Saturday, 10 May 2008

Huge rise in Merseyside repossession orders

THE number of Merseyside families losing their homes because they cannot pay their mortgage has seen an alarming rise, new figures have revealed.County courts reported big leaps in repossession orders made by mortgage lenders, including in Liverpool (31%), Runcorn (41%) and Warrington (37%).

Meanwhile, the numbers hit with a possession claim – the first stage of threatened action – also soared, including in Liverpool (42%), Southport (61%) and St Helens (32%).The figures were seen as further gloomy evidence of the effect of the “credit crunch”, which has dramatically pushed up the cost of new mortgages and slashed back the availability of deals.

The government immediately moved to calm fears of a return to the repossessions crisis of the early 1990s, by pledging free legal advice for every homeowner threatened with a court order.


Repossessions are a modern day tragedy I'm afraid. I don't blame homeowners for wanting to better they're standard of living (most of the time), but most of the blame should be put on the shoulders of irresponsible banks and lenders when the going is good. Lets face it they are in a no lose situation, they borrow the money and repossess the house when its increased in value and the people who were in the house left homeless. Should the Government bail the banks out when they are in trouble? Let them go to the wall, that's what I say.

To read article click on headline.

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