Sands to resign as BMC chairman
Arrears now make up approximately 34.52 percent of its total portfolio. The chairman's resignation is not altogether surprising, however. Last month, the PLP unveiled 10-point plan to tackle the mortgage crisis, which Sands called "pandering at its …
Read more on Nassau Guardian

In Spain, we smell bond market blood
With unemployment showing absolutely no sign of declining, mortgage arrears will be the major hurdle for the banks to overcome. Do they foreclose and take hold of an asset that could only be sold at fire sale levels, or allow delinquent mortgage …
Read more on MarketWatch

FSA: 4Q Outstanding Loans At GBP1.22B, Publishes Mortgage Lending Data
LONDON (Dow Jones)–The Financial Services Authority or FSA, Tuesday published its Mortgage Lending Data, and said that the total value of outstanding loans at the end of the fourth quarter Q4 was GBP1.22 billion, an increase of less than 0.1% on last …
Read more on Wall Street Journal

Family had €200k written off mortgage
By Claire O'Sullivan A couple in mortgage arrears, whose bank wrote off €200000 of their mortgage, say their story will "give hope" to homeowners in similar situations. The family, from Macroom, Co Cork, and their solicitor struck the deal with an …
Read more on Irish Examiner

Fall in number of home repossessions.
The Council of Mortgage Lenders reports a fall in the number of home repossessions.
Read more on The New Statesman

Buy-to-let lending rising again
Mortgage lenders have become more relaxed about granting loans to landlords, according to figures from the Council of Mortgage Lenders
Read more on BBC News

Gathering gloom
How to cope with mortgage arrears and other financial headaches
Read more on BBC News

Woman Loses Savings To Son’s Gambling Habit
A South Hill woman is about to lose her home to foreclosure because her son looted her life savings to feed his gambling addiction.
Read more on KXLY-TV Spokane

CHL adds £295m portfolio to mortgage book
CHL Mortgages today announced the addition of a £295 million buy-to-let portfolio to its existing mortgage book.
Read more on Mortgage Introducer

Dukes wrong about bailout, says Lenihan
FINANCE Minister Brian Lenihan has rejected the claim by the chairman of Anglo Irish Bank that the €35 billion EU/IMF bank bailout will not be enough to cover a wave of mortgage defaulters.
Read more on Irish Examiner

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From the supplier: Applications of the nonrecognition provision on real property reposses

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This is a Bill to protect persons whose tenancies are not binding on mortgagees and to require mortgagees to give notice of the proposed execution of possession orders. It is Private members’ bill published on 22 January 2010. It offers explanatory notes to the Bill, prepared by the Department for Communities and Local Government with the consent of Dr Brian Iddon, are published separately as “Bill 15-EN” (ISBN 9780215519481).

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Hey, in this current climate where people are being thrown out of there own homes, I thought I’d ask a question about it. There was a documentary I had meant to watch about it, but forgot…so YahooAnswers was my next port of call.

In the documentary trailer, one guy said, along the lines of “I don’t care, I’m staying in my own home, no matter what they say”

My question…..What happens here? My main thought was that that guy had lost everything, his investments, his house, probably his job, so he literally had dole and nothing more, what would happen if he were to destroy his own house, i.e giving the baliffs as little to collect as possible. If he has no money, then he is free from any debt demands for the damage.

The government bailed out big financial institutions to stop them failing and going bankrupt, so surely that means the government should again intervene, to stop house owners going bankrupt? If not, why not?

Many thanks in advance,

Best answer:

Answer by Phil P
You kind of answered your own question, you said he lost his home, then asked what would happen if he destroyed his own home. It’s not his anymore and if he destroys it he is destroying bank property. What do you think they will do? At least he may have food and a roof since he has nothing to pay for fines or damages. The bigger question revolves around protecting many individuals that did nothing wrong. Financial institutions are not people and can be destroyed (taking their depositors with them) but it is very hard to punish an institution. A partial solution might be to punish the officers of the institution.

Give your answer to this question below!

Having said that, the figure was still 15% higher than the total house repossession cases recorded in 2008 of 40,000. Recent figures forecast for 2010 by the CML indicated that they expected 2010 to show 205,000 mortgage arrears cases and 53,000 home repossessions, but this is also expected to be more than the year will actually bring as the UK unemployment situation is proving to be better than expected with more people either holding on to their jobs or managing to find new ones.

Michael Coogan, director general of the CML, commented saying: “The fact that mortgage arrears and possessions did not rise as much as we feared in 2009 is testament to the effect of low interest rate and a great deal of concerted effort by lenders, government and the advice sector to help borrowers to address financial difficulties when they occur.”

He went on to say that “2010 will still be a challenging year for many borrowers and some households will inevitably find their finances being squeezed if interest rates do rise”.

Mark Leaper at Moneymatchmaker.com said “The figures are very encouraging, the number of higher LTV mortgage products is increasing, helping to kick start the first time buyer mortgage market, which has to be good news for the rest of the UK housing market, as property sales are on the increase.

Leaper went on to say: “Low interest rates have been a significant factor in helping to keep the number of home repossessions down, but he believed that some lenders could do more still to ease the burden on the UK homeowner, by reviewing their standard variable rates in a downward direction. Whilst I accept that they need to remain appealing to investors, there is no real reason why they cannot operate a mortgage lending standard variable rate and an investor’s standard variable rate, which definitely would get the thumbs up from under pressure UK homeowners”.

The Council of Mortgage Lenders recently revealed that buy-to-let mortgage lending had dropped significantly with figures being reported at an 8 year low in 2009.

The total amount of buy to let mortgages issued in 2009 equated to only 5.9% of all mortgage lending, and this is taking into account new buy to let lending increasing for the second consecutive quarter in Q4 2009. 2009 saw gross buy to let mortgage lending at £8.5bn, which is dramatically lower than £27.2bn in 2008.

Cash is king – The solution to avoid repossession is based upon the saying, Cash is king. If you can acquire or accumulate cash NOW before you are in financial trouble you will be in a better position to make your mortgage payments. A word of warning, some of these steps require discipline but the theme is to raise and save as much cash as possible. 

1. Credit crunch – You need to get over this current credit crunch so no matter what your current financial status is consider this: paying off the interest only if your mortgage is repayment. Bank the difference in monthly mortgage payments of Interest only and Repayment until this credit crunch is over.
 
2. Payment holiday – No matter what your current financial status is ask your lender for a payment holiday and horde the mortgage payments away until better times.
 
3. Downsize your car – drastic times require drastic measures so think about selling your car and getting a smaller one. Pocket the difference between what you sell your car for and the price you pay for the smaller one. You could also save money on petrol, tax and insurance with a smaller car so stash the savings away.
 
4. Be an Ebayer – Search out everything and anything of value you no longer use and sell it. Use Ebay, car boot sales or local papers allow free adverts up to a value of £100. Stick the cash in the bank.
 
5. Credit cards – Make it a habit to leave your credit cards at home unless absolutely necessary (food shopping). Try and reduce your credit card monthly payments and save the cash instead.

6. Take-aways – Times are hard so difficult decisions must be made. Cut out or reduce the number of take-aways you have. Save the money instead.

Welcome to the real world – I could go on forever, and you could Google for advice on repossessions but you will not find any of my practical tips on any other site. This is the real world and you need to take real steps to protect your home against repossession so start thinking about the king. Save as much money as you possibly can in the event that you lose your job or whatever so you can still make your mortgage repayments to avoid your home being repossessed.

Challenge – See how many sensible and realistic money making ideas you can come up with, contact me and I’ll share the ideas on my site. Remember the more ideas we all come up with the more people we might save from having their house repossessed.