The housing market continues its decline and as expected house repossessions rise still further as many more homeowners struggle to cope with the added pressures of rising fuel bills and food prices.
Is there anyone not contributing to the rise in home repossession with their rises in prices on the back of fuel, food and energy price hikes? It seems many are taking advantage of this media hype to punish their customers and none more so than lenders of both mortgages and other loans both secured and unsecured as they have policies to crucify a borrower if they miss more than one payment.
Home Repossessions are primarily driven by events which are outside the immediate control of the individual such as the main earner has an injury which necessitates time off work, a job is lost or a loan comes to the end of its fixed term and the variable rate is punishing, and the borrower cannot find a remortgage anywhere else.
With home repossessions being driven by the unrivaled inflexible attitudes of lenders not willing to release equity from the home of a lender who is 2 or more months in arrears, we are seeing families losing their homes unnecessarily. Home repossession should be a last resort for the lenders but in todays market we are seeing it being used as a method of getting cash, all be it at a loss in a lot of cases, back into the business.
Who is responsible for monitoring and challenging this brutish attitude towards home repossession and the social upheaval and cost to society just because the banks have been caught with their pants down? No one cares is the overriding answer, yet there are way to stop repossession yet it is easier to criticise these options than explore them and take them seriously.
The sell and rent back market like all markets (just look at money lending) has its bad boys, yet most are solid and reliable and provide and excellent alternative to home repossession.
No government civil service or council employees collecting their guaranteed and bloated pay packets and pensions give a dam and will not recommend such a solution. No, these back covering civil servants who the home owners pay heavily for are content to sit, criticise and give unhelpful advice into a situation that needs an immediate solution for those wanting to stay in their homes. The risk takers are out there saving many families from home repossession now and will continue to do so whilst governmental attitudes and the civil servants green eyes will prevent many more and ensure they get repossessed as they have nothing yet to offer and have no incentive at all to find and provide one.
If you are facing or think you might face home repossession, contact me for up to date practical advice on how to stay in your home and stop repossession.
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