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helenreed

Repossessions

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Am I the only person who thinks this repossession business has to stop? OK some families took out too much on their mortgage (who now hasn't) but many have lost jobs or become ill and this is often the reason for their plight. What on earth is the point of turfing people out of their homes, those homes remaining empty for months on end, going to auction and if selling at all, going very cheaply. The onus is then on the council to rehouse these people and one can only guess at the stress-related problems which result in visits to doctors, social workers etc. Seeing the children of these families in this state is heartbreaking. All the time the government is telling us how kids need stable backgrounds in order to succeed, saying that no child should live in poverty whilst still trying to fine us for overfilling our bins! I have no immediate idea of how this can be solved but surely allowing families to stay in their homes, freezing their debt, paying an affordable 'rent' in the meantime must be a better way for the government to proceed. Bear in mind that the building societies and banks lose out big time as well with this current procedure as they sell the house for peanuts and, if the mortgagee goes bankrupt then they do not get anything back. Whilst I have no sympathy with banks even I can see that the current practice is a lose/lose situation.

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Am I the only person who thinks this repossession business has to stop? OK some families took out too much on their mortgage (who now hasn't) but many have lost jobs or become ill and this is often the reason for their plight. What on earth is the point of turfing people out of their homes, those homes remaining empty for months on end, going to auction and if selling at all, going very cheaply. The onus is then on the council to rehouse these people and one can only guess at the stress-related problems which result in visits to doctors, social workers etc. Seeing the children of these families in this state is heartbreaking. All the time the government is telling us how kids need stable backgrounds in order to succeed, saying that no child should live in poverty whilst still trying to fine us for overfilling our bins! I have no immediate idea of how this can be solved but surely allowing families to stay in their homes, freezing their debt, paying an affordable 'rent' in the meantime must be a better way for the government to proceed. Bear in mind that the building societies and banks lose out big time as well with this current procedure as they sell the house for peanuts and, if the mortgagee goes bankrupt then they do not get anything back. Whilst I have no sympathy with banks even I can see that the current practice is a lose/lose situation.

Puleeze! No one complained whilst house prices where going up and everything was rosy did they? And no one thought about the plight of those that could not afford a house, the young and those on low incomes did they?

So now the cycle has turned and its getting nasty and the call is for those who had it good get to keep what they have - how convenient. And pray what about those that are still renting and looking for an affordable house? Well I guess they are made of sh1t and they do not matter!

Houses need to correct to a level where they are affordable - that is the nature of the beast. Please do not get angry with me - direct your anger at the government who allowed this gross inbalance to happen and think about the flip side for once - for every tax payer winner there is also a loser.

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Whilst I have no sympathy with banks even I can see that the current practice is a lose/lose situation.

The banks want to get as much as they can before property prices fall even further- they don't give shite how much pain they cause- just as long as the bounus's keep coming.

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I would have sympathy really I would but the same little bastards have tortured my 8 year at every opportunity about her lack of forgein holidyas, my 3 year old car, your baby wears cloth nappies, you name she's had it thrown at her and of course it's been overheard from the parents so not really the kids fault but there are some bloody horrible "middle class" brats I cannot wait to see eating asda's value beans and it might just save them.

Edited by Girly girl

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I'll not object to stopping repos on the condition someone gives me a free house. Otherwise, no, sorry, you've got to pay for it or sod off.

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Am I the only person who thinks this repossession business has to stop? OK some families took out too much on their mortgage (who now hasn't) but many have lost jobs or become ill and this is often the reason for their plight.

What on earth is the point of turfing people out of their homes? Those homes remaining empty for months on end, going to auction and if selling at all, going very cheaply.

The onus is then on the council to rehouse these people and one can only guess at the stress-related problems which result in visits to doctors, social workers etc. Seeing the children of these families in this state is heartbreaking. All the time the government is telling us how kids need stable backgrounds in order to succeed, saying that no child should live in poverty whilst still trying to fine us for overfilling our bins!

I have no immediate idea of how this can be solved but surely allowing families to stay in their homes, freezing their debt, paying an affordable 'rent' in the meantime must be a better way for the government to proceed. Bear in mind that the building societies and banks lose out big time as well with this current procedure as they sell the house for peanuts and, if the mortgagee goes bankrupt then they do not get anything back.

