EACH one is a poignant reminder of hopes dashed and dreams shattered.
On the Wilson Auctions website last week at least 13 of the 45 properties for sale were advertised as being owned by the organisation that provided the mortgage – a clear sign that the homeowners who purchased the property back in the heady days of low interest rates had long departed the place that they wanted to call home.
They were not just properties at the cheaper end of the market either. One was a four-bed duplex penthouse on Edinburgh Waterfront, where developer Gregor Shores last week went into administration.
It was a home that, at the height of the property boom, could have fetched a sum approaching seven figures. It was sold at auction last month for around the guide price of £225,000. Someone, somewhere, got a major bargain. read morehttp://www.blogger.com/post-create.g?blogID=3397713675279201980#
Source:http://scotlandonsunday.scotsman.com/comment/Repossession--leaves-thousands-out.4606858.jp
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.
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