Of the 45,000 repossessions predicted in 2008 by the Council of Mortgage Lenders many of these can be avoided.
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(PRWEB) June 4, 2008
Stockton-on-Tees, UK A total of 27,530 mortgage possession orders were made in the first three months of this year - up 17% on the same period in 2007.
Last year a total of 27,100 homes were taken back by lenders after their owners fell into arrears on their mortgages.
Families with perfect credit ratings are finding it hard to remortgage their homes as banks seem to be raising the cost of mortgages and reducing the loan to value (LTV) you can borrow against your property.
On the other hand, those people who have less than perfect credit will find it even harder to remortgage. In most cases like this, homeowners are finding themselves paying a much higher monthly payment and find themselves becoming vulnerable to falling behind on their mortgage and subsequently becoming in danger of being repossessed.
Miguel Contreras and Antony Waugh of http://www.avoidrepossessions.co.uk say: "We have never been busier".
Antony goes on to say: "Finding ways to help people is becoming more difficult and more people will be repossessed this year."
Miguel adds: "Banks are actively contributing to the slowdown of the economy and the reduction in property prices."
"The property market is under a lot of pressure because there is a lack of lending products, unwillingness to lend and pressure on surveyors to down value properties," he said
Miguel advises that the best way to avoid falling behind or being repossessed is to take action early on.
"Of the 45,000 repossessions predicted in 2008 by the Council of Mortgage Lenders many of these can be avoided."
"Whilst on occasion http://www.avoidrepossessions.co.uk has been able to stop a repossession with 24 hours notice, the sooner you make contact the better your chances are of staying in your home."
About the Company
White Swan Finance is a company dedicated to helping people avoid repossession. The company offer many solutions to ensure customer's needs are met.
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