Repossession: Three million face negative equity this year

Three million families in Britain could be plunged into negative equity within a year.

This is according to the Daily News, which reported that one in four households will find the size of their mortgage dwarfing the value of their home by next April.

UK homeowners are facing great challenges with the value of properties dropping, the prices of mortgages increasing and the cost of living skyrocketing. This has resulted in hundreds of thousands of British homeowners falling into mortgage payment arrears, and eventually staring repossession in the face.

The debt time bomb keeps ticking

The really bad news is that downward spiralling property prices have caused the nightmare of repossession to potentially be dragged out, even long after the house has been repossessed.

This is what happens: When property prices fall, repossessed homes do not raise enough money to cover the mortgage debt. The owners of the repossessed property are still liable for the shortfall, which effectively pushes them into negative equity. This means that the homeowner is not only left without a roof over his or her head, but also knee-deep in debt.

The rising repossession rate has largely to do with homeowners coming to the end of their fixed-rate home loans and being forced to accept much higher mortgage rates, because many of the home loan products have been withdrawn from the market. Nearly 11,000 mortgage deals have now disappeared since the start of the credit crunch which is now crippling lenders.

If you are one of the 1.4 million homeowners staring repossession and debt in the face, contact MPG Investments now. MPG will pay cash for your house in only 7 days, even if a repossession order has been issued. It’s never too late to stop repossession with the help of MPG.

* Name
* Email
* Best number to call you
Best time to call	As soon as possible Tonight Tomorrow
Any other comments? * required
Send details for free valuation:

Privacy Policy: Your privacy is guaranteed - we will never give, lease or
sell your personal information. Period.