UK Landlord Forum / Life

ITV1 8.00pm I've Lost My Home: Tonight

All about repossesions etc....and stuff.

Should be interesting. I'm curious to see if the losses were due to idiocy, or genuine unfortunate circumstances.

With all the advice out there these days , i find it hard to see why and how someone could lose their home.
Ok i understand things at times can get tough, but i know someone who with help managed to keep there house by paying only half the mortgage costs for a year, i think any situation can be avoided with good comunications and honesty. IMO

Are you going to watch it or not? GAWWWD!

Well, I can understand if a family's home gets repossessed, if for example the main breadwinner loses his/her job, or something. Some times people genuinelly can't afford to keep up with their payments for whatever reason. However, I don't understand why people let it get to the point where they need to get repossessed- why not just sell when times are tough (before the point of repossession)?

However, I don't think a landlord that gets repossessed has any excuses, hence I wrote this article a while back:

(landlords that get their property repossessed must be stupid)
http://www.propertyinvestmentproject.co.uk/blog/2007/09/23/landlords-that-get-their-property-repossessed-must-be-stupid/

Did anyone watch this?

I recorded it on skyplus, i'll watch it tonight!

I watched a bit of it, and wasn't surprised by anything on there, all the people who where caught out  one way or another didn't do there home work properly.  Not saying they deserve any hard ship but could have been prevented.
The blame lies with the lenders etc.  They come up with a scheme knowing their target audience and make it look nice and fluffy knowing there could be a repercussion and the package isn't that good, but to the desperate onlooker the lender is a god, with any uncertainsies made clowded and blur by the prospect of getting back on the straight and norrow.
The service that really gets me is * sell to rent*, this prooves my point, its only people who have gone down the wrong road and listerned to bad advice that end up doing this,  but ask yourself why they are in this situ, its because they are not thinking straight for what ever reason, so they see this sell to rent scheme a good way out not really seeing the true whole picture, then when the dust settles and they are now thinking straight they can see what has happened to them and feel conned.


DO YOUR HOME WORK FIRST,



Badger

I'm not really surprised by what you've said. As sad as it is, the actual borrowers need to take responsibility. Too many people got into a frenzy about the whole property movement and jumped right in without doing any homework at all.

As I always say, it's extremely hard to lose money in the property market in the longterm. If you end up out of pocket after 25years, you must have made some pretty big mistakes.

People who are "selling to rent" are only in it for the short-term investment.

I think I'll write an article aboiut this. Thanks for the inspiration, Badgey-pooh

Well sell to rent ,
People who do this dont seem to get any investment, ok they get a short sharp boost in the bank, but the buyer will always under cut what the actual property is worth and pay peanuts for it knowing the seller is desperate and not thinking straight, its fukcin nasty.
Then when the seller gets back on their feet their new landlord gives them notice, i have seen this twice. its very very hard core, but the business only runs cos it feeds of the desporate and the desperate are gullable or just looking for that way out !


Badger