Repossession- Only If I Had Known

Repossessions are taking place in such large numbers in UK that I am afraid situation would become as bad as in USA.

I can’t describe how bad I felt when I saw my best friend’s house being repossessed. Sam was in tears. His mother was crying aloud. My heart went out to them. It was such a terrible sight. I was cursing those mortgage lenders who had turned so rude and harsh. Just some time ago these very guys were politeness personified when Sam had approached them. How can people be so inhuman? It pained me so much seeing my friend becoming homeless.

It all started when Sam approached a mortgage lending company for a loan to buy a home. The sub-prime loan meant for people with low income and damaged credit report was granted to him at an interest rate higher than other loans. At that point of time I tried to reason with him. But he told me firmly, “I need to buy a house and this is as good a time as can be. I know the interests are on the higher side. But I will manage I know.” I didn’t say a word after that.

Over a period of time, Sam found it difficult to cough up huge mortgage payments. After all he was the only bread earner in the family. He had to take care of his ailing mother and younger brother too. For some time he pressed on somehow, but after a few months he fell behind on the mortgage payments.

Soon he got a repossession order from his creditor. He tried to convince them that once his condition improves he would clear all his dues. But they turned a deaf ear. They were the same people who were so eager to offer Sam a loan even when they were very much aware that he wasn’t a high earner.

And now that he had a few mortgage payments piled up, these lenders turned so wicked. Gosh! People are so mean. Even I dint have enough funds to help him get out of the situation. Eventually he lost his house. I get goose bumps every time I think of that day. It was such a terrible day. Wish Sam could prevent it somehow.

Seriously common man has suffered a lot because of this sub-prime crisis. True, economy has been affected badly. But the common man has suffered the most, he has become homeless.

Just a few days back my colleague, John narrated to me how he managed to sail through the same problem by selling off his home. It took care of the remaining mortgage payments and with the cash he go, he cleared the dues he had got piled up due to all the financial juggling he had had to do.

He told me there are cash property buyers who are ready to help people in such situations. They purchase properties for cash payments and make the deal happen in a matter of few weeks. They don’t charge any fees and also offer the opportunity to sell your home and then rent it back. Not just that, you can also buy back your property from these cash house buyers in future when you become financially strong.

I was stunned to hear about this. Nobody suggested this idea to us that time. How badly I wish I had known about this earlier. May be Sam wouldn’t have been homeless.

I would suggest anybody in a similar situation to sell your house in order to save it. And save your credit worthiness too.