Borrowers in arrears urged to take action
Homeowners who fall behind with their mortgage payments should take positive action to address their problems at the earliest possible opportunity, according to a repossessions specialist.
The Council of Mortgage Lenders estimates that around 19,000 borrowers have mortgage arrears of more than per cent.
Many of them may fear they face a bleak future, but Paul Fletcher of the Repossessions Advice Centre insisted there are steps that can be taken to ensure these people keep their homes.
There are a range of options open to people who need home repossession help, but the most important thing to remember is to act before the arrears get out of hand, he explained.
"The problem is, these options become very much less [accessible] once they've got into financial problems, because the lenders shut the doors on them," said Mr Fletcher.
He added that one of the most effective courses of action is to approach the lender to see if they will agree a repayment plan for the arrears.
You can follow any responses to this entry through the RSS 2.0 feed. Both comments and pings are currently closed.