Friday, November 15, 2013

Melbourne's outer suburbs hit as financial institutions reclaim houses from struggling homeowners

Ana Ganesh's home in Ballarat is being repossessed. Picture: Tanya Fry

(Ana Ganesh's home in Ballarat is being repossessed. Picture: Tanya Fry Source: News Limited)

MANY of Melbourne's outer suburbs are hot spots for home repossessions by banks and other financial institutions. 

From July 15 to September 16 this year, 191 repossession writs were issued to Melbourne homeowners, with the municipalities of Casey and Hume topping the list followed by Melton and Brimbank.

The Leader obtained the data by searching through Supreme Court writs because banks must go through the court when seeking to repossess houses.

>>Map: Where houses are being repossessed in Melbourne (pdf)<<

In August this year there were 156 repossession writs issued across Victoria and 131 in September, compared with 148 writs lodged in August 2012 and 134 in September 2012.

Among the oldest mortgages that were the subject of a repossession writ was one from 1999 while some were as recent as 2012.

One Kew house was worth more than $2 million and a Carlton North house was worth more than $1 million.

Cranbourne Information and Support Service executive officer Leanne Petrides said at least seven clients on average would visit the centre each week to discuss their mortgage issues.

"It could be people can't make the repayments, it could be their house is being repossessed or it could simply be organised with the bank to have a stay put on the loan," Ms Petrides said.

"The vast majority of people who come to see us are coming because they are experiencing some form of housing stress.

"It is my belief the outer suburban growth corridors where the house and land packages are cheaper are where people have the most difficulty in repaying their mortgage."

Ms Petrides said those areas were geographically disadvantaged and people had to travel far to get to jobs or worked casually, which increased the chances of being dismissed.  13 Nov 2013

The 'other' reality is that banks are cashing in on the financial misery of the struggling people. 

This is another way of enslaving the masses under a new method called Financial Terrorism.

Realtors and Banks managers are in on this corporate fraud which is sweeping the nation.

Bank employees ( or their families, friends, etc) are able to acquire (fraudulently) housing at below market value, as valued by the realtors. Mortgagee auctions are a silent fraud that has been going on for decades but NOT reported by the corporate media, as this implicates the banking elite, which is above ANY law in Australia. How his is done will be explained by copau in another article.

Victoria Police are (allegedly) interested in fraud, but not when it comes to the source being the corporatocracy.

An interview with a person in the industry has confirmed that there is no interest from VicPol in this matter.

So, blatantly put, there is NO investigation into this fraud and there will NOT be any, as this is NOT the policy of Victoria Police, as mentioned by the source who confided under the strict condition of anonymity.

The Australian police is a corporation, subservient to the corporate government, and NOT for the people, as some may imagine.

The corporate media is very reluctant to publish this information 'officially' as the corporate media is a government 'lap dog'.

Australia's media is owned by Murdoch, Packer and Stokes and is inundated with biased government sanctioned reporting, conducive to the political agenda of the day.

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