Welcome to The Home Equity Theft Reporter, a blog dedicated to informing the consumer public and the legal profession about Home Equity Theft issues. This blog will consist of information describing the various forms of Home Equity Theft and links to news reports & other informational sources from throughout the country about the victims of Home Equity Theft and what government authorities and others are doing about it.
Sunday, April 09, 2017
Lot-Leasing Mobile Homeowners Petition Gov't To Halt Landlords' Onerous 10% Commission Clip Every Time A Home Is Sold; Charge Is A "Theft Of Equity" That Leaves Some Owners Trapped In Their Homes, Say Advocates
In London, England, BBC News reports:
Thousands of mobile home owners have called on the government to end the "theft" of part of the value of their homes when they are sold.
Currently a commission charge of up to 10% is paid to site owners. A petition signed by 40,000 park home owners was delivered to Downing Street by campaigners, who said site operators were "making fortunes". The government has said the commission is "legitimate income" and "does not result in profiteering".
Park home owners said most operators were charging the maximum commission, which was set at 10% when it was last amended in 1983. A parliamentary debate in 2014 heard that homes could be worth between £150,000 and £200,000.
The Park Home Owners Justice Campaign said the charge was a "theft of equity", leaving some owners unable to move. Founder Sonia McColl, from Wareham, Dorset, said:
"Thousands of people all over the country are literally trapped in their homes by this charge. "If they want to move on it's got to be inferior because they don't have the money after parting with 10% of their equity."
The government has previously said the commission was an "important income strand" for site owners, which could not be reduced without increasing annual rents by between 20% and 32%. It has pledged to carry out a review of the park homes industry this year.
A government-commissioned study in 2002 said that commission payments created a "financial incentive for unscrupulous operators to 'churn' their residents." It found that at least 7% of park home owners had experienced pressure to leave.
CBC News: Betrayal of Trust (A CBC investigation reveals how lawyers across Canada have misappropriated and mishandled clients money, to the tune of tens of millions of dollars, or sometimes even charging vulnerable people top dollar for shoddy services)
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