, you can face repossession. Falling behind on your payments can lead to the loss of your home, especially because mortgage companies or banks have very strict conditions of payment. They have to ensure that your debt does not rise beyond several months. However, there are situations when the borrower has failed to pay the mortgage for several months and thus he is faced with a difficult situation.

The mortgage company or the bank offers you the possibility to repay the money and get back on track, but for most people the period of time is too short and the amount of money is too large. Even if you want to pay off your debts, the financial situation you are in makes you unable to do so, and then you face repossession. To stop repossession, you need a considerable amount of money, which you can obtain by selling your house fast to quick sale investors.

Quick sale agents can give you the necessary amount of money in less than a week if everything goes according to plan. For example, I have missed my payments for several months now and unless I pay a considerable amount of money, I stand to lose my home. To stop repossession I need to sell my house really fast. But if I sell my house, where will I live and how will I get the money to buy another home? Well, this is easier than I thought. In order to stop repossession I must contact a quick sale investor. He or she will buy my house for cash, which I then use to pay my debts. Moreover, by contacting a quick sale investor to buy my house for cash, I retain the right to rent this house and even buy it whenever I want.

The investor will buy my house for cash in a couple of weeks and even sooner if time is pressuring me. I use the money I receive on the house to pay the debts and thus I stop repossession and with it the chance of never being able to take another loan again, all this without having to move out of my home. After I have finished with the loan problems, I can establish a short term or long term rental of my house, with or without the buy back option. The rental period depends on my financial status and the buy back option is suited to my financial needs as well. The monthly payments I have to make are lower than before.

There are many ways to stop repossession, but when losing your home is inevitable, selling your home fast is the easiest way to get rid of all your problems. Specialized companies and experienced people will guide you through the process and make sure that at the end of day, you will be able to live in your home and have a decent way of life, while trying to improve your financial situation.

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Don’t lose your ho me to foreclosure! Do a short sale! Robert Irwin, one of America’s most trusted real estate experts, provides the tools you need to avoid foreclosure—and protect your credit, … More >>

How to Use a Short Sale to Stop Home Foreclosure and Protect Your Finances

Central Florida is one of the hardest hit areas in the nation and has been since the start of this crisis. There are a lot of retired folks here that were living or attempting to live on fairly tight fixed incomes. When something in that particular formula changes there is not a lot of room to make adjustments and something has to give. In the case of housing that “give” is coming for a lot of people in the form of a foreclosure and then repossession often accompanied with bankruptcy.

During the peak of the market homes here sold for a lot more than similar places across the country. That is because it was simple supply and demand. A lot of people wanted to be here, either to retire or to have a summer home in paradise. So the builders could ask whatever they wanted and they usually got it. Homes were over priced and usually bought by folks that were barely able to get into them.

At the time a lot of mortgages were adjustable rates so they have since gone through the roof and some people even went so far as adding additional mortgages to the home to make improvements tot eh house that they envisioned living in until they die.

Either of those scenarios can be devastating if the economy falls the real estate prices drop. In this case both of those things happened and as a result a huge amount of very recent construction property has gone into foreclosure and has been repossessed.

That leaves an over abundance of new homes waiting for owners and since the values in the area continue to drop more are added every week. People can have equity in the home on one day and at the end of the week be in a negative equity situation. Since the market is stagnant selling is rarely an option.

The economic instability and uncertainty the world is living in right now can dangerously blur people’s ability to see things in a clear and rational way. In these troubled times people tend to focus on the problem and feel hopelessly trapped rather than focusing on a solution to get themselves out of the problem.

A classic example of being able to focus in the correct way is when a person is training to be a racing driver. The first thing they are taught is, ‘if you ever lose control of the vehicle, don’t focus on any walls or trees, just focus on the empty space’. The reason is very simple. Focussing on the problem – the wall or tree – will inevitably cause the driver to hit it.

Procrastination is the greatest enemy to people in times where quick decisions need to be made. This is especially true for homeowners with financial problems who are trying to hold back the bitter flavour of repossession from knocking on their doors. Most struggling homeowners pass up an opportunity which will help them simply because they believe a better solution will turn up later. Unfortunately for them, this very rarely happens and what can be even harder to swallow is that in the time it has taken them looking for a better solution, the original one is no longer available.

Focussing on finding a solution is imperative in times of crisis. Taking action must be decisive in order to stop repossession and gain control over the situation. There are numerous property companies which offer a very good solution for people to avoid losing their home and this is known as ‘Sell, Rent and Buy Back’. The idea of this scheme is to offer the homeowners an alternative exit rather than repossession or bankruptcy.

