SELL YOUR HOME QUICKLYHome repossessions rise by 40 percent
The number of home repossessions rocketed by a staggering 40 percent during the first three months of 2008, the BBC has reported. This was according to the findings of the Financial Services Authority (FSA), who revealed that the number of new repossessions during the first quarter of the year rose to more than 9,000. Furthermore, the BBC reports, the number of mortgages in arrears during the same period increased by 15 percent.
These shocking figures have prompted the FSA to address mortgage firms, requesting that they treat their customers fairly during this period of intense financial strain. According to the BBC, the FSA stated that when recovering payments in arrears, lenders should remain flexible with their clients, attempting to stop repossession and find a workable solution to recovering their cash.
FSA representative, Lesley Titcomb, is adamant that foreclosure should be used only as a last resort means of recovering mortgage arrears. According to the BBC, Titcomb stated, “More people are struggling to meet their mortgage payments and it is vital that firms treat them fairly. This means paying attention to their individual circumstances and not repossessing their homes when there may be an alternative solution. Repossession has to be the last resort.”
Adam Sampson, representing charity organisation Shelter, told the BBC, “We believe these new figures paint a terrifying picture showing real people – hard-working families, young first-time buyers and even renters – all living in the shadow of repossession and ultimately homelessness.” He asserted that the FSA should put a stop to the mercilessness of lenders, who he believes may be too quick to repossess homes.
If you’re one of the thousands of homeowners facing the prospect of repossession, it’s time to contact MPG. We’ll purchase your house for cash in 7 days or less, enabling you to get rid of debt and banish the fear of repossession. No matter how urgent your cash requirement may be, we’ll devise a feasible solution to your predicament.
Call us now on 0800 634 9231 to stop repossession and start a new life.
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