A new report by repossession litigation specialists Moore Blatch has warned that for every property repossessed, at least an equal number is sold because their owners are unable to keep up mortgage repayments.
While headlines focus on the number of properties taken into possession, they fail to account for the hidden majority sold by the borrower to repossession by their mortgage company.
Figures from the Department for Constitutional Affairs (DCA) show the number of Court possession orders in 2006 rose to 89,857, the highest figure since 1993. However only 19% resulted in repossession compared with 56% of the 105,283 possession orders made in 1993.
Paul Walshe, head of lender services at Moore Blatch, said: “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’
Of course, we would fully advocate sorting out your financial situation long before your mortgage arrears build up to an insurmountable level. If you are really struggling and are threatened with repossession of your property, we would advise you to consider selling your house privately to a company such as http://www.quickmovenow.com. .
While we will not offer you the full value of your home, we are likely to offer more than your mortgage company, which will simply sell your home at auction, at what is likely to be a deep discount to its true value.
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