In its brief, Wells Fargo lawyers said a secured creditor's right to repossess
its collateral when a debtor defaults "is long-standing and widely recognized in Oregon.
As the law currently stands, lenders can repossess
and sell a property without the permission of either the homeowner or a court.
They should be cutting interest rates, making loans easier, not rushing to repossess
- and not pursuing the unfortunates who do lose their homes.
According to Deputy Paul Ullman, the victim and his partner went to an apartment building in the 1000 block of East Avenue R, where they'd been hired to repossess
a car for nonpayment.
The charity Credit Action said the lender was more than twice as likely to repossess
homes as other lenders, and was not flexible enough in dealing with borrowers who defaulted on payments.
A council spokesman added: "They had arrears of rent and rates so we exercised our rights to repossess
Assuming all the above risks are satisfactorily addressed, is it even logistically feasible to repossess
, transport and dispose of large inventories under a catastrophic dealer default scenario?
Dawn Hook, property lawyer for Ridley & Hall Solicitors, said: "Unfortunately tenants have few rights if a landlord defaults on his mortgage payments and the bank or building society repossess
Mr Scott added: "We were left with little choice but to repossess
and clear it after Mr McElvogue built up more than six months' arrears and failed to get in touch with us.
And they may find lenders quicker to repossess
homes - to take advantage of rising house prices.