Whilst I have no sympathy with banks even I can see that the current practice is a lose/lose situation.

Fixed, well space out a little. Much easier to read.........

Look, no one likes to see people suffering, loosing their jobs and homes. However I'm sure everyone agree's prices got out of control and debt levels became obscene.

Also when you say:

OK some families took out too much on their mortgage (who now hasn't)

Well, quite a lot of us to be honest. I know plenty of people renting, either because house prices got out of control or because renting suits them.

Also it's not just about the house, how about the loan for the car, for the big TV and all the other crap. What your saying here is protect the people who got into too much debt and be damned all those who lived a frugal life. Many people have been renting and driving around crappy little cars for years, because we didn't want to get into debt.

We need to go back to a time where debt was not good. That way, everything will be much cheaper for everyone. EVERYONE!

Edited for some things....

Edited by Ted

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I would have sympathy really I would but the same little bastards have tortured my 8 year at every opportunity about her lack of forgein holidyas, my 3 year old car, your baby wears cloth nappies, you name she's had it thrown at her and of course it's been overheard from the parents so not really the kids fault but there are some bloody horrible "middle class" brats I cannot wait to see eating asda's value beans and it might just save them.

Who will have the last laugh?

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i think you are.

after all, no one put a gun to peoples heads and said borrow more than you can repay.

Our commercially issued, debt-based money system forces us collectively to borrow more than we can collectively repay.

Some degree of continuous default is necessary for the indefinite perpetuation of the money system.

The devil takes the hindmost, someone has to take the hit.

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What on earth is the point of turfing people out of their homes...

You only own the home when you have finished paying off the mortgage and any loan(s) secured on it.

...those homes remaining empty for months on end, going to auction and if selling at all, going very cheaply

You say that like it is a bad thing! :lol:

Seriously, if homes are cheaper there is nothing to stop people looking to buy again when they get back on their feet again.

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Am I the only person who thinks this repossession business has to stop? OK some families took out too much on their mortgage (who now hasn't) but many have lost jobs or become ill and this is often the reason for their plight. What on earth is the point of turfing people out of their homes, those homes remaining empty for months on end, going to auction and if selling at all, going very cheaply. The onus is then on the council to rehouse these people and one can only guess at the stress-related problems which result in visits to doctors, social workers etc. Seeing the children of these families in this state is heartbreaking. All the time the government is telling us how kids need stable backgrounds in order to succeed, saying that no child should live in poverty whilst still trying to fine us for overfilling our bins! I have no immediate idea of how this can be solved but surely allowing families to stay in their homes, freezing their debt, paying an affordable 'rent' in the meantime must be a better way for the government to proceed. Bear in mind that the building societies and banks lose out big time as well with this current procedure as they sell the house for peanuts and, if the mortgagee goes bankrupt then they do not get anything back. Whilst I have no sympathy with banks even I can see that the current practice is a lose/lose situation.

I agree it is tough some will be innocent families with kids who thought they were doing the right thing ....... but it ended up being the wrong thing ....it's just a case of sh1t happens .

Might be best to speak to Gordon about it , he's 'A man who always got a plan' perhaps a bailout is in order for these people .

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OK some families took out too much on their mortgage (who now hasn't)

Quite a lot of sensible people.

What on earth is the point of turfing people out of their homes, those homes remaining empty for months on end

Because they took on to much debt and cannot afford it.

, going to auction and if selling at all, going very cheaply.

Yep

The onus is then on the council to rehouse these people and one can only guess at the stress-related problems which result in visits to doctors, social workers etc.

Yes what a fantastic country we live in that provides a safety net.

Seeing the children of these families in this state is heartbreaking.

Agree its terrible

I have no immediate idea of how this can be solved but surely allowing families to stay in their homes, freezing their debt, paying an affordable 'rent' in the meantime must be a better way for the government to proceed.

No because its the sensible who have to pay for the feckless

Bear in mind that the building societies and banks lose out big time

Not true, its better for them to repossess. Plus the original owner still has to pay the outstanding balance on mortgage plus all fees.

with this current procedure as they sell the house for peanuts and, if the mortgagee goes bankrupt then they do not get anything back.

