After an extended period of prosperity and unprecedented growth, the UK economy, like many economies of the Western world, has fallen on troubled times with many predicting that a recession lay just around the corner. Combined with rising oil prices and a general increase in living expenses, many families are starting to feel the squeeze as the latest credit crunch really takes hold.

This document explains the eviction process used to evict homeowners in the UK due to unpaid secured loans. It offers advice on how to prepare for the court hearing and how to deal with lenders.

Firstly it is important to know that your lender can not evict you without a court order. If you have been given a court order by your lender (received in the post) it usually means that other attempts made by you and the lender to overcome the arrears have failed.

Do you want to make sure that you get to keep your house? If so, you need to start by learning How to Write a Hardship Letter. When we enter financial difficulties, we often find that we might be watching everything in our life fall over, as though they were stacked dominoes, and one of the things that we most fear falling is our mortgage payments.

The current mortgage system is designed to squeeze as much money out of you as possible...

WARNING: you're at a severe disadvantage because mortgage companies charge as much interest as long as possible without informing you in a clear way all the steps you can take to change it.

The current system requires your payments follow an "amortization schedule", which forces most of your money to go towards interest.

If you have missed any payments on your loans you need to check if they are secured or unsecured on your home. If they are secured then they need to be dealt with urgently as the lender has the power to take possession of your property if they are not paid. We are going to discuss secured loans and what to do if you miss these payments.

Contact your lender
The first thing you do is you need to contact your lender to confirm the amount you owe and the steps you intend to take to pay them back.

A non-performing loan is a loan that is in default or close to being in default. Many loans become non-performing after being in default for 3 months, but this can depend on the contract terms.

"A loan is nonperforming when payments of interest and principal are past due by 90 days or more, or at least 90 days of interest payments have been capitalized, refinanced or delayed by agreement, or payments are less than 90 days overdue, but there are other good reasons to doubt that payments will be made in full"

What is secured debt?

Debt backed or secured by collateral to reduce the risk associated with lending.

If you are paying 40% or more of your paycheck to your mortgage, there is nothing left to invest or to enjoy your life. Here is where it gets worse. Your ARM is designed to trap you into a lifetime of payments... That does not make sense right? You plan to refinance your mortgage after your ARM expires and when that's done you plan to take out a 30 year mortgage payment.

Have you heard the term "hard money," but you're not sure what it means? Perhaps you know what it is, but you're unsure where to find it.

Hard money is financial backing from private investors in the form of a loan. It is one of the best ways to get a business project off the ground, but you have to know how to obtain it the proper way.

Once you have found the real estate that you want to purchase in Orem, Utah, you will have to decide on what kind of mortgage you are going to get. There are certain factors that you must take into consideration when deciding on a mortgage and it is not a decision that should ever be taken lightly.

Interest rates and down payment amounts differ from mortgage to mortgage, so you must take all of that into consideration when financing your new property in Orem, Utah.

A much advertised solution to current financial woes involves using your home to bail you out of trouble, by tapping into the equity available and presenting you with a sudden influx of cash. This can be a bad idea for several reasons.

The ATM Mentality

If you get in the habit of using credit cards to pay your daily bills and of habitually spending more then you earn, you have succumbed to the ATM mentality.

There are many things you can do for avoiding foreclosure. These things include not ignoring the problem, contacting the lender, responding to mail from the lender, prioritizing, contacting a HUD approved counselor, and be smart.

The most important thing to avoiding foreclosure is not to ignore the problem. You should not ignore your lender.