repossession

Home Repossessions Becoming More Common in Australia

In 2009 more than 30,000 homes in Australia will be repossessed or foreclosed and almost half a million Australians plunged into severe mortgage stress by the end of the year, according to a new industry report.

Repossession Across Australia
Repossession occurs when you can no longer meet your mortgage repayments on your home loan and your bank or lender takes over your home and sells it in what is called a mortgagee sale. In an optimistic property market, this might well leave you with some money, but in a weak market, there’s a chance you will walk away with nothing.

One third of the expected repossessions will be first time home buyers who purchased their property in the last 12 months, the monthly Fujitsu Mortgage Stress report predicts.

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By |May 23rd, 2011|Categories: Refinance and Refinancing|Tags: , , , |Comments Off on Home Repossessions Becoming More Common in Australia

Home Repossession Over a Small Debt

19 May 2010
Recently the Queensland Government threatened to seize a Brisbane woman’s home to recoup a debt of $6151.00.

 

It is part of several measures the Queensland Government introduced to recover unpaid fines, with more than $160 million outstanding.

Letters warning of property seizures have been sent to 11 individuals and 4 businesses in QLD, in a bid to recoup $257,000 in outstanding fines since a trial of the strategy began on January 1 2010.

Asset checks are undertaken on fine-defaulters, allowing the Government to seize property including homes and cars to pay back debts. […]

By |May 20th, 2011|Categories: Debt Management|Tags: , , |Comments Off on Home Repossession Over a Small Debt