Olly Newland: Mortgage nightmare

The words mortgagee sale can strike terror into the heart of any property owner. A mortgagee sale can destroy families, businesses and lives.

Over the past year, more property owners in financial difficulty have faced the loss of their home or investment to pay off the lender.

Now, with the "worst recession in 70 years" sapping the economies of the world, the lesson has to be learned again: what goes up must go down.

In March, forced home sales hit a 15-year record of 201 properties, according to Terralink, which added this "worrying trend" showed "there were still a lot of distressed owners throughout the country".

To read the full NZ Herald story click here

Posted: 31 May 2009

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