Lender forbearance becoming “a sick joke”

Dribley

shortchanged wrote: »

Jeez. He's spamming it all over this forum now. Please renoman, seek help.

It looks like he's been given it!

Graham_Devon

Got this from HPC, which I'm reading of late as there is a far wider variety of storied on there!

Interest free loans are to be made available to coventry families at risk of defaulting on their mortgage as part of a raft of new measures to tackle rising homelessness in the city

http://www.coventrytelegraph.net/news/coventry-news/2012/08/11/coventry-city-council-to-offer-interest-free-loans-to-families-in-debt-trouble-92746-31597506/

A bit more taxpayer funded money being passed to homeowners to prevent losses.

They say it's to stop people becoming homeless as they simply don't have the property to move people into.

Not sure handing out interest free loans to people struggling is a particularly great idea. Will the money ever get given back!? It will likely be cheaper than housing them....but that's simply papering over a larger problem?

ukcarper

Graham_Devon wrote: »

Got this from HPC, which I'm reading of late as there is a far wider variety of storied on there!

http://www.coventrytelegraph.net/news/coventry-news/2012/08/11/coventry-city-council-to-offer-interest-free-loans-to-families-in-debt-trouble-92746-31597506/

A bit more taxpayer funded money being passed to homeowners to prevent losses.

They say it's to stop people becoming homeless as they simply don't have the property to move people into.

Not sure handing out interest free loans to people struggling is a particularly great idea. Will the money ever get given back!? It will likely be cheaper than housing them....but that's simply papering over a larger problem?

Which seems to be lack of property.

Graham_Devon

ukcarper wrote: »

Which seems to be lack of property.

Yes, lack of property.

But there are other issues here. This is lending money to people specifically because they can't afford the payments on the loans they already have.

Although small fry in the grand scheme of things (it's only one council, that we know of anyway) it's another housing issue where you could well be throwing good money after bad...and if the 5k loan doesn't work, they will simply have to take the steps they would have taken. So I dunno....maybe it could turn around a few families...and maybe that's worth the cost fo the money lost for all those familes it doesn't work for and face losses of taxpayer money.

In the short term, it probably is cheaper, but it's all short term-ism. I think we'd all agree that lending taxpayer money to people specifically because they can't afford their existing loans...while laying off staff in councils etc is a bit short sighted. Or maybe we wouldn't all agree?

It again begs the question "what about renters"?

ukcarper

Graham_Devon wrote: »

Yes, lack of property.

But there are other issues here. This is lending money to people specifically because they can't afford the payments on the loans they already have.

Although small fry in the grand scheme of things (it's only one council, that we know of anyway) it's another housing issue where you could well be throwing good money after bad...and if the 5k loan doesn't work, they will simply have to take the steps they would have taken. So I dunno....maybe it could turn around a few families...and maybe that's worth the cost fo the money lost for all those familes it doesn't work for and face losses of taxpayer money.

In the short term, it probably is cheaper, but it's all short term-ism. I think we'd all agree that lending taxpayer money to people specifically because they can't afford their existing loans...while laying off staff in councils etc is a bit short sighted. Or maybe we wouldn't all agree?

It again begs the question "what about renters"?

I agree but short of building more houses I'm not sure what they can do.

Graham_Devon

ukcarper wrote: »

I agree but short of building more houses I'm not sure what they can do.

I guess the question is, how long can the obvious solution to so many issues out there at the moment (jobs, growth, social housing, housing benefit etc) be held off?

ukcarper

Graham_Devon wrote: »

I guess the question is, how long can the obvious solution to so many issues out there at the moment (jobs, growth, social housing, housing benefit etc) be held off?

what is that obvious solution?

Thrugelmir

RenovationMan wrote: »

What I find amazing is that Graham's Gang don't seem to be upset about the millions spent keeping tenants in their homes, many of which are BTLs. There are far, far more BTL landlords coining it in from Housing Benefit than there are home owners increasing their equity with SMI.

Serious property investors I know. Stick to letting to private individuals. Too much hassle with many HB tenants.

RenovationWoman

Dribley wrote: »

Does your 'gang' make any sense? Have you been a naughty boy?

My beloved has been unavailable for a couple of weeks whilst on holiday.

However, as soon as he has access to his computer at work next week he will again be able to defend himself against the nasty posters on this forum :beer:

BACKFRMTHEEDGE

RenovationWoman wrote: »

My beloved has been unavailable for a couple of weeks whilst on holiday.

However, as soon as he has access to his computer at work next week he will again be able to defend himself against the nasty posters on this forum :beer:

http://www.youtube.com/watch?v=slldMEPvUqA