Campaign Against Foreclosure Rescue, Sale Leaseback Deals Intensifies In UK

In the United Kingdom, U.K. Personal Loan Store posts:

• Over recent months sale and rent back scheme have been hitting the headlines on a regular basis, and have not been viewed in a good light by many officials and campaigners. With more and more people facing repossession in the UK due to higher interest rates and repayments these firms have crawled out of the woodwork offering these vulnerable consumers a chance to stay in their homes and eliminate the risk of repossession. This is through selling their home to the company and then renting it back from them.

• However, campaigners state that these firms are paying way below market value on the properties, with some sellers receiving just 60% of the actual value of the property. Then there is no guarantee with regards to how long the former homeowner will be able to stay in the property beyond the first six or twelve month tenancy. Campaigners and groups are now urging the government to act on this problem to stop any more consumers suffering at the hands of sale and rent back companies.

For more, see Campaign over sale and rent back schemes increases.

For a related post, see Foreclosure Rescue, Sale Leaseback Deals "An Unregulated Free-For-All" In Great Britain.

For more on equity stripping scams, generally,see DREAMS FORECLOSED: The Rampant Theft of Americans' Homes Through Equity-stripping Foreclosure 'Rescue' Scams (4.61 MB approx.).