Repossessions and debt problems could be around for many years to come, as more homeowners struggle to come to terms with their mounting debts and rising unemployment, according to a new report. A study by the Council of Mortgage Lenders (CML), expects that repossessions will rise to around 53,000 in 2010 – up 15 per [...]
repossessions
Mortgage lenders quick to seek repossessions
According to a recent figures, mortgage lenders have failed to exhaust all other opportunities that would enable homeowners to avoid repossession in a third of cases. Under legal rules, mortgage lenders are expected to only repossess a property as a last resort, however the report by a number of charity groups (including Shelter and the [...]
