Nationalised lender Northern Rock, which was nationalised earlier this year after becoming one of the first major victims of the global credit crunch in the UK, has been accused of selling off repossessed home at knock down prices in a bid to try and get back as much money as possible as quickly as possible rather than trying to get the best price for the former homeowner. (more…)
Posts Tagged ‘repossessed property’
The Rock sells repossessed homes at knock down prices
Saturday, January 10th, 2009
Are you thinking of buying a repossessed property at auction?
Thursday, January 8th, 2009As most people are aware the housing market is going through a lot of turmoil at present, as it has been for some months. Many homeowners are unable to keep up with mortgage repayments due to financial difficulties and this has led to a rise in repossessions. And whilst house prices have been falling many would be buyers cannot get the finance that they need to take out a mortgage because of the tighter credit conditions that have come into play over the past year due to the global credit crunch. (more…)