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Debate House Prices
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Sharp rise in overdue mortgage payments
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IMHO, it's now a good time to default on mortgage payments as the 'moral hazard' has been reduced to near zero.
FACT All the banks are dependent on HMG for emergency liquidity, not even counting the publically owned Crock.
How many CEO are going to risk the political storm of throwing families and the kiddies out onto the street for repos, then turn around and ask a Labour govt. for another few ££ billions with the boardroom trousering ££ million in bonuses? NONE!
Now is a GREAT time to give the finger to your mortgage provider - they can't/won't do anything except roll-over the debt and renegotiate your terms.0 -
amcluesent wrote: »How many CEO are going to risk the political storm of throwing families and the kiddies out onto the street for repos, then turn around and ask a Labour govt. for another few ££ billions with the boardroom trousering ££ million in bonuses? NONE!
Now is a GREAT time to give the finger to your mortgage provider - they can't/won't do anything except roll-over the debt and renegotiate your terms.
I'm afraid I don't think that is the case - the law centres I know of are dealing wiht a big upswing in repossession cases at the moment....much enquiry having been made concerning a gentleman, who had quitted a company where Johnson was, and no information being obtained; at last Johnson observed, that 'he did not care to speak ill of any man behind his back, but he believed the gentleman was an attorney'.0 -
Exactly - If anything, the lenders are going to be most overzealous at repossessing now, in order to set an example. And MEW lenders are known for their excessive speed of foreclosure (even in the middle of the US crash) as they have the best chance of getting something back..
Later, the banks may be more flexible after the market has plunged and they face losing substantial amounts by repossessing and then having to sell substantially lower than the debt with the debtor then petitioning for bankruptcy.
Of course, if there isn't a crash then don't expect any mercy at all
They will repossess and just chase the unfortunate defaulter for the difference. --
Every pound less borrowed (to buy a house) is more than two pounds less to repay and more than three pounds less to earn, over the course of a typical mortgage.0 -
Exactly - If anything, the lenders are going to be most overzealous at repossessing now, in order to set an example.
And to get some or all of their money while they still can....much enquiry having been made concerning a gentleman, who had quitted a company where Johnson was, and no information being obtained; at last Johnson observed, that 'he did not care to speak ill of any man behind his back, but he believed the gentleman was an attorney'.0 -
It will get worse if this is true
http://www.metro.co.uk/news/article.html?in_article_id=151421&in_page_id=34Nearly four-fifths of homeowners had no insurance to protect their income0 -
...................and the benefits system gives less support than it did in 1992.0
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