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Common Myths Of House Repossession Explained
By Dan Shermann
While speaking to people at various events or network opportunities, every so often some one
mentions about the increasing number of repossession, thanks to interest rates that have been
creeping up slowly in the past year or so.
Recently some one mentioned, "do not why people let themselves into trouble", he said,"I would just
hand over the keys to the bank manager and save my credit history rather than going through
repossession hell."
Nice idea, only that this does not work in UK.
Many people I have spoken to often speak about the foreclosures and 'how to buy these properties
and also help people in trouble.'Unfortunately these people have been regarding far too many property
books published for American audience. Foreclosure is a term used in the US. Law works differently in
UK, and it refers to repossessions.
Same thing? Hardly!
Lets us talk about foreclosures versus repossessions first.
Myth 1: Foreclosures versus Repossessions
US housing lenders are allowed to apply to the court (and granted permission) to seize the house
back, sell it and keep the whole proceeds. Normally court allows repossession but increasingly they
are allowing foreclosures. This means that investors can buy the house from the company cheap and
make a profit on by reselling it at full market price.
However in UK, companies are not allowed to seize the house. Courts allow them only to repossess
the house to be sold at the fair market value, pay the owed amount (and expenses) from th