| Online: | |
| Visits: | |
| Stories: |
FED Renders Your Home an Unsafe Investment. Property reposessions to soar. [video]
It seems unintentional but the new banking rules pushed by the FED may have put your home at risk as never before.
Repossession is a term used to denote a financial institution taking back an object that was either used as collateral or rented or leased. Repossession is a “self-help” type of action in which the party having right of ownership of the property in question takes the property back from the party having right of possession without invoking court proceedings. The property is then sold on by either the financial institution or 3rd party sellers or increasingly simply left to ROT!
Many consumers mistakenly believe that they are legally entitled to a “grace period” that prevents creditors from repossessing goods until the payments are a certain number of days overdue. In reality however, grace periods are non-compulsory business practices that have been adopted by most consumer lenders.There is nothing legally preventing a creditor with a security interest from repossessing the goods if a payment is late (even if it is only one day overdue).
