Jo's right, you know. Causes of repossessions include relationship breakdown, such as divorce; unemployment, including compulsory redundancy; and long-term illness. Some people get hit with all three (they get ill, they lose their job, their partner leaves them), and you wouldn't wish it on your worst enemy, especially where there are young children involved.(posted 8531 days ago)You might just shrug and say, it's economics. But every faceless economic structure has a human side. Repossession is extremely traumatic for families. Many houses repossessed in the 80s and 90s were subsequently sold at less than the market value, and the repossessees are often only now being chased for the shortfall created. Just as they thought they'd emerged from one nightmare scenario they find they must enter another. If marriages survive the first hurdle, they often don't survive the second. Again, young children are often involved, and stuff like this makes people ill, especially when they see the lenders trying to pass on all their risks and responsibilities onto the repossessees' shoulders.
I still would be genuinely fascinated to know if you found your cheap repossessed property. They are not, technically, meant to exist. But of course we all know different. We'd be glad of the help.