I Can't Pay my Mortgage!

publication date: Apr 12, 2010
author/source: Kate Faulkner, Property Expert and Author of Which? Property Books

I Can't Pay my Mortgage!

With all the talk of a ‘housing recovery’ and property prices going up, it’s easy to forget that over 45,000 people lost the battle to stay in their homes last year and were repossessed . Although the original figure was expected to be over 80,000, if you were one of the 45,000 that did lose your home it was still a terrible ordeal and one that will affect where and how you live for some years to come.

For those who are still fighting to keep your home, it’s important to make sure you aren’t fleeced by some dodgy dealer trying to ‘secure your property for cash’ at a rock bottom price. The idea of getting the lender and the courts off your back might seem great at the time, but you may not need to sell at all as there is a lot of help to try and keep you and your family in your current home. This would give you the chance of holding on for a while. Being able to hold onto your home now may mean if you do eventually need to sell you can do so without owing lots of money and at a time more to suit you than the banks and building societies!

If you are in this predicament and don’t know what to do, there are lots of things that can help. Two places you can go to for immediate, independent help include ourselves, and you can read our articles on Avoiding or Selling a Repossession: Top Ten Dos and Don'ts and Top Tips to Stop Repossession for free.

Another great place to go to is: Mortgage Help Direct. This is a website that has been set up jointly by the Government and other agencies such as Council of Mortgage Lenders, The National Debt Helpline and Citizens Advice. They really understand and are currently working with people on a daily basis that are desperately trying to work out whether to carry on struggling to keep their home, or decide to move out, sell and take advice from independent experts that will put your interests first.

So, don’t despair, make sure you get the help you need so you make the right decision and carry out the necessary steps to make sure you do everything you need as smoothly as possible, and hopefully minimise to a point a very stressful time.

Contact us if you need a help or a property question answering - tel 0845 838 1763.

Need help with a property problem? Have a question? Why not call Designs on Property on 07585 897128 or Contact Us via email.
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