Archive for April, 2009
Apr
30
Retired Couple aged 64 would like to provide deposit on house for son. Would Equity Release be a good route to take. Answers please from Irish based people. Thank You. Co. Westmeath.
Passive Income
Apr
30
Stop House Repossession With a Fast House Sale
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You can stop house repossession – all you need is a fast house sale. Even if lenders are attempting to take your house, this will work. It’s not unusual to ‘forget’ a mortgage payment – hundreds of thousands of us do it at least once each year. However, missing a few payments means that finances are getting out of hand. Your creditors may soon send letters threatening legal action, and this can take a toll on your personal relationships and your health. When your home is repossessed, you both lose your home and reduce your chance of getting another mortgage. You have to stop property repossession before you are kicked off the property ladder for good.
Many people don’t realise that it’s easy to stop house repossession. Ideally, you should do this before the court action starts, but even if you are about to be evicted, St Genix Fast House Buyers can help you stop house repossession. Perhaps you have been unable to agree a deal with your lender. Perhaps you didn’t face up to the letters your lender sent. Sooner or later, you will need to pay what you owe so that you don’t lose your home.
Ask St Genix To Help
We would be happy to assist you when you need to stop house repossession. It can take some time to sell your house through an estate agent, and you just don’t know if contracts will be exchanged so that you can stop property repossession. Why wait and risk losing your home? Don’t wait for an eviction order – sell your house fast, get the cash, repay what you owe and save your credit rating. We can help.
At St Genix Fast House Buyers, we buy direct and we pay cash. With our experience, we can value your home accurately and can make a fair offer. The legalities are simple and you get a guaranteed, quick sale with the following benefits:
You get the cash in a month or less
There’s no need to pay an estate agent
Legal fees are reduced
You avoid repossession
We realise that this is a stressful time for people who wish to stop house repossession. That’s why we will do all we can to help you. We’ll even go to the repossession hearing with you. When we do this for our clients, we can stop property repossession. Once you have repaid your creditors, there’s one more benefit we offer. You can rent back your home, so that you can maintain a stable environment. You get a fair market rental and freedom from further financial problems.
St Genix Fast House Buyers have expertise which we will use to stop house repossession. We will purchase any house for cash and will finish the sale within four weeks or less. We can put a value on your home within 24 hours. Call us free on 0800 316 7600 to begin.
Quick House Sale
Apr
30
What Does It Feel Like To Be Refused A Mortgage?
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Have you ever been refused a mortgage? You would be surprised just how many people face the frustration of a negative decision on their mortgage applications - the feelings it creates vary, from panic through to sheer incomprehension.
While it’s never pleasant to be told you can’t get a mortgage, it’s worth considering the situation from the lender’s point of view for a moment. A mortgage usually represents a considerable sum of money - according to Credit Action, the average outstanding mortgage is nearly £100,000 in almost 12 million households in the UK!
When dealing with such a colossal amount of money it’s no surprise that lenders seek to minimise risk wherever possible. A significant part of this is not to lend to people that are considered a high risk.
In the UK, there tend to be two groups of borrowers - prime (those people with a regular, provable income from an employer and no history of bad credit) and sub-prime. It’s a rather unflattering term but those in the sub-prime category represent those who are more likely to be declined a mortgage by the High St lenders.
There may be obvious reasons why you’ve been turned down for a mortgage - for example if you have been repossessed or faced a County Court Judgement in the past.
Ironically, sometimes remortgaging your home can be the ideal way of sorting your credit problems out by releasing equity from your house OR in the case of mortgage arrears and repossession by showing the courts that you have the means of settling your debts (with a remortgage with a repossession specialist). If you’re in this situation and can’t get a mortgage it’s worth searching for a specialist lender.
One of the major groups that face regular refusal from High St lenders is the self-employed. While you may feel annoyed at being included in the same category as those with bad credit or mortgage arrears, the fact is that if you’re self-employed, have incomplete or missing accounts and can’t prove your income you represent a higher risk to the banks - that’s why self-employed people frequently choose to self-certify thus avoiding the necessity of proving their income.
