Repossessions

[Shutpa]

One of my neighbours bought a 2 bedroom house in the street 3 years ago for £95000. He was made redundant last year and 3 weeks ago he had to move out because the house was repossessed.

That house is now for sale at offers over £135000 and there is no shortage of viewers. Since the evicted guy paid a £10000 deposit when he bought the house, it would appear that the bank are about to make a £50000+ profit out of this repossession. Am I right or does he get the balance of the profit after his initial loan, interest and costs of repossession and selling are deducted?

 

[Shytalkz]

If there is anything left after the various ghouls have had their fingers in there, then, yes, he gets the leftovers.

 

[Shutpa]

That's great news. He's a really nice guy and even the ghouls would have a hard job taking a big slice of £50000+.

 

[hi1]

Bet he ends up owing them

 

[Shytalkz]

You'd be surprised, Bolo, there are a lot of hands dipping into the pot.

 

[Zampa]

Will they also bill him for another HIPS?

 

[Shytalkz]

Hah! Yeh, well it will have to have one for a sale...

 

[jondecs]

What usually happens (like in the 90's recession) is that a relative or friend of the lenders will put in a bid well below asking price and that will be accepted...
Hope I'm wrong..

 

[Shutpa]

Today, or rather yesterday, there were at least 18 viewers. I reckon that this house will go for about £160000. The one next door went, before the recession, for £181000.

 

[namsag]

So WTF did he not put it up for sale ages ago he must have known he was in the sh@te.

 

[Shutpa]

So why did he not put it up for sale ages ago he must have known he was in arrears.

This is a family forum, so why resort to the use of unacceptable language when there is no need to?

 

[Shytalkz]

I would guess that Namsag is trying to express his incredulity when, with that much equity in the place, the guy didn't sell it himself, before it got to repo stage and thus be in control of the situation, rather than his lenders.

Tbh, your version doesn't really express it in the same manner

 

[tim west]

Look up the yellow pages for a decent exorcist if you want to stop repossessions

 

[NS215]

maybe he'd remortgaged the original loan,and now his mortgage was a lot higher

 

[namsag]

Bolo
Up to your neck in arrears just doesnt have the same ring to it as up to your neck in sh@te