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Repossession news
| Stop Home Repossession - A Guide for Homeowners in Financial ... By James Smith The buy back property companies specialise in buying houses which can help homeowners in problems with the bank to stop home repossession, and are acknowledged experts in this field of helping such house owners in trouble who need to ... Best International News - http://bestinternationalnews.com/ |
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Stop Home Repossession - A Guide for Homeowners in Financial ... By James Smith They do end up buying your house they will often allow you to rent the property back after the sale has gone through. This can be very useful as most owners wish to stop home repossession as they are close to their work, schools for ... Business Article Depot - http://www.businessarticledepot.com/ |
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Spanish Property Horror Stories and How to Keep Away From Them ... By admin Due to a court order issued by the bank for repossession of the property, the couple was unable to obtain their mortgage while paying more than €50000 to that bank at 18% interest over a period of two years in order to postpone legal ... Greater Michigan Realty - http://www.greatermichiganrealty.com/blog/ |
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4.2 million Britons fear repossession By TotallyMoney 4.2 million mortgage holders are concerned that they will slip into negative equity in the next 12 months as property prices continue to fall across the country. Over two-thirds of homeowners believe the government should do more to ... TotallyMoney News - http://www.totallymoney.com/news/ |
Money, tax and property | View All
Cheap and cheerless
By Linton Chiswick | 00:01:00 | 05 August 2008
Estate agents might find themselves entering a period of enforced downtime, but for the repo man it’s work, work, work.
The Council of Mortgage Lenders’ own assessment is that repossessions will rise from 27,100 in 2007 to something like 45,000 in 2008. Auction houses – where the majority of these properties end up – are already dealing with a repo-tide. More than three thousand repossessed properties were sold at auction in the first six months of the year, a rise of 300% in three years. Currently repossessions are responsible for one in five properties listed at a UK auction.
And – in theory at least – where bricks and mortar are being sold to the highest bidder by a faceless institution, there’s an opportunity for an individual, either cash-rich or in a privileged borrowing position, to snap up the bargain of a lifetime.
Buy-to-let landlords profiting from misfortune
The number of house repossessions is rising, opening a lucrative line in discount acquisitions, but buy-to-letters should take care, says Isobel Ross
Bargain-hunting landlords are set to take advantage of the growing number of properties being repossessed from homeowners unable to keep up their mortgage payments.
The downturn in the housing market and the tightening credit crunch has pushed up the number of people facing repossession to its highest level since 1992, according to the latest data from the Ministry of Justice.
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Property Investor Glenn Armstrong likes the current market (see case study) |
Official figures show that 38,688 mortgage possession claims were issued in the first three months of the year, up 16 per cent on the same period in 2007 and 7 per cent higher than in the last three months of 2007.
While not all of these claims will result in actual repossessions, the grim news is seen as an opportunity for cool negotiators to drive a hard bargain, with some achieving discounts of up to 30 per cent. Glenn Armstrong, a landlord in Milton Keynes, is buying at 70 per cent below market value.
"Now is the best time to go and find a bargain. There are lots of serious people out there quietly buying everything they can," he says.
The Council of Mortgage Lenders, which publishes the actual number of repossessions, said that the Government data is in line with its prediction that 45,000 homes will be repossessed this year, up from 27,100 in 2007. Most of these homes will be sold through estate agents.
