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Debate House Prices
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High Court blow for UK homeowners
Comments
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Do any of the lenders have a scheme where a mortgage defaulter can be re-possessed but not evicted? Was thinking along the lines of house is repossessed. Owed £100k on mortgage and house would achieve £80k at auction. Lender agrees mortgagee as sitting tenant on fixed rent @20% less than monthly mortgage with option to revert back to mortgage when circumstances improve. Tenant then has social security benefits available as a renter which they would be entitled to if they were evicted and had to be emergency housed. Lender is in receipt of payments which may or may not be better than receiving £80k and very little chance of recovering remaining £20k. Not thought this through but there has to be a better way than just chucking people out on to the street. After all some of these people will have borrowed irresponsibly but that can only happen if there is irresponsible lending. Fault on both sides so remedy should be equitable to both sides.To paraphrase, "not everyone on the Internet is a crank, but every crank is on the Internet".
I am not a crank and I am not on the internet. Neither am I on the phone which is why I won't answer it when it rings. They're coming to take me away ha ha ha ha:eek:0 -
That said, with the sheer volume of repossessions on the way there could be all sorts of pressures on the courts.
Already happening, OH says - the county courts are groaning under the weight of a jump in the number of repossession and bankruptcy hearings....much enquiry having been made concerning a gentleman, who had quitted a company where Johnson was, and no information being obtained; at last Johnson observed, that 'he did not care to speak ill of any man behind his back, but he believed the gentleman was an attorney'.0 -
You should never wish misfortune on anyone.
In terms of housing, I would have preferred if people weren't in difficulties. But sadly that is not the current reality. I'm sure things would be different if we could do it all again.
Trust me I don't.
Just as I don't want people to lose their homes because they encounter some short term difficultiesIncorrect.
Each case should be judged on the original contract and current laws.
Black and white is the ONLY way to deal with it. You cannot give advantage to those who have been disadvantaged.
Do you?:wall:
What we've got here is....... failure to communicate.
Some men you just can't reach.
:wall:0 -
bubblesmoney wrote: »or r u suggesting that defaulters should keep getting payment holidays and getting bailed out by people paying taxes and by those who dont own homes yet (FTBs) and hence artificially prop up the prices so that people like u who own multiple properties dont suffer a capital loss or that there are not that many repocessions / defaults and consequently the interest rate charged by banks dont do up on mortgages for buy to let mortgages.
i have nothing against BTL but if they cant keep up on their payments then they should be repocessed pronto and then prices will come down to saner levels and people who dont own houses will be able to buy a house at much saner prices than have to depend on shared ownership schemes or council houses as they have been priced out of the market.
I'm not suggesting that defaulter keep getting payment holidays or bailed out by taxpayers.
If it is unsustainable or unworkable, then yes it can be repossessed, after it has been through the prosess of reviewing this.
I'm suggesting that there should be open discussion and attempts to work through problem periods regardless of who the owner is.
I don't agree that property can be repossessed without going to court:wall:
What we've got here is....... failure to communicate.
Some men you just can't reach.
:wall:0 -
There is always a way, depending on the specific circumstance.I dont beleive there is a way.
One way could be to re-amortize the period. i.e. instead of having 20 years left to pay, restructure to pay over 25 years again.
Another could be to move on to an interest only mortgage.
Of course if all other options are exhausted, repossession is also a way.:wall:
What we've got here is....... failure to communicate.
Some men you just can't reach.
:wall:0 -
Dithering_Dad wrote: »Abaxas is probably part of a demographic we find quite a lot on this particular forum. Single (with no hope of remedying this situation) who live at home with their parents well into their 50's and blame the world for their own shortcomings.
It's easy for them to pour scorn on other people's financial management when their own financial security is provided by the largess of their loving parents.
You really do pick fights, don't you, DD! Tut tut!No reliance should be placed on the above! Absolutely none, do you hear?0 -
You really do pick fights, don't you, DD! Tut tut!
Is DD resorting to personal slanging again, at a new target?
Good grief, just ignore him Abaxas.--
Every pound less borrowed (to buy a house) is more than two pounds less to repay and more than three pounds less to earn, over the course of a typical mortgage.0 -
abaxas you have no clue. I am sure you are comfortably off etc etc etc whilst you spent whole days surfing the net seeing who you could annoy. You are obviously a robot, not a human being, and if you claim to be human, then you are the worst kind, mindless, insensitive and just plain ignorant of other people's needs and situations.
I hope one day you get first hand experience like those who you mock who are struggling financially and then you will know exactly what some of these people suffer! You are not worth further acknowledgement other than this post.
***edit - I have no need to look back a few posts, i read them all before posting this, what struck me about all of your posts is that you are arrogant and have no compassionate feelings for others. and if as you claim you have struggled financially and suffered through family illness, then it certainly has not taught you anything. Any normal human would feel compassion for others who were going through a difficult time similar to that which they had experienced. You are just arrogant and judgemental, so obviously your experiences have taught you nothing***
well said ! Abaxas my mother always told me if you haven't got something nice to say don't bother....! maybe you could learn from that if nothing else in life xLightbulb Moment - March 2004
Highest Debt: £16,896.00 :mad:
:rotfl: Debt Free Date 25th July 2007 !!
:j and still DEBT FREE0 -
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