Banks exploit legal loophole to seize homes

[BankruptPinoy]

http://business.timesonline.co.uk/tol/business/industry_sectors/banking_and_finance/article5014781.ece

[BankruptPinoy]

That's from the Times Online in Britain.

What will happen here in the USA one day? Debtor's prisons? Taking one's car valued at $2400 for a $1200 credit card bill?

[StartingOver08]

The really scary part about this is:

"Nationwide, the building society, and Northern Rock, which was nationalised earlier this year, are among the most aggressive in using the court orders......From next year banks will be given further arbitrary powers because they will no longer need to secure a county court judgment against a defaulting debtor. They will be able to move directly to seek a charging order after two or three months of missed payments."

Their government nationalized the banks when they did a bailout. Our government is getting a piece of the banks that participate in our bailout. It is not too much of a stretch that the cc industry would 'look across the pond' to borrow effective collection strategies and use them here too. If the cc industry starts adding to mortgage balances after 2-3 months of missed payments - wow... Imagine losing your home to 3 months of missed credit card payments