According to a report from the College of Property Registrars on the impact of mortgage default, the country’s banks filed for 65,000 foreclosures in 2012, of which 39,000 resulted in property owners losing their homes.
In a third of cases (14,200), repayment deals, allowing distressed borrowers to cease paying their mortgages once their properties had been repossessed, were negotiated with the banks.
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