You may of course be in regular employment with no history of bad credit and STILL have been turned down for a mortgage. If this has happened to you it’s worth checking your credit record with one of the UK credit agencies - you can do this online and get a copy of your credit record for only £2.
Of course, being refused a mortgage by a High St lender doesn’t mean it’s the end of the road for your borrowing - there are number of lenders who specialise in finding mortgages at reasonable rates for those who fit into the sub-prime category.
Rent Back
Apr
30
Equity Release. Does anyone know anything about this?
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Hi there,
I was thinking about taking equity release on my house, but have heard so many conflicting offers of advice.
Have any of you taken this out or do you know of anyone who has?
I would be grateful for any help.
Kind regards
Quick House Sale
Apr
30
What happens? Equity Release ?
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Recently Equity Release schemes have been widely advertised for older people to give them an income based on the value of their homes. What happens when the value of the property falls?
Rent Back
Apr
30
Ch. 7. Motion to lift stay(mortgage) In Arrears.How long do we have?
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I am three months behind.. Filed chapter 7 two weeks ago. I have gotten 1 letter when i was 2 months behind giving me 30 days to pay or the foreclosure process would begin.( According to that it would have started on march 9th) I don’t mind leaving. I feel grateful that we were allowed to stay as long as we have…but…when will we be out? What’s the time line? What’s the process the lender needs to go through?
Quick Property Sale
Apr
30
Equity Release - Considerations
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When looking into equity release it is essential that you seek the advice of a specialist such as a financial advisor. A financial advisor will be able to assist you in determining whether this step is the right step for you. The first thing you should know is that equity release should be considered as a last resort option.
Equity release is the process through which you can obtain cash. You do this through the value of your home. Here is what you get, the right to retain the home until you die or move into care and you do not have to repay the equity until you home is sold. Sounds like a great deal but is it really. For some it may be the only option but because of the actual break down of expense it is one of the most expensive ways you can raise cash.
What can the cash obtained through equity release be used for? The answer is just about anything you can think of. It can help with Inheritance Tax planning or any other type of assistance you may need. Here is how it works. There are two primary ways that equity release works. The first is Reversion and the second is Lifetime mortgage.
Under the Reversion plan you could sell all or part of your home for tax free cash. Keep in mind however that the percentage of the home that you sell will not equal the cash you will get. Normally, you will get less than the percentage value of your home. Under the lifetime mortgage plan you are granted what is called a tax free loan. It is borrowed against the security of your home. On this plan you make no repayments until the house is sold. This is usually at the time of demise or when you would enter a care facility.
On lifetime mortgages there is also the interest that is charged though is not collected and it is cumulative which means that you will, at the end of the loan not only pay the interest on the principal amount that was borrowed but also interest on all the interest that accrued. Confusing and expensive sounding right, this is why when considering an equity release it is essential to obtain assistance through a financial advisor.
Here is the difference between the equity release options with Reversion you will for certainty give your beneficiaries the proceeds percentage from the sale of the home that was left over from the release. For example, if you did an equity release under this method for 40% of your home then your beneficiaries would receive the proceeds of 60% of your home when it sold.
Lifetime mortgage works a little differently. The big difference is that if you die during the early part of the plan within the first couple of years for example. Your beneficiaries are going to be better off. However, if you do not you may end up reaching something called Negative Equity. This means that your loan would actually exceed the amount that could be obtained through the sale of the house. Not only leaving you with nothing to provide for your beneficiaries but also a mounting debt for them to pay off.
There are other factors to consider but these are the biggest factors that appear when considering equity release and the largest reasons why the market as a general rule views equity release as a final option measure to be used primarily in dire emergencies where there are no other possible options.
If you are considering an equity release it is important that you talk with your financial advisor and thoroughly discuss what each option could mean for you both what you will receive and what you may end up having to pay back. Your financial advisor will be able to assist you in determining if equity release is right for you and if it is which of the two schemes are going to be the best options for you.
Equity release can provide you with a way to provide for your family when it comes to inheritance taxes or it can be used in an emergency to provide your family with the funds that are needed to ensure their security but this type of financial step is not without significant risk. In order to be sure that this is the only and best option for you take the time to obtain the counsel of a financial advisor.
