There will be some repossessions, but not many. The banks want to get paid. People want to pay the banks. Personal circumstances dictate that many people cannot pay what they have been paying. The mortgage companies (the banks) will have to be patient and extend periods of payment. Otherwise, they can whistle Dixie and people will not put up with their demands. We are fast approaching the time when people will say they have had enough and they will challenge the banks vigorously.
There will be some repossessions, but not many. The banks want to get paid. People want to pay the banks. Personal circumstances dictate that many people cannot pay what they have been paying.
. . . That is how contracts and mortgages work.
I'm not sure where you get the idea that a lending institution "will have to be patient and extend periods of payment", if the terms of the contract are not being upheld by the borrower, then the bank is entitled to sell the asset. That is how contracts and mortgages work.
I. We wrote back telling them we were willing to sell .
I'll probably be slammed for asking this but should people stop paying interest only and start building a nest egg? Why continue to pay if you are going to be booted out?
If there are thousands of repossessions next year that will mean their is surplus stock on the market hence dragging prices down further.
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?
We use cookies and similar technologies for the following purposes:
Do you accept cookies and these technologies?