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01/10/2009
New repossession rules come into effect |
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A new law on repossession has come into effect today.
Under the regulations, when a home is being foreclosed by a mortgage lender the local authority must be informed, something that will enable the council to try to offer help and advice.
Commenting on the rule change, Citizens Advice spokesperson Catherine Torazzo remarked that she hoped the move would "reinforce the fact that repossession needs to be a last resort."
She added: "This will also give homeowners a chance to challenge any incorrect information."
Those facing a legal case concerning the possible loss of their home to repossession may wish to speak to a property lawyer.
Despite the ongoing recession, the number of repossessions has fallen recently, possibly as a result of reduced mortgage costs for some thanks to the record low base rate.
Figures from the Services Authority published a fortnight ago showed that nine per cent fewer homes were lost in the second quarter of this year than in the first.
Written by Pauline Adams
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