Do people whose houses have been repossessed by their mortgage lenders have only themselves to blame?
Houses are foreclosed upon, cars are repossessed. And yes, they should blame themselves. Because even if it was personal financial tragedy that caused them to get into that situation (i.e., loss of job, etc.), it takes six months for a lender to decide to foreclose upon someone’s home. So they had time to make some changes, even if those changes included selling the house. Now, that said, banks share some of the blame for shoddy lending practices. De-regulation of banks partially caused this problem. But it’s mostly the borrower.
i blame the government. If they can bail out bad choices of companies they should be able to bail me out. For the more logical reason, it is the banks fault. You gave up the property and they gave up nothing. They created the money out of thin air and paid the people. So they didn’t have the money, yet they paid for the house and now own the house in the agreement that you would pay it off. There is actually a case won by someone who had their house repossessed and he brought this up to the courts and because the agreement is that both sides are going to put up an equal amount and becuase the bank didn’t actually have the money, he got to keep the house.
yes because they were happy to lend the money, irrespective of the persons status, and dependent the type of mortgage, one could find that paying an extra £200 per month beyond the means of even the most economical family. Largely the banks fault, they should never lend money out to people if they almost certainly know that their income as such is not sufficient to cover the said mortgage. If you give out a mortgage based on 10 times that persons salary, knowing full well that its wrong, but are just slap happy and earning large bonuses for doing so, then you are basically committing a fraud. also the huge downturn in business has meant many people being laid off of work, hence cannot pay the mortgage, that is not the borrowers fault, but a shift in our economy the like we haven’t seen for many years. So their homes are repossessed, hardly fair to lose job and home in one fail swoop, is it. There is always two sides to the argument.
Not in all cases, people take out mortgages in good faith, but nobody can foresee such things as illness, redundancy, accidents etc, and in some cases, insurance cover is inadequate and so people run foul of the lenders. Yes, there are others who overreach themselves and take on debt which they can’t afford, but they know what they are doing at the time, so they shouldn’t complain when it all goes sour on them.
