Preparedness for when

fuddle

Frugalsod go easy eh? That maybe so but reading that put the wind up me and I don't even have a mortgage.

Life is a git anyway without worrying about ifs and coulds.

greenbee

We tend to call it repossession in this country rather than foreclosure...

Interestingly during the downturn in Ireland, banks didn't repossess - after all, the housing market had crashed and they didn't want a load of property on their books that they couldn't shift. Those who tried to keep up payments have therefore kept their homes. However, some people who realised the banks weren't repossessing decided not to bother paying and built up arrears, not paying until the economy improved. The housing market then started to move and these people had their homes repossessed - even though they could have kept up payments all along. It's currently a big issue, and there are lot of homeless in Dublin at the moment as a result.

calicocat

Frugalsod wrote: »

I would be even more careful. A small mortgage is enough for a rapacious bank to demand immediate repayment and if you do not have the funds they could still foreclose you. Until you have cleared that mortgage you could still be foreclosed on. Once that mortgage is cleared you are much safer.

All sorted in the preps, so no worry there....:)

To be honest, it's so small anyway without preps in place I wouldn't really worry. I've got at least 2yrs left on the fix, and another 10yrs left on it after that. Not that i'll keep it that long.

I've paid well over what I should have in excess, if I pay anymore, I will take a huge hit in penalties. So it doesn't make financial sense to pay it off yet. I wore the penalties up to now to get it to a small payment I can cope with whatever and have piece of mind.


If TS really hit the Fan, then i'd take in a lodger for a year, that would have the whole thing paid off it's that small.

Apparently, there has been a spate of people hacking into house ownership now it's all electronic and no longer on paper deeds. People have had their house effectively taken off them and it suddenly has someone else's name on the ownership. This is much harder to do if it still has a mortgage attached to it. So anothe reason I thought I would hang onto it a bit longer.

Ryanna2599

calicocat wrote: »

Apparently, there has been a spate of people hacking into house ownership now it's all electronic and no longer on paper deeds. People have had their house effectively taken off them and it suddenly has someone else's name on the ownership. This is much harder to do if it still has a mortgage attached to it. So anothe reason I thought I would hang onto it a bit longer.

Calicocat do you have any more info on this? I have no mortgage, so wonder if there is something that can be done to prevent this. Thanks

calicocat

Ryanna2599 wrote: »

Calicocat do you have any more info on this? I have no mortgage, so wonder if there is something that can be done to prevent this. Thanks

Sorry but I don't. It came to light by someone on a thread I was on around a year and a half ago I think.

Maybe try google..?

I Do remember them saying there is something you can do to try and ensure this doesn't happen. Also, I would imagine that when it came down to it the genuine owner could prove ownership etc, and would imagine that these ruggers do it to get loans themselves against the property probably.

How that pans out when real ownership comes to light I have no idea, but can't imagine it would mean anything other than a pain in the neck proving everything. It's not like they are going to turn up and ask you to leave as they own it.


However, you have got me thinking now, as to what happens upon death...re the Will etc.

Going to google it myself too..

calicocat

Google property fraud.

calicocat

It says to go onto the land registry site for info. I'll be doing this tomorrow.

GreyQueen

calicocat wrote: »

It says to go onto the land registry site for info. I'll be doing this tomorrow.

They'll release that info for a small fee - registered ownership of commercial and residential property.

The public constantly call the local authortities asking who owns X property, usually with some beef about the condition it's in, conduct of tenants in it, or its empty and they want to find out who owns it so they can offer to buy it.

Local authorities don't have that information, the Land Registry does.

https://www.gov.uk/search-property-information-land-registry

There are different registers for Scotland and N.Ireland, there are links to them in the above link which is for England and Wales.

moneyistooshorttomention

Frugalsod,

What do you define as a "small bank" without any investment interests?

I left the Co-op Bank before all the ruckus started one way or another on that one and have been with the Nationwide Building Society for some time and feel that's probably about the best I can do for a "bank".

************

CalicoCat,

You're very wise to have paid off as much mortgage as you can on your house. I would suggest making it priority to pay off the rest as fast as you reasonably can too. It helps a LOT to think that mortgage payments are manageable even if the salary were to shrink as low as NMW level - but its as well to get rid of a mortgage totally if possible. I'm always gobsmacked at the thought of how little help there is with mortgage payments from the DWP if unemployment hits - compared to all the help needed/for as long as it was needed that was the thing "back in my day".

moneyistooshorttomention

calicocat wrote: »

Apparently, there has been a spate of people hacking into house ownership now it's all electronic and no longer on paper deeds. People have had their house effectively taken off them and it suddenly has someone else's name on the ownership. This is much harder to do if it still has a mortgage attached to it. So anothe reason I thought I would hang onto it a bit longer.

I have read of "house thieves" - but seem to recall thinking "The most they can do is create hassle - they cant actually get away with it". Cant recall the details now.

Anyways.....it is possible to "sign up" so to say with the Land Registry for free to have them tell you if there is any "activity" on your records re your house (even if its just a request by someone to get a copy of your Register entry). I cant recall the details of this now - eg what this scheme is called. However, I signed up for it a while ago now. Since doing so - I got contacted by them at one point confirming there had been no "activity" on my account so to say for a while. I would expect to be told instantly if there was "activity".