Mortgage News Repossession Must Be A Last Resort Says The Government 2398
Repossession must be a last resort says the Government
23 October 2008 / by Rebecca Sargent
According to the Council of Mortgage Lenders (CML), around 45,000 homes will be repossessed this year, an increase of 25,000 since it predicted in January 2007 that possessions for 2008 would stand at 20,000.
As a result, the Government has announced new protocols which will help to ensure that repossessions are only used as a last resort. The new rules mean that mortgage lenders will be expected to demonstrate that they have tried and discussed all possible alternatives to repossession with those who are falling behind with their mortgage repayments.