More homeowners at risk of repossession
More homeowners at risk of repossession
Friday 15th August 2008
Data from the Ministry of Justice shows that 28,658 mortgage possession orders were made in England and Wales over the period.
This compares to a figure of 23,497 during the second quarter of 2007.
Possession orders to do not necessarily result in a home being seized by a lender, but are a stage of the repossessions process which allow a claimant to apply to have the occupier evicted.
The figures also revealed a 17 per cent rise in the number of possession claims - which is the stage in the legal process before the case is heard in court - to 39,078.
It is thought that the rise in homeowners struggling with mortgage debt has been fuelled by higher repayments on home loans and credit card debt as well as soaring living costs.
Homeowners struggling with mortgage debt may wish to consider a debt solution such as an Individual Voluntary Arrangement (IVA), which can help avoid home seizures through prioritising mortgage repayments.
Are you considering an IVA? We can help
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