The concept of this scheme is very simple. The house is purchased at a trade price and then rented back to the previous owners at the local market rent. In addition to renting the property back there is also the option to buy it back in the future at a pre-agreed price. Some concerns can arise such as does this scheme really offer the security to the homeowner over the long term?

The Sell and Rent Back scheme is relatively new to the property market and like everything new and unknown there is always a fear factor associated with it. It is very important to think about each individual situation and make the right choice at the time.

A very famous example of the fear factor of the new and unknown is the statement made by Ken Olson founder of Digital Equipment Corporation in 1977: “There is no reason why anyone would want a computer in their homes”.

A combination of current events such as: the ghost of recession haunting the UK, house prices falling faster than the last recession in the early ’90′s and the banks being overly cautious about lending makes the act of selling a house on the open market an heroic attempt worthy of a prize.

According to the Council of Mortgage Lenders over 120 houses will be repossessed in the U.K each day in 2008. The Sell and Rent Back scheme is contributing to decrease these rising numbers with the extra advantage of the Buy Back Agreement. It allows the homeowner to buy the house back when the crisis is finished and they are back on their financial feet.

Entering the Sell and Rent Back Scheme enables the homeowner to stop repossession immediately even if a court order has already been received. However, it is not wise to wait until the very last minute when a court date is looming. This will generally cause more stress and unnecessary heartache which can easily be avoided. Waiting until the last minute to speak to someone about the sell and rent back scheme usually puts the homeowner in an even tougher situation as there is less room for negotiation due to time constraints.

Bear in mind that the best time to start looking into this scheme and possible solution is at the first signs of a financial struggle. Knowing that there will be serious trouble ahead if nothing is done to prevent it will give the homeowner more time to research the companies that are operating the Sell, Rent Back and Buy Back option.

Some very clear signs leading to a financial struggle which has a direct path to repossession are credit card debts, unsecured loans and expenditure larger than income.

For more information on the scheme please visit http://www.beeseproperties.com

As with anything in life there are high times and low times for all involved. Currently due to do increasing inflation rates and high interest rates, home owners are starting to feel the effect of the recent rate hikes and many out there are battling to make their bond repayments.

Many home owners are unfortunately being forced to sell their home as they are battling to make ends meet. Selling one’s property might seem like a simple solution when you are under financial pressure, but not in this market. Selling a property in market such as the current one is an absolute nightmare as no-one out there is currently buying due to high interest and banks requiring hefty deposits which first time buyers are simply unable to afford. To add to this, the media is continually spreading the word that now is the time to rather rent until interest rates start dropping again. This puts struggling home owners in a tricky situation as they are literally stuck with a property that they cannot afford, and are unable to flog the property no matter how hard they try.

Unfortunately at the end of day situations such as these often lead to repossession. Banks only have one route to go down in order to cut their losses and this normally means stepping in and reclaiming the property. The rate of repossessions in the current South African market has almost doubled since 2006 when interest rates were still fairly low. The current times are a clear sign of an affordability crisis caused by recent interest rate hikes and rising inflation. To add to the fact that home owners are struggling to pay their mortgage, consumers in general are under a lot more financial pressure either way due high petrol and food prices looming.

If we look at one of the possible reasons why we are facing a market such as the current one, we need to go back 3 to 4 years and examine the populations behavior. These were the times when first time buyers were hopping onto the property ladder left right and centre. Interests rates were low, petrol and food was cheap, people were spending. Banks were lending extremely leniently as people had money to burn. The problem came in where these first time buyers failed to acknowledge and prepare for the future interest rate hikes that we are experiencing currently, and as a result are now feeling the pressure. The good times are over and the struggle has begun. When interest rates were low consumers were living the high life, taking out credit cards, going on expensive holidays, buying fancy cars, and basically increasing the quality of their life style like never before.

If only the media educated us just a little bit more and at least informed consumers and first time buyers that interest rates will be going up eventually, and that these good times are not going to last forever. Instead, the media spread the word to buy buy buy and spend spend spend. This is one of the core reasons we are now seeing more home owners facing repossession than ever before.

