Repossessions at an 8 year high.

The latest news on home repossessions makes for gloomy reading. According to The Council of Mortgage Lenders repossession is at its highest since 1999; 27,100 homes were repossessed during 2007 against 22,400 in 2006. The organisation warns of further rises as we go through 2008 and householders see an impact from rising energy prices and increases in bank lending rates.

The repossessions figures have led to some political debate about whether lenders are being strict enough in the criteria they apply when giving out loans. Sparked off by the US sub-prime mortgage crisis, the banks and building societies in the UK will perhaps be a little more cautious when they look at the risks involved in making funds available to new borrowers, especially those who already have other debts or outgoings. Commentators are warning that borrowers with tarnished credit histories will find it more and more difficult to raise finance, with lenders either flatly refusing them a loan or else heaping on penalty rates to such an extend that the loan becomes unaffordable.

The Citizens Advice Bureau is one of the agencies who often see people at a time of crisis. They offer free advice to those who are facing any sort of consumer problem or mortgage issue. The CAB believes that mortgage lenders aren’t always doing everything within their power to help people who are facing repayment difficulties. They point out that court action should be a last resort rather than a first option and urge lenders to negotiate with their borrowers to find a way through the problem.

For those facing the threat of repossession it may seem like all the options have disappeared and the inevitable outcome will be the loss of their home. With Property Rescue this need not be the case. They can step in at the last minute to salvage the situation. Property Rescue guarantees to make an offer for residential property anywhere in the country, regardless of its condition or location. Their access to a network of funding allows them to act quickly to make an offer for the property under threat. The home owner, if they accept the offer from Property Rescue, can either walk away with the cash that remains after their mortgage and debts have been paid, or they can remain in their home as a tenant after the sale has gone through.

Call Property Rescue if you are under any threat of repossession. Their service just could be the option that allows you to stay in your home and re-build your financial future.

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Give Property Rescue a call to find out more about Sell and Rent Back. They will talk to you in total confidence and there will be no obligation to proceed. Sell my House and Rent back with PropertyRescue.

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