Can Government reduce repossessions?
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by: david field
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Word Count: 314
Date: Wed, 17 Sep 2008 Time: 12:02 AM
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In the past 12 months, house sales have more than halved, with mortgage approvals down a massive 71%, and forecasts show the trends to continue until the end of this year at least. With these two factors considered, the average house price has fallen dramatically as people desperately seek to get a buyer from somewhere in the market. Obviously a small fall in house prices in nothing compared to the fate greeting some people who struggle to meet their mortgage repayments, which is home repossession.
Some market analysts claim that homeowners who are struggling with repayments should be offered help by mortgage companies so that they avoid the dreaded fate of house repossession. However, what form this help could come in is still open to discussion, and many people are turning to help from companies that allow you to sell and rent back your home, such as Swift Capital. The basic premise here is that a homeowner will receive a certain percentage of their house’s market value and will then remain in the house as a sitting tenant.
Whatever the future of the housing market holds, whether current trends are set to continue or plateau towards the end of the year, homeowners are certainly suffering at the moment, and in increasing numbers.
About the Author
If you have suffered as part of the mortgage crisis and wish to sell and rent back your home, contact Swift Capital. They will also help landlords who are selling with a sitting tenant.
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