Stop Home Repossession

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!

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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.

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 is an unfortunate turn of events but nowadays people are struggling to pay the repayments on their mortgage. The cost of living has risen dramatically over the past few years and an increase in energy bills and food have meant that there is more pressure on families.

The Council of mortgage lenders have released figures showing that the number of repossessions has once again risen; a 21% rise to 27,100 is the depressing reality of what some people have to go through with their mortgages. The problems have developed due to many people coming off a fixed rate policy to a variable rate policy; this means they are more vulnerable to a fluctuation in rates.

It is often the case that people just can’t help falling behind on repayments on their mortgages . If this is the case and the lenders come calling then there is one way for you to get some good sound advice on what to do; the Consumer Credit Counselling Service (CCCS) can offer you advice; budgeting is a good start, separating your personal spending and any business spending is important. After this, think of anything that you could do without.

When the public obtain their mortgages , they often fail to think of the repercussions of failing to meet the repayments. Budgeting is the best way to minimise the chance of missing payments, thus having your home repossessed. The majority of the mortgage possession claims do not end in the home owner losing their home and this is normally because the lender comes to an agreement with the borrower.

We all know that mortgages are a long-term financial commitment so therefore, the importance of finding the best deals are imperative. If you shop online, you can compare the best deals at the click of a button.

With 37 home repossessions in the courts this week the Labour Leader Eamon Gilmore calls for action.

THE FUTURE OF REPOSSESSION’S “JCS AUTO RECOVERY.”

Mortgage Repossessions in 2009 reached a total of 46,000, which was 2000 lower than the Council of Mortgage Lenders most recent forecast of 48,000, and much lower than they previously forecast at the start of 2009 with the figure then expected to be 75,000.

Having said that, the figure was still 15% higher than the total house repossession cases recorded in 2008 of 40,000. Recent figures forecast for 2010 by the CML indicated that they expected 2010 to show 205,000 mortgage arrears cases and 53,000 home repossessions, but this is also expected to be more than the year will actually bring as the UK unemployment situation is proving to be better than expected with more people either holding on to their jobs or managing to find new ones.

Michael Coogan, director general of the CML, commented saying: “The fact that mortgage arrears and possessions did not rise as much as we feared in 2009 is testament to the effect of low interest rate and a great deal of concerted effort by lenders, government and the advice sector to help borrowers to address financial difficulties when they occur.”

He went on to say that “2010 will still be a challenging year for many borrowers and some households will inevitably find their finances being squeezed if interest rates do rise”.

Mark Leaper at Moneymatchmaker.com said “The figures are very encouraging, the number of higher LTV mortgage products is increasing, helping to kick start the first time buyer mortgage market, which has to be good news for the rest of the UK housing market, as property sales are on the increase.

Leaper went on to say: “Low interest rates have been a significant factor in helping to keep the number of home repossessions down, but he believed that some lenders could do more still to ease the burden on the UK homeowner, by reviewing their standard variable rates in a downward direction. Whilst I accept that they need to remain appealing to investors, there is no real reason why they cannot operate a mortgage lending standard variable rate and an investor’s standard variable rate, which definitely would get the thumbs up from under pressure UK homeowners”.

The Council of Mortgage Lenders recently revealed that buy-to-let mortgage lending had dropped significantly with figures being reported at an 8 year low in 2009.

The total amount of buy to let mortgages issued in 2009 equated to only 5.9% of all mortgage lending, and this is taking into account new buy to let lending increasing for the second consecutive quarter in Q4 2009. 2009 saw gross buy to let mortgage lending at £8.5bn, which is dramatically lower than £27.2bn in 2008.