If housing is already in short supply where do the repossed people find another roof to live under?
2007-12-12 09:07:02 · 5 answers · asked by New Sage 2 in Business & Finance ➔ Renting & Real Estate
To allow a repossessions is the very last resort to a court. If the occupier can prove he can pay the monthly amount due plus something towards the arrears then the court will do what they can to keep them in the home
Mainly...because they know if they do not then the local authority takes the burden
If the repossession is allowed the occupier applies to the LA for housing...they are placed in short term accomdation whilst LA investigate the reason why they are homeless...once it is known that the reason is for arrears the LA state the occupier is 'intentionaly homless' and they are under no obligation to assist further and out they go
They are then left to find a deposit and rent in advance for a private tenancy. Usually...they expected this and used the time to get the money together whilst LA were investigating their claim
If they didnt manage to get the money upfront in time and they have small children...the LA may provide the capital to get them into a private rented property....on agreement it is repaid. No children and basically they dont get much help at all and rely on friends and family to help
2007-12-14 14:30:54 · answer #1 · answered by stormydays 5 · 0⤊ 0⤋
If housing was in short supply we would not have this problem.
The vast majority rent. They can not buy, they have already proved that they have no intentions of repaying loans.
Your local sheriff can direct you to a homeless shelter if you have not made other arrangements.
2007-12-12 10:41:14 · answer #2 · answered by Landlord 7 · 3⤊ 2⤋
Where is housing in short supply?
2007-12-12 09:22:32 · answer #3 · answered by Anonymous · 0⤊ 2⤋
it takes about 6 months from the time you default on a sixth continuous month on your payments,so this makes it about a year from when you stopped paying the morgage to when they chuck you out.by then everything has changed!
2007-12-12 09:17:33 · answer #4 · answered by Anonymous · 1⤊ 1⤋
they become renters again ... which is what they were before they bought their first home.
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btw, housing is not in short supply -- it is just too pricey in many areas; which is being fixed by the glut of repo'd houses.
2007-12-12 09:11:55 · answer #5 · answered by Spock (rhp) 7 · 2⤊ 2⤋