Posts Tagged ‘mortgage repossession’

Repossession orders rise by 24%

Friday, August 15th, 2008

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Official figures show 28,658 mortgage possession orders were made in England and Wales during the second quarter of the year, up 24% on the same period a year ago.  In London, the number of court orders rose by 12% to 4,052.  There were large increases at several county courts including Edmonton, 34% to 395, Kingston-upon-Thames, 22 per cent to 93, and Brentford, 20 per cent to 191.  A mortgage repossession order, granted by a court, entitles the claimant - usually a lender - to apply to have the occupier evicted. But a significant number of homeowners issued with an order manage to avoid being forced out.

Councils are also looking at a safety net scheme where they would take over the mortgage, or part of it, of people falling into arrears and then rent back the property.