Possession Orders Double
The FSA has announced that the number of possession orders doubled in the 3rd quarter of 2008, to 13,161 a 91% increase on a year earlier.When a possession order is granted is gives a lender full legal control of a property. It does not necessarily mean that the lender will sell the hous or evict the people living there.
The number of people behind with their motgage payments has also risen. Those being 3 months behind has reached 340,000, a 24% rise on the previous year.
2.9% of all mortgage holders are now behind in their payments.
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