Timeline for Word for banks and other institutions taking possession of your assets because you didn't comply with the contract
Current License: CC BY-SA 4.0
10 events
| when toggle format | what | by | license | comment | |
|---|---|---|---|---|---|
| Nov 14, 2020 at 21:44 | comment | added | Michael Harvey | In 1970 I knew a revolutionary commune a member of which which bought a big Victorian house in Clifton, Bristol for a ludicrously low sum, £5,000 I think. Nobody wanted them. They had a 10 year mortgage. After 2 years the commune fell apart and they stopped paying the mortgage. The lender foreclosed. In those two years there had been a property boom and after the lender had sold the house at auction and deducting costs they were obliged to hand my friends £20,000. 1970s prices. | |
| Nov 14, 2020 at 21:41 | vote | accept | rubiks28 | ||
| Nov 14, 2020 at 21:31 | answer | added | Cascabel_StandWithUkraine_ | timeline score: 2 | |
| Nov 14, 2020 at 21:06 | comment | added | rubiks28 | @BoldBen thank you for the clarification, it was very helpful. | |
| Nov 14, 2020 at 21:02 | comment | added | BoldBen | If a mortgage is taken out on a property (either to buy the property or to raise money for another purpose) and the customer defaults on the payment the bank will, eventually, foreclose on the property. If someone has a debt which is not related to an asset but the asset is taken under a court order in order for it to be sold to pay off the debt the asset is seized. Only assets where a loan is taken out through the seller in order to pay for the asset is the asset repossessed. | |
| Nov 14, 2020 at 20:57 | comment | added | Peter Shor | For houses, you can also say foreclosed on. | |
| Nov 14, 2020 at 20:56 | review | First posts | |||
| Nov 14, 2020 at 21:09 | |||||
| Nov 14, 2020 at 20:51 | comment | added | rubiks28 | Thank you very much! | |
| Nov 14, 2020 at 20:51 | comment | added | Weather Vane | They are repossessed. | |
| Nov 14, 2020 at 20:48 | history | asked | rubiks28 | CC BY-SA 4.0 |