billy blog ... some alternative economic thinking

Increasingly we read in the local news that mortgagee in possession auctions areon the increase in our major cities, particularly Sydney. Mortgagee in possession auctions simply refer to the bank or finance company taking possession of a person's house after the person has defaulted on their debt repayments. The bank then tries to get what it can for the property and sometimes (often) leaves the person with residual debt and no property when the forced fire sale doesn't yield a price sufficient to wipe out the residual debt.

These sales are the manifestation of financial f  More ...