Debt and Repossessions Go Hand in Hand

Fri, 15 Jul 2011

New Financial Services Authority figures highlight a bleaker situation for mortgage borrowers than previously considered to be the case.

The analysis shows that 760,000 mortgages are linked to some type of lender forbearance, that is, where the mortgage lender agrees not to exercise its legal right to foreclose on a mortgage when the borrower has not met payments. T

Thereby there are 1.2 million homeowners who are either in arrears, experiencing repossession or benefitting from forbearance; the equivalent of 11% of total outstanding mortgages are in some kind of financial trouble.

Many households are experiencing troubled times or will do so in the not too distant future.

It is vital that the situation is addressed by the government as poverty is increasing in the UK, bringing with it personal, emotional, psychological, social and financial hardships.

As debt repayments increase so will repossessions .

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