Housing Market Recovery Spells Eviction for Homeowners
19th July 2010
Ironically, according to recent economic research undertaken by the Consumer Credit Counseling Service, as the housing market begins to recover, this may in fact trigger a surge in property repossessions as mortgage lenders adopt a more aggressive approach and enforce court orders that they had previously agreed to suspend during the economic slowdown and recession.
Renfrewshire Law Centre observed an increase in mortgage eviction cases during 2007 and 2008 followed by a drop during 2009 as lenders became more lenient. However, we expect this type of litigation to become more active in early course as the Homeowner & Debtor Protection (Scotland) Act 2010 takes effect.
In the face of troubled times ahead, we hope the people of Renfrewshire may take some relief from the Law Centre’s ongoing commitment to them.