rhydra
04-03-2009, 08:59 PM
Banks have an insurance, which means that any property they repossess, they can claim the money back for. The property is then sold at a fraction of the price, probably to saddle the owner with as much debt as possible, the charges also seem to be deliberately arranged to make a mortgage barely affordable, completely unaffordable, taking advantage of illness or unemployment or both.
The banks get their money back though the insurance, they don't seem as worried about the debt as they are eager to snatch property back. Is it a bank policy? Not altogether, it is also a government policy, maybe to get as many properties on the market as possible though auctions, rock bottom sales as the Government owned bank Northern Rock has shown that it has been the bank which is most enthusiastic about repossessing properties.
The banks get their money back though the insurance, they don't seem as worried about the debt as they are eager to snatch property back. Is it a bank policy? Not altogether, it is also a government policy, maybe to get as many properties on the market as possible though auctions, rock bottom sales as the Government owned bank Northern Rock has shown that it has been the bank which is most enthusiastic about repossessing properties.