The value of the average home is plummeting by £1,000 a month, according to the latest Asking Price Index Report from Home.co.uk for June 2008.  Furthermore, The Royal Institute of Chartered Surveyors (RICS) has reported that 9 out of 10 estate agents have recorded house price falls.

With interest rates and mortgage lenders deposits going in the opposite direction (upwards) what can someone with mortgage problems do to stem the tide. If you took out a 100% mortgage in the last 3 – 5 years then statistically your property is at risk as house prices sales hit a new 30 year low.

Over 23,000 homes have a 100% mortgage secured against their property and as more and more home owners feel the pinch, straddle negative equity or fall behind on their mortgage payments. The burning question is what can a home owner do?

In the first instance, speak with your lender, although they do not like to talk about debt counselling a few lenders have set up departments to deal with the ever-increasing numbers of homeowners falling behind on their mortgage payments.

Secondly take a trip over to your local citizen advice bureau, not only are they helpful they will be able to guide you through the maze of debt negotiations you may have to endure.

Whatever you do, do not put off today what will not keep until tomorrow. Falling deeper and deeper in arrears with your mortgage lender only leads to one foregone conclusion. Repossession is the dreaded word, which is muted in most news articles when reporting on the UK housing market.

Mortgage lenders say they do not want to throw families out onto the street but repossession has risen dramatically since the credit crunch began. Neither you nor I are mortgage lending experts, however if repossessions have increased by say 40% does that not tell its own story.

Some homeowners’ have preferred to look elsewhere and find their own solution. Cash property buyers do exactly what it says on the tin. They buy property for cash! In short this means for a trade price your property can be sold, off your hands, debts cleared and a new start in as little as 3 weeks.

There are mixed stories about how you should approach such individuals or companies, as not all are the same. I presume the same could be said of mortgage lenders and how flexible they are when payments begin to slip.

When seeking a cash buyer spend a bit of time detailing all your debts and outstanding payments. Try to be as honest about your situation, so they can provide you with the best solution for your needs.

In the event you are unhappy with the offer they have made, say so as you are under no obligation to accept. However, bear in mind a cash price equates to discounts! Just like buying a car, paying with cash price means a suitable discount will be required.

Whilst cash property buyers does not favour everyone there are many reputable individuals and companies able to solve your debt problems in as little as 3 weeks. This has attracted many to look at cash property buyers as a solution to their ongoing troubles.

The key decision a homeowner makes when contacting a cash property buyer is, can I sell my property within 3, 6, 9 or 12 months with a guaranteed sale. This is a question only you can answer and the risk of mounting payments is the gamble you take.  With sales agreed in as little as 5 days, cash property buyers are an option worth considering.

For a no obligation quote click ‘quick sale required’