Friday, Dec 05, 2008
Bailout focus
Guardian: Repossession: Case Study
Jassette Donaldson, 53, a checkout assisstant from east London, has fought for months to keep her three-bedroom house. She has been given 56 days to sell her house after falling behind with her £1,230-a-month mortgage repayments in 2005.
She is not sure if the government's repossession scheme will help her. Donaldson was unable to keep up with her mortgage after she was hit by a car and had to take six months off work. She then returned part-time.
Her house is valued at £300,000, but is on the market for £250,000. The court has given her 56 days to sell or face repossession
Posted by little professor @ 12:42 PM (734 views) Add Comment
7 Comments
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1. mark said...
how can a checkout assistant cover a 1200 quid a month mortgage plus all other living expenses?
2. little professor said...
I don't think she was a checkout assistant when she took out the mortgage - she had an accident and had to switch jobs
3. jack c said...
Just goes to show the value of top quality finacial advice when taking up the mortgage - a combination of a suitable PHI (permanent health insurance) Life & Cic plan c/w waiver of premium and Mortgage payment protection ins (all based on "own occupation" total permanent disability benefit) and this lady would have no financial worries at all.
4. luckyjim said...
jack c
From my experience it would 50/50 as to whether those policies would pay out. If she sneezed and forgot to declare it they would wriggle out of it.
She should have downsized when her income reduced. She would have had no trouble selling in 2005.
Incidentally - this also shows that mortgage lenders aren't trigger happy when it comes to repos.
5. jack c said...
luckyjim - so long as the applicant declares all material facts the policies will pay out in line with the terms and conditions - such policies provide a vital safety net - it's strange though how the customer (client) see's the value after the event.
6. Waitingtobuy said...
I like the bit at the end *valued at £300,000,but on the market for £250,000"
7. bystander said...
Spot on Mark and Luckyjim.....another example of the media pinning the blame of the economic woes of 'many' onto the evil banks. When will people take responsibility for their own lives and actions. It is a shame this lady was injured and had to reduce her working hours, but as Luckyjim said she had plenty of time to sell for the 300K over the past three years. quote from article: "She has been given 56 days to sell her house after falling behind with her £1,230-a-month mortgage repayments in 2005". So the bank has been waiting for proper 'regular' payments for almost 4 years, I think they have been incredibly understanding.