29
Oct-2008

House Repossessions Up 71%

UK housing market in meltdown? The number of house reposessions jumped 71% in the three months to June 2008. It’s not easy out there right now and many people are finding it ever more difficult to keep up with their mortgage payments.

Given the current state of the stock markets with banks getting bail outs from the taxpayer in return for tightening their practices, it is also perceived that they are more likely to seek house repossession rather than try to work out a plan with the mortgagee.

I read a report in the Guardian last week in which the author stated that loan companies and credit card companies are also invoking charge orders from later payers of unsecured debt, These charge orders mean the creditors can seek from a court an order for the debtor to sell their house in order to pay back what the owe. It seems that the Nationwide and Northern Rock are the ones who have been most active in excercising their rights to use charge orders.

Sadly, charge orders aren’t reported in the Council of Mortgage Lenders (CML) repossession figures so in actual fact the number of house repossessions may indeed be higher than reported.

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  1. Property For Sale By Order of Mortgagee | Stirlyn /

    […] Repossessed property presents an opportunity for investors who wish to pick up property on the cheap. Why? Because mortgagees are financial lending institutions who do not want to keep hold of properties that may or may not rise in capital value, whilst maintaining them, or securing them against vandals, squatters or other potential investment stripper. They want the money so that they can lend it to someone else and earn interest. […]

  2. free online radio /

    thx for the tips but in this global economic crisis it seems to be more difficult to hold

  3. Angel Figurines in New York /

    I cannot believe what is happening to our houses. It is absolutely crazy. I hope that people can find a way and that we stop bailing failing businesses out. That is just ridiculous.

  4. Faisaliya /

    Save your cash, looks like things are only going to get worse…

  5. Mortgage Watchdog /

    I feel strongly about the increase in repossessions. It’s the guy on the street who is paying for corporate stupidity once again.

    I used to be in the mortgage game and can advise people how to minimise their chances of having a house repossessed.

    I’m putting together a free book that they can d/l on my site. They can’t have enough ammo when these people (lenders) come to turf them out.

    Monty

  6. baby clothing /

    I agree with the person above who points out that house repossessions aren’t all bad. They do represent a potential opportunity for the investor.

    There are always opportunities

  7. Webhotel /

    I agree your points and this is the right time to save all our money. Your tips are good as well.

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