Repossessions?

[PuddingChops]

Had an hour spare this afternoon so dd and me decided to have a look in all the estate agents windows in our local mall. We were amazed at how many photos there were of houses for sale with no furniture at all in them, empty living rooms, no beds in the bedrooms etc. Surely they cant all be repossessions? There were too many of them. Quite sad really.

Buy-to-let landlords have also been hit badly. It could be that the landlords were advised not to sell with sitting tenants.

I post a lot on another forum in the bankruptcy section and we are finding a huge increase in the last 6 months of people who are giving up their homes and going into rented. I have to say as well a lot have Northern Rock mortgages.

Being blunt though, the repossessions will not be a case of just not paying the mortgage those people will have had credit card and other unsecured debt too so I struggle to sympathise with them.
Courts do everything they can to keep people in their homes so you really do have to go badly off the rails to end up loosing your home IME.

oh - well that's just as well we're not asking for you sympathy hey sorrento

Sorrento - that's not the case if you lose your job and there are a lot of people who have lost their jobs in the current climate and then their ability to pay the mortgage and any other debt goes out of the window -and the courts won't be able to help a lot of those poor people.

Actually that's not the case at Time, the DWP will pay up to £200k of your mortgage interest so with respect if you've taken on a mortgage of more than £200k and not taken out mortgage protection insurance then you are a fool and under that amount the government will help you so all is ok.

yes they will pay if you qualify for the right benefits, and once you've been on them for 13 weeks (so 3 months potentially without paying your rent and other bills). If it's a family where both parents work then the loss of one income may not be be enough to get those benefits, but still not enough to pay the bills.

And those are exactly the situations where judges are very sympathetic if you don't bury your head in the sand, arrangements are made and every opportunity is given to get back on your feet.