Do you need to stop your house repossession in London? Whatever stage of the repossession process you face we will help you. We have over 10 years experience providing solutions to property owners who are having difficulties with their mortgage companies.
The most important factor if faced with this situation is to act quickly and decisively. Communicate with your mortgage lender and keep them informed about the steps you are taking to settle your mortgage arrears. Your options to negotiate and reach compromise agreements with your lender will reduce the longer your arrears are outstanding.
If you have been served an eviction warrant or if you have an eviction date you should contact us immediately. We will help you obtain a county court hearing by completing form N244. Judges are keen to avoid repossessions wherever possible. We will help you complete the form by providing valid reasons with plausible timeframes to settle your arrears. Even if you have previously served an N244 form this will not prevent you from serving the form again. However, you will need a convincing argument to persuade the judge to suspend the eviction a second time. We can help you to formulate that argument.
Wherever you are at in the repossession process, we can help you to stop your house repossession. The closer you are to your eviction date the more important it becomes to contact us quickly and discuss your exact circumstances.
We can stop an eviction from taking place at any time providing we have all the correct information. Naturally, the more time we have the greater the chances of avoiding eviction from your home and the more options are available.
To find out how we can help please enter your postcode or call the above freephone number. You may also find it useful to read some of the below articles on the subject of property repossessions and finally, the government website provides a comprehensive overview of the repossession process.
How you deal with your debt problems depends a lot on both the size of the debt, and the extent to which the problem has been allowed to build up. For smaller debts, making a few cutbacks may be enough, but more serious debt problems require more drastic action.
Do the maths
To start to deal with the problem, you will first need to sit down and work out exactly how much you owe. Not facing up to the problem means that you will start getting County Court Judgements and worse. As a rule of thumb, if your debt repayments take up more than a fifth of your budget, then you are in the danger zone.
A record number of people contacted a debt counselling service with their concerns in the first half of the year, according to figures from the Consumer Credit Counselling Service (CCCS).
In the first six months of the year 161,558 people called the CCCS freephone helpline, which represents an increase of 18.5% over the first half of 2006.
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.
Sub-prime mortgages are set for strong growth in the UK over the next four years, according to market analyst Datamonitor.
Datamonitor predicts that the market for this type of mortgage will be worth £31.5bn by 2011, compared to £24.6bn in 2006.
First time buyers are borrowing more and more to get themselves on the property ladder, according to figures from the Council of Mortgage Lenders.
The CML survey shows that first-time buyer income multiples reached their highest level ever in May at 3.37 times the average first-time buyer income, up from 3.33 in April.
Homeowners face the highest mortgage rates for six years after the Bank of England decided to increase interest rates to 5.75% this week.
This has prompted concern from debt counsellors and property experts that the rise will push struggling homeowners over the edge, forcing them further into debt, and raising the prospect of increased mortgage arrears and repossessions.
According to the Bankruptcy Advisory Service, people are beginning to seek bankruptcy at a younger age, and their debts are getting bigger and bigger.
Almost 17,000 Britons went bankrupt in the first quarter of 2007, 10% more than in the same period of 2006. Last year, there were a total of 100,000 individual insolvencies.
Mortgage interest payments are now at their highest levels for around 15 years, as a result of the four interest rate rises since last August.
This is particularly bad news for first time buyers, as well as those who are currently struggling to keep up with their monthly mortgage payments, especially as there may yet be another rate rise this year.