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Rent-A-Ghost

Repossessions-big News!

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NEWS FROM THE FRONTLINE!!!!!!!!!!!!!!

Right then,

Let me let you into a little secret on a Friday afternoon.

My partner works for a solicitors that repossesses properties at the request of their client - their client being a fairly unscrupulous lender that specialises in giving mortgages to people that struggle to get a mortgage on the high street - eg CCJ's/people who cant get credit etc etc.

Anyway, lets just say that in previous years her company was repossessing a couple of properties per month.

However, things have changed very dramitically in the past 3 months and they are now repossessing on average 3 properties per day!!!!

Her company even went as far as telling staff not to mention it to other people as it might start alarm bells ringing in the industry and give the client a worse name that theyve already got.

NEWS FROM THE FRONTLINE!!!!!!!!!!!!!!

I think it's proof that the tide really has turned.........

Rent-A-Ghost (nice to be back!!)

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NEWS FROM THE FRONTLINE!!!!!!!!!!!!!!

Right then,

Let me let you into a little secret on a Friday afternoon.

My partner works for a solicitors that repossesses properties at the request of their client - their client being a fairly unscrupulous lender that specialises in giving mortgages to people that struggle to get a mortgage on the high street - eg CCJ's/people who cant get credit etc etc.

Anyway, lets just say that in previous years her company was repossessing a couple of properties per month.

However, things have changed very dramitically in the past 3 months and they are now repossessing on average 3 properties per day!!!!

Her company even went as far as telling staff not to mention it to other people as it might start alarm bells ringing in the industry and give the client a worse name that theyve already got. 

NEWS FROM THE FRONTLINE!!!!!!!!!!!!!!

I think it's proof that the tide really has turned.........

Rent-A-Ghost (nice to be back!!)

How long can the lender survive this rate of re-possession?

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I really knew the property market was crashing a few months back when a friend of mine mentioned that she had started buying repossessed flats to renovate and sell.

She now owns 3 ex-council flats, 2 of which were acquired via repo !!!

Incidentally, when I was job hunting a few months back, a recruitment agent sent me job spec details for a role with a company which had recently been acquired by Merrill Lynch Investment Bank, and which specialised in loans to people who normal banks wouldn't touch with a barge pole, a la 'Ocean Finance' etc..

Needless to say I passed on that particular opportunity.

But why would ML see that type of company as a good acquisition target ? Would it be because the market is ripe for reposessing actual assets on the inevitable up and coming defaults ?

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How long can the lender survive this rate of re-possession?

Fairly well if they are ruthless in repossessioning and sell quickly. In that case they are going to get a large proportion of what is owed rather than looking helpful which letting the debt increase, prices fall further and the shortfall becomes ever bigger.

Looks like they are following Dr Bubb's advice rather well. If you are going to panic its best (all round) to panic quickly.

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If the bank won't led you money and you go to one of these finance companies, chances are you're crap with money anyway. The "bottom dwellers" (aka Millards)of borrowers wil go under first and it'll be interesting to see how long it is before average joes get repo'd.

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surely from a couple every month to 90 a month is extremely high?

It is high but not a surprise to me. I was looking some months ago at repo figures from the CML (Council of Mortgage Lenders) and noticed that although repo numbers had a low start they were increasing at an exponential rate - from that I predicted then that they would go through the roof.

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How long can the lender survive this rate of re-possession?

I'd imagine the situation is people took the mortgage out 2-4 years ago, there will be a fair amount of equity left in these properties but the owners cannot refinance to release that because of their already bad credit ratings. Rather than the lender losing out they might make a bit of profit on the property sale, add that onto the already extortinate loan rates and they might well be quids in.

The bigger banks have a reputation to keep, wouldn't want to kick people down on their luck on to the street. These boys couldn't give a monkeys.

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:D Sound good, crash in the making....

When peoples home are repossessed, where are they sold, through estate agents or through auctions or specialsied companies.... is there scope for a good bargain... anything we should be careful of....

I appreciate that this sounds like one mans loss and anothers gains, but we FTB have been on the receiving end for a while so why not..... our turn is coming?!

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NEWS FROM THE FRONTLINE!!!!!!!!!!!!!!

Right then,

Let me let you into a little secret on a Friday afternoon.

My partner works for a solicitors that repossesses properties at the request of their client - their client being a fairly unscrupulous lender that specialises in giving mortgages to people that struggle to get a mortgage on the high street - eg CCJ's/people who cant get credit etc etc.

Anyway, lets just say that in previous years her company was repossessing a couple of properties per month.

However, things have changed very dramitically in the past 3 months and they are now repossessing on average 3 properties per day!!!!

Her company even went as far as telling staff not to mention it to other people as it might start alarm bells ringing in the industry and give the client a worse name that theyve already got. 

NEWS FROM THE FRONTLINE!!!!!!!!!!!!!!

I think it's proof that the tide really has turned.........

Rent-A-Ghost (nice to be back!!)

Does that mean you're prepared to go out on a limb and predict the next sets of reposession figures?

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Interesting. I work as a housing solicitor advising housing users (owner occupiers and tenants) and I haven't yet seen an upsurge in repossession cases. There were loads in the late 1990s early 2000s and then they petered away.

I will of course let you know if I start seeing more of them.

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NEWS FROM THE FRONTLINE!!!!!!!!!!!!!!

Right then,

Let me let you into a little secret on a Friday afternoon.

My partner works for a solicitors that repossesses properties at the request of their client - their client being a fairly unscrupulous lender that specialises in giving mortgages to people that struggle to get a mortgage on the high street - eg CCJ's/people who cant get credit etc etc.

Anyway, lets just say that in previous years her company was repossessing a couple of properties per month.

However, things have changed very dramitically in the past 3 months and they are now repossessing on average 3 properties per day!!!!

Her company even went as far as telling staff not to mention it to other people as it might start alarm bells ringing in the industry and give the client a worse name that theyve already got. 

NEWS FROM THE FRONTLINE!!!!!!!!!!!!!!

I think it's proof that the tide really has turned.........

Rent-A-Ghost (nice to be back!!)

Does this company only cover a local area or is it a nationwide one?

Edited by libitina

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I thought the law regarding repossessions meant they had to put the house on the market at the going rate before trying less profitable methods.

Are these people able to repossess and then sell at whatever cost they like.

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  • 301 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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