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More households have mortgage arrears, forced to sell their home

Friday 22 February 2013

The number of households at least four months behind on their mortgage repayments rose 25% last year, according to debt registration agency BKR.

By January 1, 2013, the agency registered 77,145 mortgages in arrears, up from 62,453 a year ago. With unemployment continuing to rise, the BKR expects a further increase in people with mortgage problems this year.

The BKR wants information about student loans plus tax, health insurance and other debts to be included in its records. This, it says, would allow banks to make a more considered opinion when assessing the financial situation of people who apply for a mortgage.

Junior social affairs minister Jetta Klijnsma has pledged to come up with a position paper on the issue before April 1. The BKR currently lists credit agreements with banks, mortgage providers and other official credit agencies.

Sales

Meanwhile, housing minister Stef Blok told MPs on Thursday there has been a rise in the number of people forced to sell their home because they cannot meet the repayments.

Last year, 2,488 houses were told at auction by banks, down nearly 200 on 2011.

However, the number of householders selling their home through an estate agent because of mortgage arrears is increasing rapidly, the minister said. According to Dutch banking association figures, the number of off-auction forced sales was around 4,500 last year, up over 700 on a year ago.

© DutchNews.nl



 

Readers' Comments

Simply the rules of the auction means the buyer has to have cash.
In current market that is improbable.
With falling prices there are no investors.
Thus the banks are looking at negative equity and bankruptcy for the owner

For a bank forcing sale via an agent on the free market is more likely to bring a positive result for the bank.

By nd | 22 February 2013 10:57 AM

Austerity is not a solution. It is a road to more problems. Increasing productivity and innovation is the way out.

By ufo | 22 February 2013 11:12 AM

THats the reason why bible and koran warned against usury.

By auto | 22 February 2013 11:15 AM

Part of the problem is that Dutch banks have zero competition and thus keep the interest rates artificially high.

By Rick Kane | 22 February 2013 11:55 AM

@ auto
Even Shakespeare said:
Neither a Borrower nor a Lender Be.

Start buying metals y'all;-)

By Al | 22 February 2013 3:17 PM

The BKR wants more information? The BKR should be made liable for erroneous reporting first.

I had to fight the BKR for 6 months and get a lawyer to compel them to fix their records.

The crisis is a bogus, artificial creation of those that seek to manipulate and control us.

BKR are merely their attack dogs.

By Patrick | 22 February 2013 4:42 PM

Sorry, but 'investor' is a person who buys low, and hold for long term. 'Speculation' is for people who buy no matter what the price is, as long as another fool will buy it for more.
Most ordinary people in this world, bought it because of fear, and greed. Now, they pay the price. You have nobody to blame, but yourselves.

By Melody | 24 February 2013 6:45 AM

Well if the average joe blogg paid back pricipal on their mortgages instaed of taking off to Spain twice a year they would have had some collateral in the property.!!!! Stop blaming everyone else for the lifestyle people choose to live.

By kees | 24 February 2013 9:17 PM

I think competing with nationalized banks might be a little difficult myself. Besides why would any sensible well-run bank even bother to enter the Dutch market? It's just not big enough to bother with and/or worry about the next Dutch cabinet changing banking laws and regulations. And from the looks of today's political poll, I do not think another NL government coalition is far away. Good luck.

By Z | 24 February 2013 10:07 PM

 
 
 
 
 
 
 
 
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