The economy is strengthening all the time since the recession and as the months go by much of the pressure that homeowners felt in 2009 is being lifted. When the recession first struck the repossession rate was alarming and families all over the world were having their homes taken away from them. Thanks to the property market gaining traction and the economy performing better this rate has began to fall.

However even with the repossession rate falling down to previous levels homeowners are being warned by the Council of Mortgage Lenders that there are still a number of homes that face being repossessed. With around 12,000 homes currently facing repossession the government is quickly producing information to help homeowners that are struggling with their mortgage repayments.

The rate of repossession was at its highest in 2009 and many homeowners lost their properties and still have to face other large debts. A number of property firms saw a great opportunity to help home owners who were facing repossession by buying their homes quickly so that they received cash that could pay off their debts and didn’t have to worry about mortgage repayments.

The quick sale companies provided homeowners with a large amount money in a few short days so that they could deal with their debt problems easily and downscale their living arrangements accordingly. There was the option to sell a house quickly and rent it back from the company or keep the cash and move on.

With the initiatives governments have used to reduce the number of home repossessions such as lowering interest rates and VAT there are still signs that other periods of repossession are likely since the economy has not yet fully recovered. There may be setbacks in the future growth and stability of the economy that can result in another difficult period for homeowners.

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