Useful website for those facing repossession

moh877

http://www.home-repo.org

DrStep

What fools some people are.

"I am superior to you because I own my house"

"My house is worth 600K"

"I am a home owner"

No, the bank owns the house, until every last penny is paid.

saver_sam

The site is good according to my hubby; however, on looking at the Arrears link (how lenders deal with arrears) it gives the impression that many lenders wait up until a year before doing anything. This, in my experience (through what my hubby does for a living) is not the case.

He is an independent mortgage counsellor and is instructed by the majority of the major banks and building societies (and some of the sub-prime lenders) to visit those in arrears. He said that 90% of the cases that come through are for those in arrears of 2-3 months only. The other 10% are for those that cannot even manage the first payments!!

Anyways, as said apart from that the site has very good information.

DrStep

So 1 in 10 cant even afford THE FIRST MORTGAGE PAYMENTS?

Has getting onto the property ladder or trading up to their "dream" house robbed people all their common sense?? Utter madness.

Pal

DrStep wrote:

No, the bank owns the house, until every last penny is paid.

Technically this isn't true. You own the house, but your bank (or any other lender) can force you to sell it if you fail to pay back any loan secured against it.

DrStep

Unbelievable - that is the typical thinking the UK public have been fooled into, and precisely why the property market is so inflated, and why people have taken on enourmous mortgages to get onto the property ladder.

What happened when times were hard and high unemployment was rife back in the last recession?? Do you not remember the high level of repossessions? Or how people had no choice but to give back the house keys to the buiding society when they could not keep up with repayments?

Lots of people have lately dipped into their newly found equity, either to finance a BTL, a home abroad, holidays, cars, or to consolidate loans - Funny how history is going to repeat itself....

Pal

I completely agree with your sentiments, but technically you are wrong.

The mortgage lender never "ownes" your property, just the same as those daytime lenders who advertise secured loans on ITV2 would own your property.

The do however have a charge over it, which gives them the right to have their loan repaid in full if you ever sell it. In addition the contract that you take out with them when you take the mortgage loan specifies that they can possess your house if you fail to meet the requirements of the lending agreement.

If the bank actually owned your property, the land registry would be full of houses owned by mortgage lenders rather than individuals.