If you want to stop repossession, remember that the fittest survive.
More property owners are going to have to find miracles to stop repossession. Those who over-extended their finances to get on the property ladder and who are over-indebted may have no way to stop repossession. As property guru Phil Spencer from the Channel-Four TV-hit Location, Location, Location says in the Sunday Times – only the fittest will survive.
Stop Repossession – Are you Fighting Fit?
"It really is a jungle out there. It's a Darwinian world of the survival of the fittest," Phil Spencer told the Sunday Times. "To get ahead in the market, you have to be prepared to fight." But for many home owners, they simply aren't in a winning position. If you're one of the millions who have come off a favourable fixed rate mortgage, it's likely you're feeling the pinch. And if you're one of the percentage of buyers who over extended their finances and even entered debt to secure your place on the property ladder, the current downturn combined with the increased expense of home ownership means you could be unable to stop repossession.
Can't Stop Repossession? Time to Sell Fast!
Only the cash-rich and the boldest of buyers can profit from the downturn in the housing market. As more property owners are unable to stop repossession, it's these wealthy investors who will be getting ready to swipe up homes at discount cost. For those property owners who simply can't afford to wait out the economic storms, or can't afford the long-term financial fall out of a property slump, they could be facing the very real risk of house repossession. Being unable to stop repossession can be financially and emotionally stressful – a fast house sale could be a viable alternative.
Victims, Survivors and Predators
As Spencer points out, during difficult economic times there are victims, survivors and predators; those that will be unable to stop repossession, those that batten down the hatches, take a battering, but come through the other end, and those that cash in on other home owners' misfortunes. But those who profit tend to be entrepreneurs not afraid to act quickly or take risks – most of these people tend to be cash-rich and in a position to snap up bargain property. As Spencer says: "They can afford to be gamblers."
Unable to Stop Repossession
The victims however tend to be those unable to stop repossession. "If you have overstretched yourself, remortgaged your property, spent the equity on school fees or holidays, and are thus struggling to afford your mortgage repayments, you could fall into the victim category," Spencer said. Victims unable to stop repossession include those who have had misfortune with their finances, such as moving from a double to a single income as a result of a relationship breakdown for example. Those who have borrowed beyond their means are also at increased risk of being unable to stop repossession.