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House repossession figures up 50%

The rise in home repossessions are worrying  through a lot of reasons, one is that the CML only record first charge holders, they do not include secured loan companies that are second or third charge holders, they also have no idea how many homes have been sold on the sale and rent back scheme.

Sale and rent back is where the current property owner sells the property to another person or firm to prevent the home being repossessed. After the sale the seller then usually remains in the property, albeit being owned by someone else, and pays rent, so in effect becomes a tenant.

It is estimated by the Financial Services Authority (FSA) that some 50,000 of these homes have been sold under this scheme over the past 'few' years and I believe that about 20,000 to 25,000 of these have been sold during 2008 alone.

Read more: Worrying times for home owners - update re bankruptcy fees

 

Been a frustrating day as the website is quite involved but will prove to be far easier to manage and update with articles.

Had a call today from another police officer who told me he is over secured on his property by the tune of around £54,000. He has a mortgage near 200,000 and a secured loan of £54,000 and we reckon the value of the property is around the £200,000 mark, so he is in negative, before selling costs of £55,000 and cannot afford to pay the mortgage and secured loan.

Read more: Police officer gets stiched up by loan company, or should it be the other way round?

 

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