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JoeDavola

Letters Taped To Front Door - Is This A Reposession?

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Heard an interesting story from a friend last night.

He lives in an apartment in Belfast city centre (as I do)....an apartment in his corridor is for sale; been on sale for a while and no one's buying it cause it's small and over-priced, as most apartments in the city are.

However apparently last week he was passing the front door and there were a couple of letters sellotaped to the front door. They've remained there ever since.

I figured that no-one sellotapes letters to their front door unless you owe them money and they're about to take some drastic action to recover it. Does this sound like a flat that's about to be repo-ed?

What happens if the bank does repo this flat? Does it taken off the market and then eventually auctioned?

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He should read the letters to find out! Yes, it does sound like a possession notice.

If the bank does repo the flat the outcome will depend on the loan. If there's plenty of equity they'll look to sell asap, if it's marginal they'll possible continue to rent it out. Probably won't be taken off the market (may switch agent if they have a preferred one), auction unlikely.

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He should read the letters to find out! Yes, it does sound like a possession notice.

If the bank does repo the flat the outcome will depend on the loan. If there's plenty of equity they'll look to sell asap, if it's marginal they'll possible continue to rent it out. Probably won't be taken off the market (may switch agent if they have a preferred one), auction unlikely.

Yeah it would be tempting to read the letters but that's kinda illegal isn't it haha.

Once they had been up there for a few days he walked up to the door and tried to see if he could work out who the letters were from by reading the text that was showing through the envelope. He was almost certain he could make out the text 'Northern Bank' on one of them.

So basically your saying that if the owner is knee deep in debt the bank will just become 'the landlord' rather than sell the flat at a loss?

So basically the way the system works is:

1. Bank gives cheap careless credit and drives prices up

2. Some people can't afford to buy so have to rent, others try to buy and get themselves in far too much debt

3. People can't keep up with their dept payments, bank takes house off them and rents it out

4. Repeat for many houses

5. Bank becomes biggest landlord in the country

Edited by JoeDavola

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My understanding is that they will continue to rent if there are tenants in place.

I don't think they actively manage many individual properties. Whole blocks yes, individual ones, not so much.

The owner has obviously jumped ship. The letter on the door is probably a copy of the possession order.

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My understanding is that they will continue to rent if there are tenants in place.

I don't think they actively manage many individual properties. Whole blocks yes, individual ones, not so much.

The owner has obviously jumped ship. The letter on the door is probably a copy of the possession order.

Yeah my mate said that he thought the flat was empty, and the letter not being taken down after several days would confirm this, so no tenants in place.

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Yeah my mate said that he thought the flat was empty, and the letter not being taken down after several days would confirm this, so no tenants in place.

Keep you eye out, it'll come up soon I'd imagine.

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So basically your saying that if the owner is knee deep in debt the bank will just become 'the landlord' rather than sell the flat at a loss?

Yep. They'd probably eat a £5k to £10k loss (maybe even more) though just to get it off their hands.

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