UK Money News
19th February 2008
Lax lawyers could cost consumers their homes, FSA warns
The Financial Services Authority's (FSA) Consumer Panel has expressed concern that lawyers who are unfamiliar with regulations governing home repossession could impair homeowner's chances of keeping hold of their home.
The FSA's Financial Risk Outlook report recently noted that 1.4 million homeowners are set to experience difficulties with mortgage repayments this year.
According to the Consumer Panel, these people could be even more vulnerable to repossessions if they are represented by lawyers who are ignorant of the terms of repossession regulations.
These include the provision that repossession should only be pursued as a last resort after "all reasonable efforts" have been made to resolve the matter.
Also included is the clause that a stay in proceedings can be ordered in circumstances when the mortgage is deemed to have been mis-sold, the Consumer Panel said.
John Howard, chairman of the panel, commented: "We have heard that some less scrupulous lenders are rushing to repossess properties without the courts considering the FSA rules on repossessions.
"Clearly if a lender or mortgage broker has acted irresponsibly by persuading someone to take out a mortgage they cannot afford, a much more lenient view ought to be taken of the householder’s case."
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