A secured loan is a loan in which the borrower pledges some asset (e.g. a car or property) as collateral for the loan, which then becomes a secured debt owed to the creditor who gives the loan. A mortgage loan is a secured loan in which the collateral is property, such as a home.

Court action against home owners at highest level since 90s housing crisis

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The number of home owners facing repossession has reached its highest level since the worst years of the early 1990s property crash.

Figures from the Ministry of Justice reveal that lenders have applied to county courts for a repossession claim in nearly 80,000 cases during the first six months of this year.

With the housing crisis getting worse with each passing month that could see the annual total exceed 160,000. In 1991, the total number of claims reached 186,649. The following year the number fell to 142,162.

Repossession claims are the first step in the legal process which can ultimately lead to a home being seized by a bank or building society. read more
Source:http://www.telegraph.co.uk/finance/financetopics/financialcrisis/3222736/Court-action-against-home-owners-at-highest-level-since-90s-housing-crisis.html

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