Leicestershire, Leicester United Kingdom (PressExposure) July 03, 2007 -- Jan 2007 statistics from Council of Mortgage Lenders showed that nearly 8,000 houses were repossessed by lenders during the second half of 2007. The overall 2007 repossession figures of more than 17,000 are nearly 300% higher than 2006 and are the highest figures since 2006. The reasons for these house repossessions include people's inability to juggle their family finances across both secured and unsecured debt, particularly in an environment of increasing interest rates. There are many ways in which a house repossession can be delayed or stopped to give time to attempt a restructure of the debtors overall financial position.
Stop house repossessions include :-
Any new mortgage offer would be based on usual lending criteria of affordability and property value.
If you are in arrears with your mortgage and other secured/unsecured borrowings then do not allow your house to be repossessed from under you. Seek professional unbiased advice as a matter of urgency.
Home repossession can be stopped with an IVA (Individual Voluntary Arrangement). Many debtors, struggling under the weight of large unsecured credit commitments, usually also have mortgage arrears. An IVA can help restructure debt repayments to make it easier for the debtor to keep up their mortgage payments and also make good any mortgage arrears.
House repossession can be stopped and an IVA can put you back on the road to financial freedom.
The issue of a Suspended Possession Order by a judge in Court, thereby allowing the mortgage arrears to be paid off, in a controlled way, over a period of time.
Mortgage arrears can, in certain circumstances, be included as a debt in your IVA.
An Insolvency Practitioner obtaining an Interim Order to provide time to review the debtors overall financial circumstances with a view to putting an IVA proposal before all the creditors.