For more information and a free guide on equity release from Porter Brown visit us at http://www.porterbrown.co.uk/what-we-do/equity-release/?s=
Rent Back Fast
Apr
30
Equity Release Mortgage is a Custom-designed Scheme for the Old Folks
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Equity release mortgage schemes are gaining popularity over the years. The fact is that over the years, returns from investment in property have been much higher than the stock market investments. Prices have as much as doubled over the years within a matter of a decade.
Equity release is an in-thing now, as more and more people are realising the profitability of this scheme and opting for it. This scheme is particularly good for the retired people who can cash in on the rising value of their property. There are many schemes in the market these days which work out fine. In fact, most of the equity release mortgage schemes are for the old retired folks who are above 55-70 years of age.
You need to consult financial experts before you avail to this scheme. This may not be suitable for every one. It is a special scheme for special needs. For example, you need to look into inheritance issues as well, such as how much property would you like to leave to your family, rather than exhausting its equity. You need to do a good amount of homework anyway before making any financial decision.
The equity release mortgage scheme is primarily a loan based on the value of your property but here you pay in the form of your property and you do not have to do so in your lifetime. You receive the cash either on a monthly basis or as a lump sum. This amount is recovered by the lender as per mutually agreed terms and conditions after the death of the owner of the house, or else when when the owner moves out of the house. So as long as you are alive, you can stay in your house, without ever worrying about your monetary needs. This scheme will serve you without the headache of repayments in your lifetime.
Passive Income
Apr
30
The Pros and Cons of Rent-Back Home Sales
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With a struggling economy comes a prevalence of advertising for rent-back services; indeed, many people have probably noticed an increase in advertisements along the lines of “We Buy Ugly Houses.” Homeowners may choose the rent-back option for a variety of reasons, but any person who explores this route should consider the pros and cons of rent-back sales, as well as the options inherent in doing so.
WHY RENT-BACK SALES ARE AN OPTION
There are numerous reasons for this uptick in rent-backs: foreclosure avoidance, loss of employment, divorce, and a desire to reduce expenditures all factor into higher rent-back behavior. Though rent-back behavior often means taking a loss on one’s home, some choose this option as a way to buy time in avoidance of a foreclosure.
Those who take the rent-back route are often able to stay in the home during the sale, but rent must be paid in these cases. Though rent will likely be comparable to area rates, short-term rent will likely cost extra. However, one must balance an increase in rent against the extra costs associated with finding other short-term living arrangements.
SELLER ADVANTAGES
Though rent-back sales are likely to net lower prices for the seller, there are benefits for those taking this route. The seller may wish to allow their children to complete a school year prior to moving, which obviously lessens the stress level of a move as compared to mid-year moves.
In addition, those constructing new homes may need extra flexibility in existing housing arrangements to account for any delays in construction. Sellers who are in the market for a new house may want the peace of mind that comes with selling the existing home prior to buying the second. Both of these instances demonstrate the flexibility inherent in rent-back options.
SELLER DISADVANTAGES
Selling a home to an investor also has the potential drawback of the house being sold before the seller is ready to move out. Lease periods can be difficult to extend for this reason, and can especially be an issue when the loan is dependent upon possession of the property being taken by the new owner. Any of these issues should be investigated prior to striking an agreement with a buyer.
When one sells their home “as is,” a potential trouble arises concerning when the “as is” period actually is. Also, the buyer and seller need to agree on who will make any necessary repairs to the home as the need arises. As aforementioned, exploring these potential issues prior to sale will make the buyer-seller transition much easier, and will help to avoid future legal problems.
In the end, there is no easy answer to the question of whether one should follow traditional methods of sale or go the quick sale, rent-back route. However, if one considers all options, explores potential pluses and minuses, and does their research, then a suitable method of selling a home can be found.
In the end, there is no easy answer to the question of whether one should follow traditional methods of sale or go the quick sale, rent-back route. However, if one considers all options, explores potential pluses and minuses, and does their research, then a suitable method of selling a home can be found.
Repossession
