Stop Repossession – Rich and Poor Hit by Repossession Risk

It isn’t just those on the breadline who are having to find ways to stop repossession – the rich are vulnerable too.

It may not be easy to take pity on a millionaire, but as a recent report shows, even the very wealthy may end up struggling to stop repossession. The global recession has not just hit the wallets and purses of the working and middle classes, but it has hit hard on the fortunes of some of the world’s richest men and women too, especially those who invested a lot of money into property. The news that property tycoon Cevdet Caner had to have his £21million home repossessed reveals how the credit crunch has hit those on all ends of the financial spectrum.

Stop Repossession? Millionaire Loses Out

Mr Caner’s Mayfair property is thought to be the most expensive property in London to have been repossessed, revealing even the super rich can fall victim to the economic downturn. The fact that a multi-millionaire was unable to stop repossession however is cold comfort to the thousands of ordinary earners facing the repossession risk. Mr Caner bought his Mayfair home for £16 million two year ago and spent an additional £5 million refurbishing the property. But the collapse of his Monaco based property investment company which went into administration with £1.2 billion of debt meant the bailiffs were called in. Many property tycoons have found their businesses dry up after the collapse of the housing market – Mr Caner had made his fortune from acquiring low-cost social housing in Germany.

Eviction and Repossession Risk Rises

The mortgage on the house stood at a whopping £16million making it Britain’s most expensive ever repossession. Mr Caner however said he’d offered to pay the lenders the outstanding mortgage on his home, but it was refused. He told the press: “Instead they put the company into receivership, sent in bailiffs to repossess it and have not instructed agents to find a buyer.” Mr Caner said the rebuke at his attempt to stop repossession was humiliating. The property will be marketed for £20 million, if it sells for more than £21 million, Mr Caner will receive the profits.

For those who are struggling to find a few thousand pounds to stop repossession, they may not have much sympathy for the millionaire’s predicament. There has been a near 50% rise in the number of homeowners unable to stop repossession as a result of defaulting on their mortgage payments.

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