True but its better cutting your losses and then having somebody living in the house who can pay the mortgage

Whilst I have no sympathy with banks even I can see that the current practice is a lose/lose situation.

I agree no sympathy for bad lending practices.

On balance you are on your own except in the cases of genuine hardship.

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I don't think you're wrong, Helen, in fact I totally agree with your sentiment. The human cost of this is, and will be awful.

Even the most hard hearted person can't fail to have sympathy at least for these poor kids uprooted from their homes.

The sad fact is that the the seeds for this situation were sown back in the late 90's. This crisis has not even begun yet, we are just at the beginning.

Most people on this forum just want to see a return to affordable housing despite the macho posturing, don't take it to heart and enjoy the many economic insights and humour on this site!

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You borrow money, you pay it back.

Or as Helen would say, you borrow money, you dont have to worry about paying it back.

Mortgage is old French for death pledge. You pledge your home in return for a low rate of interest and risk to the lender.

No financial system would work if the other side of the deal was not honoured.

And its POSSESSION, not repossession.

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i think you are.

after all, no one put a gun to peoples heads and said borrow more than you can repay.

Are you sure, many of the sales people in the US where very slippery when dealing with the poor and knowingly sold loans that they wouldn't be able to pay back but they didn't care as there was a bonus at the end of it.

People where still dumb for borrowing, but this should have been stamped out to stop financial collapse instead it was left to carry on and look at the mess we are in now.

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The sad fact is that the the seeds for this situation were sown back in the late 90's.

No, the seeds were sown in the 1980s when Thatcher (and Reagan) deregulated banking because it was better to "let the market decide for itself" which was a little like taking the shock absorbers off of a car in order to let the car decide for itself.

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I tend to agree with the O.P.

Using myself as an example the ONLY things I've ever had on tap are my mortgage (which is only £30,000) and a car loan that has now been repayed. (The car was second hand BTW).

Now the economy is screwed and I might end up losing my job, which in turn would make it a huge struggle to keep up my mortgage payments. Now if I got turfed out of my house I can't see there being any buyers on the horizon so there will be an empty property lying around and the local council will have to find housing for a family of six.

Surely a better scenario would be to 'nationalise' my house and let me stay in it? They've bailed out the fookin banks so if things get tough for me I demand the same treatment!

If I become homeless a few molotovs will be going through the windows of the local banking establishments.

:ph34r:

Edited by Setantii

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Even the most hard hearted person can't fail to have sympathy at least for these poor kids uprooted from their homes.

I have genuine sympathy for Shannon Matthews for having a pikey, yo-yo knickered, giro-addict slapper for a mother, but that doesn't means I disapprove of Mum's new address.

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I agree it is tough some will be innocent families with kids who thought they were doing the right thing ....... but it ended up being the wrong thing ....it's just a case of sh1t happens .

Might be best to speak to Gordon about it , he's 'A man who always got a plan' perhaps a bailout is in order for these people .

I am not brushing over the fact that some of these people were stupid but on the evidence I have seen they are living in pretty grotty places anyway and were probably coerced to up their salaries by the salesman - sorry financial advisers - who assured them this was the norm. I am first to cheer when I read of a Notting Hill townhouse being repossessed but we are talking about people who just listened to the government and wanted a place of their own. I have been a long-term renter myself, never bought anything on credit, still drive around in a 1992 banger and only bought when I had saved enough to have a large deposit. A few years ago it was very difficult to find rented accommodation that would house a low paid family - remember social housing had more or less disappeared so many people only did what the government was pushing i.e. home ownership as the be all and end all. I just think it is totally immoral that the bankers can be bailed out at our expense but families cannot. These families would have to pay back the original loan in the future but could they not be given a chance of a reprieve until this mess has an end in sight. Sadly, I appreciate that the 'end' is many years away.

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Now the economy is screwed and I might end up losing my job, which in turn would make it a huge struggle to keep up my mortgage payments

.

You should have sold in 2007 then, same as the rest of us did

Edited by Harry Monk

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  • 284 Brexit, House prices and Summer 2020

    1. 1. Including the effects Brexit, where do you think average UK house prices will be relative to now in June 2020?


      • down 5% +
      • down 2.5%
      • Even
      • up 2.5%
      • up 5%



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