Archive for December, 2011

Good news is you and your lender both are trying to stop repossession

Thursday, December 1st, 2011

Are you trying to avoid repossession? You are not alone; even your lender is striving for the same! Don’t get surprised, just go through the following figures – these are the amounts lenders have spent in last three years to repossess homes from the borrowers who could not pay their mortgage.

  • €4,183,050 by Anglo/ Irish Nationwide
  • €2,093,727 by AIB/ EBS
  • €535,000 by Bank of Ireland
  • €137,000 by Irish Life and Permanent

Data taken from irishexaminer.com

Even banks are struggling to pay the legal fees; this has become an additional burden on them. They already have huge liabilities as a lot of mortgage borrowers could not pay their loan back on time. Now, to retrieve the fund they have to pay huge legal fees and as the property prices are low they are not even getting the full amount. This is not at all a profitable situation for them.

Moreover, according to the forecasts, rate of repossession is going to rise high soon. In that case banks will be paying more on legal fees.

Hence, it is easy to understand that even banks do not want to take the borrowers to court; they always try to help them in all possible ways so that they can pay the mortgage. Repossession is the last thing the lender considers. As per the laws, no lender can sue the borrowers unless they offer proper help to them to repay the debt.

All the borrowers who are going through a financial crisis and not in a position to pay the regular mortgage payments should be careful about this thing. Few calculative moves can actually help them avoid repossession.

Finally, there are the property buyers; professional and trusted property buyers would buy your house for quick cash allowing you to clear your mortgage arrears and keep your credit clean. Local property buyers in Birmingham can help you sell the house fast in the area. Look for local buyers and make sure your credit remains unhurt.