Beggars outside supermarkets

[keyser]

Genuine question as I don't know how this all works, is there a reason you can't sell up when you realise you can't make your payments? Seems odd to me when you maybe own 70% of your house, the banks just take it?

Yeah you could get some legal and debt advice, maybe extend the mortgage etc. But legally the lender owns your home until you make the final mortgage payment and receive the deeds to the house. That's an example of how the rich don't actually risk anything, all the risk is with the poor.

https://england.shelter.org.uk/housing_advice/repossession/home_repossession_process

 

[Deleted User 298457]

Genuine question as I don't know how this all works, is there a reason you can't sell up when you realise you can't make your payments? Seems odd to me when you maybe own 70% of your house, the banks just take it?

As below. Of course you'd get the balance given to you; they don't just take the cash and run.

Yeah you could get some legal and debt advice, maybe extend the mortgage etc. But legally the lender owns your home until you make the final mortgage payment and receive the deeds to the house. That's an example of how the rich don't actually risk anything, all the risk is with the poor.

https://england.shelter.org.uk/housing_advice/repossession/home_repossession_process

 

[Dis86]

Thread title feels like a Smiths/Morrisey song. Maybe a follow up to Girlfriend in a coma