STOP paying YOUR MORTGAGE?

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goforit

STOP paying YOUR MORTGAGE? - England.?

Apparently I`ve heard that on the 1st March, 2008, everyone in England is going to stop paying there Mortgage payments for 6 months, in protest of mortgage Inflation....Is that right? and would that have such an adverse effect on mortgage lenders that they themselves might end up in serious financial difficulties? Its one way I suppose of getting the various Institutes to realise they are charging too much interest and people are simply not going to put up with it anymore? I wonder what the Govenor of the Bank of England would have to say?

Charcol Broker

As a mortgage broker I have not heard of this and would like to point out that this would be extremely unwise. Not paying your mortgage will have a severe effect on your credit rating and your future ability to get a new mortgage or remortgage. Ultimately defaulting on your mortgage will result in repossession and your name will be entered onto the Council of Mortgage Lenders register of repossesions. Unlike the normal 6 year limit on credit records the register is for life and your name will never be removed.

A mortgage is secured on your home unlike any other form of unsecured consumer debt. If you don't pay your credit cards a bailiff can come and take your belongings but not your home. If you default on your mortgage you are likely to lose everything!

Matthew Trott - Charcol

Anchor Cranker

yeah that'll be right, they can't even protest about the price of a litre of petrol.

PinHead

the lenders would love that, they are prob already rubbing their hands thinking of all the lovely charges they are gonna add on

Jeanne R

The Govenor would probably say "Let the foreclosures begin!".

C Warner

Well said Anchor Cranker.
Unlike petrol price strikes doing this kind of thing on mortgages is easy.
They can still sit at home in the warmth and watch eastenders or corrie with a cup of tea or some other beverage.
Government leaders are there because the voter puts them there. When they don't do what they're asked to do people have a little moan for a bit and carry on about their day.
It's about time people of this country got a bit of backbone and stand together for what we want.
If the government turned to us and said as of tomorrow no-one will be able to watch tv anymore and they turned off the transmitters the country would be in uproar. The streets would burn and for what? Because they couldn't get the weekly soap fix.

sparkey

oh yes well that's a good idea isn't it NOT

dyno

Well i suggest you try it and see what happens, your house will be repossessed and the mortgage company will be laughing all the way to the bank so to peak.

J'adore

Right well if it's anything like the US, they will still report you to the credit agencies and are legally allowed to foreclose...

So if you want to have a really bad credit score and a foreclosure... have fun... but you ultimately signed the loan papers and are responsible... no matter what the housing situation is like.

I have sympathy, my mother is losing her home... but she's not just sitting back and waiting for them to foreclose or stop paying for protests....

Be an adult and go about it in a mature way.

dat

watch for the 'strike breakers'

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