Talk to your bank

[Ian Robinson]

Originally Posted by TrevorW

Ian in reflection even when the rates were running around 18% and inflation was rampant I was getting 15% annual wage increases so it evened itself out. IMO I doubt whether inflation will be allowed to get that bad again.

You might have been , but a lot of others were not.

Many people (working and otherwize) were going backwards a huge rate , there were record levels of people being declared bankrupt and of home foreclosures if I remember correctly , so much so that it was regarded as scandelous .

I was actually out of work and retraining (and still had a mortgage) for a lot of that period - I was lucky that I had a Building Soc who looks after it's customers and who bent over backwards to help me stay in my home. So long as I kept paying the agreed repayments each month.

[xelasnave]

It amazes me that banks are allowed to forclose in these times..I beleive that in the 1929 crash mortgages could not be forclosed...

Banks who lend on poor security should be the ones who pay the price..not the borrower, not the rest of the community when their silly ways destroy savings...
Putting a poor mortgagor in a property is stupid but not when you on sell the poor mortgages to other institutions sold in bundles such that careful security purusal goes unattended ...gross negligence on the part of the purchaser but these deals go together because commissions are made...look to the folk organising the sales and ask are they not deserving of being charged with fraud... lets face it for there to be billions and billions lost the mistake could not be described as casual.... why are these folk not hunted down and where appropriate put away to contemplate the missery they have caused...

Rip up your credit cards their convenience versus the pitfalls suggest one could live without them....

alex

[PCH (Paul)]

Originally Posted by Ian Robinson

You might have been , but a lot of others were not.

Many people (working and otherwize) were going backwards a huge rate , there were record levels of people being declared bankrupt and of home foreclosures if I remember correctly , so much so that it was regarded as scandelous .

I was actually out of work and retraining (and still had a mortgage) for a lot of that period - I was lucky that I had a Building Soc who looks after it's customers and who bent over backwards to help me stay in my home. So long as I kept paying the agreed repayments each month.

That's interesting Ian, - if you were paying the agreed repayments each month, why was it 'bending over backwards' of them ? How would they even have known you were out of work?

[xelasnave]

Maybe the word "agreed" applied to an agreement made at a point after the mortgage was signed but where conditions had changed such that the parties entered into a new arrangement to arrive at "the agreed payments"....

alex