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Repossession Orders up by 24%

Repossession Orders in England and Wales rose by 24% during the second quarter of 2008 according to the Ministry of Justice.

The news means that 28,658 Homeowners are facing repossession as a result of being behind on their mortgage payments. With the cost of living set to rise further during the remainder of 2008, the outlook is bleak for many UK residents.

Repossession orders come early in the process of repossession and do not always mean a person will lose their home. Often a lender will file a repossession order if the homeowner has not made an effort to make any repayments on the debt they owe.

Jason Hamilton, Operations Manager at Ashley Park urged homeowners to contact their lenders if they were struggling to make repayments;-

By law lenders have to act responsibly with their debtors. If are struggling to make repayments then contact your lender and let them know and don.t be afraid of explaining your situation to them. In most cases the lender will be happy to arrange a more suitable repayment plan that is more affordable for your needs..

Click here for more information on how to avoid repossession

or

Click here to take a look at our information guide on coping with mortgage arrears


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