mortgage reprieve... what is it??

nextyeartina

what's a mortgage reprieve?? my in-laws are on the verge of losing their home. today they've been offered a "mortgage reprieve".

t, x

Thrugelmir

What does the letter say?

Senior_Paper_Monitor

and who's it from ?

nextyeartina

i've no idea. not helpful i know. not heard from the in-laws yet. just a text from sil mentioning the reprieve.

t, x

Thrugelmir

When you have more info, post it up.

Farmerbob

It means they have been offered a chance to stay:

re·prieve/riˈprēv/

Noun: A cancellation or postponement of a punishment.
Verb: Cancel or postpone the punishment of (someone, esp. someone condemned to death).

I used to work in repossessions i hope they will use the time to sort the situation out

Senior_Paper_Monitor

Thanks Bob, but I think my (and Thrugelmir's) mastery of English is sufficent to know the common use meaning.

What neither of us (excuse me talking for you Mr T) know - nor apparently Bob - what it means in precise financial/legal terms in this particular case. As described, the actual 'offer' could be anything from an unusually friendly offer from the lender to work out a deal to an 'ambulance chasing' cold sell of distress sale and rent back options.

Jeez - a public school and university education and I'm getting an English language lesson from a Scottish Bailiff !