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Repossession figures do not give a true picture of the extent of the national debt problems, as many homeowners with debt problems are opting for fast house sales in order to avoid repossession.

This is the verdict of litigation specialists Moore Blatch. They say that, while the numbers of homes that are repossessed often hits the news, this fails to account for the hidden majority that are sold before the repossession process reaches its conclusion.

Figures show that the number of court repossession orders rose to 89,857 in 2006, which is the highest number since 1993.

However, only 19% of these repossession orders ended with property being seized, as was the case for 56% of the 105,283 orders issued in 1993.

Moore Blatch say that the property market at the moment is making it possible for homeowners in trouble to sell their houses and rent instead when threatened with court orders.

According to Paul Walshe at MB:
“Many people who are struggling to pay their mortgage are just selling their property.  This is fine whilst the market remains strong, but the recent rises in interest rates are likely to dampen demand and may well result in some of these hidden repossessions becoming real repossessions.”

If this analysis is correct, it suggests that homeowners with debt troubles are choosing a more sensible option in opting for a fast sale, rather than having their homes repossessed.

If this happens, the mortgage lender will merely sell the property at auction as quickly as they can, without being concerned about fetching the best possible price. This means that homes are often sold for far less then their true value, meaning that those who are repossessed can end up with very little left after debts are dealt with.

It is therefore far better to choose a fast house sale to a cash property buyer. Though you may not receive the full market value, you will avoid paying fees to an estate agent, as well as the sheer hassle of going through the process.

If you need to act quickly to ease your debts, then Molae Properties can arrange a deal for your house very quickly, and even allow you to remain in your home and rent it back. Far better than leaving events in the hands of the courts.

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The sale of my property was well managed with regular communication and advice and support provided throughout the process.  The company also provided legal support through one of their panel solicitors which was professional friendly and reassuring during what was a complex sale.  They are trustworthy and reliable and I would recommend this company to anyone looking to sell their property.  Thank you for making this a much easier process.
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