March 4, 2008 at 8:33 am #53742
I have been told by our financial manager that banks are hiring private detective in order to seek british people who have returned to UK leaving the mortage unpaid and the property for the bank.
But banks dont want properties right now are now they are trying to recover the money.
Has anyone heard something about this?
March 4, 2008 at 9:17 am #79508
I think there needs to be a healthy amount of scepticism about your guy’s comments.
1) I am sure banks can pay Equifax or any other credit information company about various customers of theirs, negating the need to use a private “I”.
2) Also, it is only in recent times, i.e. the last 2 years or so you could get an 80% LTV mortgage, previous to this you needed a 30% deposit; therefore there is substantial equity in properties.
Unless of course the banks believe that the market correction is going to be greater than 20% and they are afraid of loosing out?
A big day on Sunday – whoever wins has a huge job of restructuring the economy so it is less reliant on real estate.
March 4, 2008 at 10:23 am #79510
The comments I have heard is that some british give up the door key to the property guard and say:
“Goodbye! If the bank wants something here is the property. I will come back to britain.”
March 4, 2008 at 1:18 pm #79522
I Think it is a great pity that the banks did not hire the private detectives to investigate the property developers to insure that they were selling properties that were correctly licensed and all above board.
No!!! you see when the banks give the loans all they are interested in is the money they are going to make from the buyer.
These banks knew all along that there were irregularities with the developments but that was all right until it all went wrong. I am speaking for myself when I say I would do the same…i would also hand those banks back the keys and say ADIOS!!!! The banks should have made sure
their interest was protected from the start and a few simple checks with the land registery/town hall would have solved this but no! they did not care about giving the loans for illegal builds providing they got their money. I have no sympathy for the banks…they were part of the greed.
As always it is the unfortunate buyer who is left holding the can.
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