Luckily it is not all bad, there are solutions out there to help home owners out of their problematic situation. Repossession services exist out there who are normally made up of numerous property investors and are able to buy houses for cash. These investors are able to provide the home owners with a quick sale and are often able to buy the property for cash. These investors will normally offer a discounted price on the home owners property in return for a quick, hassle free and guaranteed sale. A win win situation is created for all, the investor gets to acquire the property slightly below market value and is pleased with his purchase, and the seller is finally freed from their financial trouble once and for all. As a result the investor has also managed to save the home owners credit record which is a major benefit for the home owner. If the home owner were to be obtain a bad credit record they would normally be banned from the lending industry for at least 5 years. Even something as simple as renting a property for the home owner would be difficult as most landlords do intensive credit checks on all prospective tenants.

In addition to saving the home owners credit record, another major benefit of going with a repossession service is that they will normally allow the home owner to remain in their home after the sale in which case they would be renting it back from the repossession company. This can be very useful for the home owner as in most case the home owner wishes to remain in the home as they are normally close to schools for their children, may have family nearby etc.

As we have seen there are solutions out there to prevent repossession in a market such as the one we are currently facing. It is however important to note that should the home owner wish to go this route, it is absolutely vital that they contact a repossession company that buys houses for cash sooner rather than later. The links below might help you out of your predicament – feel free to check them out today.

It can be an extremely fearful and depressing time in ours lives when the bank has threatened to swoop in and repossess our home. One of the most devastating things we could ever face in life is to be informed that the roof over us and our family will be claimed from us and that we can do absolutely nothing about it. This can result in deep fear and panic and can put a lot of excess pressure on our personal lives.

The truth of the matter is that there are actions one can take to avoid repossession from taking place. Unfortunately most home owners out there are unaware that there are in fact steps which can be taken, instead of simply letting the banks step in and having them repossess the property right from under their nose. If only more home owners out there were aware of the various steps one could take. If this was the case then the repossession rate in South Africa would undoubtedly drop significantly.

See below a list of steps which all home owners are able to take when facing repossession:

- Chat to your bank. This is probably the most crucial step that one could possibly take. If start to realize that you are battling financially and there may be a chance that you could be missing a payment or two in the up and coming month,  then call your bank and inform them of your predicament. Your bank will normally be very understanding and will do everything that they can in order to help you. Note that the last thing the bank would want to do is to reclaim you’re your property. If they were to reclaim the property it would generally mean them losing money as it is an extremely costly procedure for them to go through with.

- As for a ‘grace’ period. This is typically a 3 – 6 month grace period which the bank will give you whereby you don’t have to meet any bond repayments at all. The bank will grant this period in order to give the home owner a chance to sort their financial situation out and hopefully get things together. This is very useful to the home owner as it gives them time to; possibly sell another asset of theirs, get a job (or a higher paying one), wait for a payment from someone else which is potentially due to them but which may only be paid back to them a few months down the line. These are just a few examples. The idea is to buy yourself as much time as you possibly can from your bank. Banks are generally happy to work with you and grant you this time, so use it.

- Ask your bank for an extended loan term. The majority of home owners are typically on a 20 yr term . Most owners are unaware that they able to extend this term to a period of up to 30 yrs. By doing this your monthly repayments will be reduced slightly, however it is worth noting that that more interest will be paid in total over the entire term. When one is facing month to month cash flow problems, reducing your monthly bond repayments can be very helpful. This extended loan term can be reverted back to a 20 year term if desired.

- Ask to reduce the overall amount that you owe the bank. This can be a very helpful tactic if you can get it right. Call up your bank and ask them if they are able to reduce the overall debt amount that you owe. Believe it or not banks are often willing to go ahead with this as it results in them not needing to repossess the property, and hence will save the bank money. This also means that the home owner will continue to give the bank business as they will continue to pay at least a bond (even if it is a smaller bond) rather than no bond at all. Remember that repossessing a property can be extremely costly for the bank so it is usually an absolute last resort for them.

-Contact a repossession expert for help. This is probably one of the best routes to go down if all else fails. There are investors out there who actually specialize in purchasing  houses for cash and as a result have the ability to prevent the repossession of your home. These property investors are generally quite flexible and allow the home owner to remain in their property after the sale is complete. This ultimately means that the home owner will not be booted out of the property and may carry on with their lives. This can be an extremely valuable benefit as often the home owner may have children that are going to a school in the area, or their jobs and possibly even family may be close by, these are things in our lives that we generally like to live near to.

As you can see there solutions that exist out there. Provided that the home owner takes action immediately, the chances of preventing repossession can be high. Take action before the situation gets out of hand and you may be out of your unpleasant situation sooner than you think. It is highly recommended that you start searching for a service that buys houses for cash before its too late.