Wells Fargo sued Country Coach to enforce the terms of its loan agreement, which the bank claims gives it the right to repossess
and liquidate Country Coach's personal property assets.
As the law currently stands, lenders can repossess
and sell a property without the permission of either the homeowner or a court.
Leamington lawyer Rachael Allsop, an assistant solicitor specialising in property at Rugby Road firm Blythe Liggins, said a private members bill now going through the House of Commons could soon make it more difficult for lenders to repossess
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.
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
They should be cutting interest rates, making loans easier, not rushing to repossess
- and not pursuing the unfortunates who do lose their homes.
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