REPOSSESSION - collecting info

nomoneytoday

I have sympathy for those who have changed circumstances such as job loss. However I have zero tolerance for those who wanted to join the gravy train of "house prices always going up"

125% BTL Interest only mortgages of 50 years simply aren't sustainable and pushed house prices up too high !
I believe that borrowing 4x salary plus deposit was reasonable, and that's the ball park that a first home should cost

feisty1

tesuhoha wrote: »

My husband and I have been paying for this insurance and the mortgage company gave us the impression it was for redundancy. He is self employed and there was some doubt whether they would pay out anyway. When recently he lost his job we were told it was for sickness only.

Teshoha What exactly did they do for you to believe this?

Vinegartits

michaels wrote: »

I think you should say what you are hoping to use this info for - are you a journo?

No, not a journo, I work in the County Court with those facing repossession. I am very, very worried about the numbers and have been for some time and whilst there has been some effort made to ameliorate the situation, it's too little and does not take into consideration the thousands who are just one or two missed payments, a matter of months, away from homelessness. I started this thread to see if it was possible to gather some very unscientific stats and anecdotal but had not allowed for the hostility I would meet.

To all of you who think the repossessed or soon to be repossessed are just the greedy or idiots who over-extended themselves, let me share with you a few cases that have come my way over the past months:

Mr and Mrs A, her mother had early stages of dementia, came to live with them, she gave up her job as mum could not be left alone, he thought it would be ok, he'd do a bit of extra overtime, the overtime dried up. The A's - three kids, granny, facing homelessness.

Mr and Mrs B, newlyweds, stretched to buy 2 years ago, she's a beautician he's a plasterer, baby on the way, work dried up for both of them.

Mr and Mrs C, own business, etablished many years related to the docks, they say it's not just a slow-down, its a full-stop.

I could go on, and on, and on. Couples separating, businesses going under, redundancies, self-employed, anything to do with houses work drying up, illness, loss of overtime that was heavily relied upon - could you have allowed for that 2 years ago?

silvercar

It will be interesting to see if you see less cases now that the new government initiative is meant to allow people to capitalise their arrears.

richardlionheart

dopester

Vinegartits wrote: »

No, not a journo, I work in the County Court with those facing repossession. I am very, very worried about the numbers and have been for some time and whilst there has been some effort made to ameliorate the situation, it's too little and does not take into consideration the thousands who are just one or two missed payments, a matter of months, away from homelessness. I started this thread to see if it was possible to gather some very unscientific stats and anecdotal but had not allowed for the hostility I would meet.

To all of you who think the repossessed or soon to be repossessed are just the greedy or idiots who over-extended themselves, let me share with you a few cases that have come my way over the past months:

Couple A: Did the mother in early stages of dementia not have a house or property of her own to sell, that could have been used to help support her living costs with her daughter and son-in-law? No pension either. Does carers allowance no longer exist? (Someone told me it was around £50 a week a few years ago). No EPA for the mother or forward planning at all? If there was risk of repossession by giving up her job... perhaps she should have allowed the state to take the mother in to a nursing/care home - which I guess would be subsidised by the state if the mother had zero financial assets of her own.

Couple B: Bought at almost peak in 2006? Stretched to buy after house prices had near trebled in 10 years. Go tell it to Kirstie. Go tell it to no more boom and bust Gordon. If you do not keep up repayments...

Couple C: A business established many years... ? Was it not profitable over those many years? Did they not manage to build up significant equity along with benefitting from general HPI? No savings to bide them through not even 1 year? Or too many debt positions open and needing to be serviced? Too much spending in the boom time? Holidays, cars, plasma TVs? Or did they need to take on a bigger mortgage to have the luxury house?

All of them. People here think I am cold. However it is bail-outs for people like these, and especially failed businesses, which will make the bust be harder and last much longer than necessary, and stop the market fixing stuff via sound money, new ideas, and new market participants.

For me, it is you short-termers who want even the most stupid looked after who are the real enemy. You want it to be a full on depression and to limit chances of recovery. Fine. I'll buy a house even cheaper thanks to you as the economy grinds to a near halt.

Dithering_Dad

Dopester, what's your story? I am assuming from your posts that you are a 23-26 YR bloke with no dependant who lives either with his mum and dad or who rents a room/studio or perhaps a 1 bed apartment.

Is this correct?

dopester

It isn't that wrong DD. There are no bail-outs for those who are renting you realise?

No sympathy for savers who have seen interest rates cut whilst over-indebted mortgage debtors like ISTL with his 2 BTLs, and many others, are wooting-it-up with lower mortgage repayments.

Pobby

For those that blithly go on about " bring on the recession " look ..............................................................................................................

http://news.bbc.co.uk/1/hi/uk/7796727.stm

Would you be happy if this happened to any of your family????

dopester

Wow Pobby. A homeless person, who obviously has recently been made redundant, lost him home, and has zero other options but to sleep on the cold streets at night.

I guess his kids are at the back on him, over the small black iron fence, and down in the channel, huddled together to protect themselves from the icy winds.



In the last crash or the one before that or the one before that, were the streets full of homeless people in sleeping bags?

You make it sound like it is the end of the world losing your home. I've known it happen to others - successful people who took a risk too far with their business - who didn't die by living in trailer/caravans for 4 years as they got back on their feet. And in other instances there is the council to help house families.