Statistics of Council of Mortgage Lenders are really terrible. House repossession rate is on rise for last many years. These statistics reveal that there were more than 40,000 repossessions in 2008. This figure is higher than that was in 2007, a total of 25,900. At the end of 2008 a total of 219,100 mortgages were in arrears of 3 months or more. This figure was 166,600 at the end of third quarter of 2008 and 127,500 at the end of 2007. So increase in arrears is also alarming.
If there are 50,000 house repossessions in 2009 then it will be about 1 house repossession after every 10 minutes, an alarming and devastating situation. Market is really bad now a day, house prices are falling, people are unable to pay their mortgages. More and more people find themselves in arrears.
According to the terms of your mortgage agreement, the landlord or Mortgage Company legally owns the right to take your house from you in case you are unable to pay back the arrears. If the tenant is not ready to vacate the house, the landlord will require getting eviction order from the court, in order to take the possession of the property.
Experience of being house repossessed is extremely painful and emotionally disturbs not only the adults but children too. Children face the pain of changing schools, loosing their friends and have to start in a new surrounding. Relationships are disturbed or even destroyed, both at family and personal level. To avoid such emotional and critical situation you must act in a positive way, without any delay. You must not let your house possession taken by the bank or mortgage company.
