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 the property.
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.
