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Increase in real estate foreclosures


yle.fi | January 4, 2015

Compulsory auctions have declined in recent years as properties are sold online or through estate agents. Although there's been a 10-20 percent increase in foreclosures in Finland, unpaid debt by the average person has decreased slightly while it has increased for businesses and other groups.

Financial uncertainty has increased the number of real estate and other foreclosures, says Juhani Toukola, Director of the National Adminstrative Office for Enforcement.

”The exact 2014 figures are not in yet, but our numbers indicate continued growth in the realisation of real estate, for example,” says Toukola.

The trend has continued for several years, according to Toukola. the annual growth rate in the foreclosure market in Finland is about 10-20 percent, which is significant. This includes property shares, real estate and vehicles from businesses, as well as regular citizens who need to sell possessions and property in order to pay off debt.

Forced auctions have declined significantly. Instead, seized material is sold through estate agents or internet auctions. An indebted person may also try to sell their own property, says Toukola.

“The goal, of course, is that the best possible price is achieved: that is important for both creditor and debtor," adds Toukola.

Indebted businesses on the rise

Since regulations on qualifying for quickie loans were tightened, the number of people who end up with debts that they cannot pay off has decreased. As there is no longer a mandatory television license that needs to be paid, the number of people on the foreclosure list has decreased.

On average, one third of debt is realised. How much outstanding debt is collected rises every year; currently, the annual figure stands at about 1 billion euros.

Toukola sees other reasons for the increase in foreclosures.

”The poor economic situation certainly plays a role. However, recent statistics indicate that the average person's share of unpaid debt that needs to be collected has decreased slightly, while for businesses and other groups it has grown," says Toukola.


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CFLA was founded by the Nation's Leading Foreclosure Defense Attorneys back in 2007 to serve the Foreclosure Defense Industry and fight pervasive Bank Fraud. Since opening our virtual doors, CFLA has rapidly expanded to become the premier online legal destination for small businesses and consumers. But as the company continues to grow, we're careful to hold true to our original vision. For us, putting the law within reach of millions of people is more than just a novel idea—it's the founding principle, just ask Andrew P. Lehman, J.D.. With convenient locations in Houston and Los Angeles, you can contact Our National Account Specialist and General Manager / Member Damion W. Emholtz at 888-758-2352 for a free Mortgage Fraud Analysis or to obtain samples of work product, including cutting edge Bloomberg Securitization Audits, Litigation Support, Quiet Title Packages, and for more information about our Nationally Accredited and U.S. Department of Education Approved "Mortgage Securitization Analyst Training Certification" Classes (3 days) 24 hours for approved CLE & MCLE Credit (Now Available Online).

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