Repossession Threat Even If You Pay Your Mortgage

This is so true! Reminds from what is going to happen widely in US and Europe too... Lesson was painful in Finland in depression what we had in -90th... Couple of our close friends and family loose everything, houses, business because the banks just decided that loans has to pay now... No matter what the contract was in first place.

They do have that right, and they will use that right, and usually for very personal and selfish reasons...

Thats why I havent never take a loan. Never. And there is many who remember that painful lesson by those ruthless banks and their selfish calculating directors!

Just wait, and the axe will cut your throat too... There is no justice with those banksters!

RBS case highlights

Homeowners who have not missed a single mortgage payment could still be threatened with repossession by lenders who use an emergency clause to demand that the entire loan is repaid at short notice.

Peter and Marian Addyman, who live in St Leonards, East Sussex, received a letter this month from NatWest – part of the Royal Bank of Scotland, which is majority-owned by the Government – insisting that they repay a £226,000 mortgage within 30 days or face repossession.

www.timesonline.co.uk...

Unfortunately, they are actually only exercising thier rights' as a banking ''institution'' to do this.

As one person commented on the original article, apparently, the homeowners had secured a £100,000 Loan on that property! In which case, with the current climate and house prices continuing to fall, the said bank have obviously seen this this is a down-turn and would stand to lose a lot of money, hence, demand payment in full.

It's a harsh truth and I do sympathise with the homeowners, BUT it does make you question what would motivate someone to borrow £100K against a property that's only £225,000!?

Essentially, they as homeowners took that risk, but it is also disgusting that a corporation has taken such a greed driven stance over the well-being of paying customers.

Well, if one has to accept the bank's terms (including the small print), and they did not have an Attorney or Legal Consultant working for them... then they did not behave with due diligence... sorry


People with Clout (money) , and Corps/Ltd, have their legal staff look for traps & clauses like that...and negotiate them away...
a modest income person/family can do the same, and should be at least aware of the terms in the document they are signing on to... if they can't
afford the equivelent $150-200 USD - it would take an Attorney to look over the loan/mortgage agreement

Yeah i know they can, i asked my dad about his mortgage and how much money he has on the bank, he would be able to pay it in one go. (In the Netherlands it is cheaper to have a mortgage then pay the taxes on the house when it is 100% yours.) But bottom line is, we're relatively safe.

*thanks the powers that be that the mortgae is payed off*

my heart goes out to anyone who even faces the thought of this.