Posts Tagged ‘property buyers in Birmingham’

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.

Time has come to stay with your parents

Sunday, August 21st, 2011

Are you finding it difficult to pay your mortgage? Not sure whether you will be able to pay the instalments in future or not? Before you go deeper into mortgage debt, sell your house off to local property buyers and move in with your parents.

No matter whether you are in Birmingham or somewhere else in the country, staying together with close family members will be a better choice when you are under financial pressure. If you are anticipating financial hardship and afraid that your house might be repossessed, look for a property buyer in Birmingham, sell the house to them and move in with your parents.

A lot of people are moving in with their in-laws also. It is not compulsory to stay with parents only. The point you have to understand is: if two or more families stay together, living costs can be cut down significantly; all the individuals can do some savings and can keep their credit in good shape.

Finding a buyer through estate agents is pretty difficult now; you have to look for property buyers in Birmingham so that you can sell the house fast and get rid of all the financial worries. Sooner you sell the property, the better.

UK property market is not in a good condition, property prices are falling down and mortgage rates are high. The situation is not in the favour of the first time buyers. They are highly inactive now; most of the buyers are not qualifying for mortgage. If you approach a property agent, they might not be able to find you a buyer. An agent acts as the connecting point between a buyer and a seller. When there is no buyer, how can they help you?

But property buyers are always there for you; look for professional property buyers in your area when you need to sell house fast in Birmingham.