Repo's to rise in 2011.

IveSeenTheLight

abaxas wrote: »

I'm sorry, but if you have already spent it. Why should I pay for it?

I'll say again, if you can afford to buy a 'home'. You should be able to pay for it.

I'll also say it again, there are options you can explore with your lender before invoking any mortgage coverage scheme / reposession proceedings.

abaxas

IveSeenTheLight wrote: »

I'll also say it again, there are options you can explore with your lender before invoking any mortgage coverage scheme / reposession proceedings.

I'll say again.

Why would someone help somebody who cant help themselves.

IveSeenTheLight

abaxas wrote: »

I'll say again.

Why would someone help somebody who cant help themselves.

And they would be helping themselves by exploring the options I provided

abaxas

IveSeenTheLight wrote: »

And they would be helping themselves by exploring the options I provided

Sorry, maybe I have confused matters.

I believe that people should be self sufficient and live within their means, so if something bad happens, they can react without outside help.

I agree that sometimes people need outside help, but if you have a mortgage, you shouldn't need any assistance as you would have been earning 'decent' money for a period before and during the house purchase.

My point is that the banks shouldn't offer assistance as all it means is the people with the mortgage will NOT be self sufficient via their own choice.

Also if the bank does offer assistance it is indirectly paid for by the banks depositors, if it costs the bank money.

Helping people does not have to be a good thing, if it turns out they cannot help themselves.

Percy1983

IveSeenTheLight wrote: »

There are many options to explore before you get to this stage.

1) You could adjust / reset the amortization period, thus reducing the monthly costs
2) You could move on to Interest only
3) You could agree with the lender to take holiday period. i.e. you have 80% equity and the bank agree to allow a holiday period, increasing the remaining amount by the agreed interest meaning for example when you are in a position to restart repayments your equity is lower

Of course these all add to the long term costs of the property but could be explored as a temporary stave.

The timeframe therefore is very specific to the individual situation.

That all makes sense and that is what I mean by banks should help all they can within reason, but if all the above fails what would be a reasonable timescale to start proceeding to kick them out?

treliac

abaxas wrote: »

Why would someone help somebody who cant help themselves.

I went to Morocco recently and was besieged by people begging or trying to sell scraps of trinkets, carvings, postcards, pictures of their children in national dress, baby donkeys, anything they thought they could raise a little bit of money by. And I probably only saw the more palatable side of their money making attempts.

They don't get any government assistance if they can't find work. I presume that's what you would like over here?

abaxas

treliac wrote: »

I went to Morocco recently and was besieged by people begging or trying to sell scraps of trinkets, carvings, postcards, pictures of their children in national dress, baby donkeys, anything they thought they could raise a little bit of money by. And I probably only saw the more palatable side of their money making attempts.

They don't get any government assistance if they can't find work. I presume that's what you would like over here?

Yes,

The difference is instead of giving them money, giving them the opportunities to improve their lives via education, assitance in finding work etc.

I say, give the money to those who want to succeed and improve. Give nothing, and let rot, to those who cant be bothered.

Think back to that oxfam advert. Give a man some grain and he'll eat for a week. Give him the tools to grow his own wheat so he can always eat.

Lets start empowering people to take control of their lives. It's theirs after all.

treliac

abaxas wrote: »

Lets start empowering people to take control of their lives.

We agree!

This, though, takes money and jobs - both of which are lacking at present.

abaxas

treliac wrote: »

We agree!

This, though, takes money and jobs - both of which are lacking at present.

I would disagree on the job front.

There are plenty out there, but not what people want to do. *


* I can only see from the angle of the North East. Maybe it's difficult darn sarf.

Lynsey

treliac wrote: »

So sorry to hear that Lynsey - how can people have known what to believe and what to do for the best? Just look at all the conflicting opinions on this board.

I wish you all the best.

It's not me that's suffered, sorry for any confusion.
I've done alright in the housing market, but the ways things went in 2007 were pretty crazy - lots of fingers burnt I bet (as well as major profits for those who times it right).
It was amazing how many thought they just had to buy property to make profits - sadly that's not always the case (especially in the short-term).
FWIW, I think it's a pretty good time to buy now (in my area and no doubt lots of others), I see more of an upside and for me I think there has been a bit of levelling off. I can't see properties dropping 20% or so now over the next few years, not the ones who have priced to the current climate or indeed lower anyway.
The ones who don't need to sell will have no need to drop their prices anyway - unless they want to move up and gain a bigger bargain, if they can negotiate a decent deal.

Lynsey