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News From The Repo Trade

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I know someone who works for a company that handles repossessed houses for the banks and sees exactly what workload the company has.

It's been quite a depressing few months as i was hearing that work was thin on the ground. Repos were probably running at around 30-40% of what they were at the end of 08 and into 09.

Well things seem to have turned a corner and work has certainly picked up. It was described to me as very busy and has been since they started taking again after the new year.

Sounds good to me :)

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That's what i'm hoping.

I'm wondering if ISMI or any similar payments may have come to end for some and the plug was being pulled. I guessing some have never cleared any arrears and have only been clinging on thanks to the benefits payments. I wonder if the banks have it sussed already who has no chance and move swiftly once the payments stop??

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Maybe the banks have sufficient capital now to start off loading.

How many mortgage payments can be made by credit card before the game is up?! It is rife and the repos will pick up this year. 2011 in to 2012 will be the darkest hour of this whole world mess. I can then see some sunlight and green pastures.....B*gg*r. Dropped my crystal ball onthe floor.

Edited by plummet expert

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