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CML predicts less repossession than expected
3 Aug 2009
CML predicts less repossession than expected

According to the CML (Council of Mortgage Lenders) there should be less repossession than expected, because there is less pressure on people struggling to pay their mortgage payments.

At the beginning of the year the CML had predicted that in 2009 there will be around 75,000 repossessions, which works out to about 205 homeowners being repossessed a day! However due to government intervention and lenders abiding by the pre-action protocol for possessions claims based on mortgage arrears which was passed at the beginning of the year, the CML are predicting to have around 65,000 repossessions.

On another positive note, the CML predicts that the number of homeowners who would be in arrears of three months or more by the end of the year from 500,000 to 425,000. While this might seem like good news unemployment rates is still rising which could mean that we have a slower decline in the economy, which could mean that some homeowners might want to sell your house quickly for cash, to avoid repossession.

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