Debt advisors worried at number of mortgages frozen by creditors
Monday, September 06, 2010 - 07:36 AM
Debt advisors are becoming increasingly alarmed at the number of lenders using judgement mortgages to recover unsecured personal debt.
In the last five years, almost 14,000 judgement mortgages have been registered against residential properties.
According to the Property Registration authority, more than 600 commercial properties have also been frozen by creditors.
Such judgements prevent debtors from selling their houses unless they repay debt on credit cards and personal loans.
