What usually happens to people who cannot pay their rent or mortgage?
is it best to find relatives to stay with or are their other options?
which one is more common and the best in your opinion??
do you think it would be more common for one the other depending if it is UK or US?
does the US offer the same type of government help as the UK?
why and how so?
why so?
Thanks for your answers!
there are a number of option when you cannot pay a mortgage. it may be possible to put off payments for a short period ( rare) reduce the payments for a time,possible but hard to do.
if it will be impossible to continue paying the monies required the banks etc can apply to a court for repossession of the house/flat etc.
it will then sell it off very quickly an soften at a very cheap price for a quick sale,,the extra loss in monies for doing it this way is presented to the mortgagee as another bill. ( shortfall)
if only two folk are involved it will normally be expected that you will find your own accommodation. a female on her own wil be supplied with emergency ( very poor) accommodation . a male wil be put on the street.
a family wil be found temporary accommodation by the council.
the US is almost identical in all respects. as is rest of EU.
ideally moves are now under way (very late) for government to assist with temporary loans -funding for some !! of these in order to keep everything running. stil in planning stages at moment and sadly unlikely to become a reality until after the depression of 2008/9
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