Should missed mortgage payments be a criminal offence?Make Text Bigger
The Banker is back, this time he’s trying to upset by hoisting us by our own petard – he’s asking the question “should missed mortgage payments be a criminal offence.”
Is his last anonymous correspondence with Property118 readers The Banker caught our attention with the title “The Property Boom of 2012” and then went on to tell us all why we are doomed. His message this time around is no more friendly either. However, I’ve published his ramblings yet again as some might feel there are some pertinent homes truths in his arrogant musings! We can also say pretty much whatever we like to an anonymous banker as he can’t possibly take legal action for defamation as he is anonymous LOL.
The Bankers says:-
“The naivety of some landlords astounds me, I read your comments for amusement, sometimes the comments posted on your Property118 website are so childish they ought to be published as a comic.
Why on earth should missed rent payment be a criminal offence?
Why should landlords be able to bypass the court systems to repossess somebody’s home just because they have missed a few rent payments?
These are YOUR readers desires – not mine!
I intend to demonstrate to you how pathetic your arguments and justification are by presenting the flip side of the argument.
For all you landlords borrowing money, stretching your finances too far and crying out for the rules to be changed just think about this ….
Who is taking the the lions share of the risk?
YES! It’s the bank isn’t it?
And yet you landlords get to keep any rental profits and you also get to keep 100% of the capital appreciation.
I’d say that’s unfair, and there’s enough there to convince me that providing mortgages to landlords is a terrible investment.
However, if you want your rules to be put in place, consider what mine would be.
- If you miss a months mortgage payment I warn you. fair enough, you may have changed banks or something, fair enough, catch up or else Imight want to charge you for further correspondence. I certainly think I deserve the right to do so.
- Miss a second months payment and I immediately want possession of the property and the right to instruct an LPA receiver to collect the rent without having to go through the Courts. I will then decide whether I sell the property to recover my losses and I think as I put up the lions share of the money I should be able to do this however I may choose, completely free of any interference from regulators or the Court system.
- If there is a shortfall I want a change in the law so that I can have you immediately arrested for breach of our agreement. Squatters now get a fine of up to £5,000 and 6 months in prison so I reckon that if that’s fair to them then it should be fair for me to prosecute you on the same basis.
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