On 28/07/2011 10:58, dennis@home wrote:


"Dave Plowman (News)" wrote in message
...
In article ,
Steve Walker wrote:
Ours was a repossession and besides needing a complete re-wire, also
needed new internal doors, new radiators, new pump, new motorised
valves, new boiler, new header tanks, new shower, etc., etc., etc. -
basically before leaving, the previous owners had gutted it, even
cutting the pipes to remove the rads!

I remember seeing that on a house near here. Everything just piled up in
the front garden. I knew the owner slightly and he was quite open it was
because he was being repossessed and believed he was getting a bad
deal so
was doing it just to spite the loan company. And it seemed to me such a
waste to both sides.

he will find he is worse off.
Just being repossessed doesn't make the debt go away.
They sell the property for what they can to reduce the debt and then
sell the remaining debt to a debt collector if there is any.
If there is an excess they pay it to the owner.
He has just ensured he will have more debt/less cash after the sale.

The chances are he couldn't sell because it was worth less than the
loan, and couldn't pay so was bankrupt. If he claimed bankruptcy he
could have an entirely clean slate again in 6 years, where the level of
debt is immaterial.