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Government Closes Repossession Loophole
Rogue lenders keen to repossess properties - without going to court - will no longer be able to do so according to the Ministry of Justice.
Currently lenders have the legal right to repossess and sell a property without seeking either the agreement of the owner or of the courts, should the homeowner fall into 2 months of arrears.
However after the GMAX-RFC case last year where a homeowner was evicted from their property by the new owner on the grounds of trespassing, the government and the Financial Services Authority have sought to overturn this legal loophole to prevent further abuse.
Without the intervention of the courts, this legal loophole has enabled rogue lenders to abuse this power and quickly repossess properties without giving homeowners the adequate help or support they need to sort out these payments.
As a consequence many companies such as GMAC-RFC have been able to get away with applying unfair charges on their borrowers to ensure a faster repossession.
However, this could all soon be changing…
Already, the government’s advice scheme has helped over 33,000 people to deal with repossession hearings – 76% of which have been able to return to their properties afterwards – and by removing this legal loophole the FSA feel confident they can help even more.
More about the author of this article
Stephen McIntosh, Property Mentor Delegate
With a £40k passive income per year Stephen McIntosh knows that property investment is one of the most exciting and achievable ways to become wealthy “Property is the best employee ever! It doesn't have days off, never calls in sick or with a hangover, works 24 hours a day, 7 days a week and never has a holiday. All the while making you £££s Read more
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