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1970

Mortgage Rescue Scheme

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Hi,

 

Has anyone looked into the government announced mortgage rescue scheme?

 

There's quite a bit of info available but it all seems to say the same thing.

 

I'm interested to hear from anyone that's applied or is going through the process.

 

1970


It's going to be an interesting year...

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This sounds like a gov [problem], the one in the USA certainly is. i wouldnt touch it with a bargepoll

 

edit

 

i think this scheme is to try and re-secuitize existing loans to get banks out of trouble ( certainly the case in the usa and why should we be any different)

Edited by nuke em

[sIGPIC][/sIGPIC]....Please don't bother my master 'cos my sister & I might bite you...

 

I DO NOT offer legal advice

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"I just say what I say because everyone is entitled to my opinion!"

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Hi,

 

You could say that after going live 1st Jan 2009 the Mortgage Rescue Scheme has got off to a slow start (this could be deemed a slight understatement I know), however there are signs that this may change significantly in the coming months.

 

There does now seem to be a bit of a campaign come publicity push underway here with (I understand) a Fast Track Team announced recently.

 

Another development that may affect the numbers taking up or becoming eligible for the Mortgage Rescue Scheme is the rumour that some lenders may now be prepared to negotiate / write off part of the debt (negative equity) with regards to the Mortgage to Rent option of the scheme and perhaps nuke em has a valid point here.

 

Overall I believe (hope) that this scheme will help people stay in their homes, having said this there are number of interesting discussion points with this including being given an Assured Shorthold Tenancy (3 yrs I believe) and the 3% contribution of the value of your home to join the scheme (mortgage to rent option). The point here being that many people entering this scheme are likely to have large unsecured debts still outstanding after the process is complete and may see bankruptcy as their only realistic long term solution........mmm, I wonder whats included in those tenancy agrrements.

Edited by Wintry

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