Canny McSavvy Distressed Property Playbook

Suppose you kept buying houses and had 5/6 of them all in your own name including a few trophy ones that are worth a million less than they used to be plus a few Section 23 shitholes. The bank appoints Receiver or gets mortgagee in possession when you don’t keep up payments.
What steps should Canny be thinking about?

  1. Demand to see the banks valuations.

  2. Put on record a solicitors letter that you dispute all the valuations and do not give consent to disposal at 2011 prices. Maybe produce a few dodgy valuations yourself to muddy the waters.

3.Dispute any attempt to get debts attached to your family home. No matter what you and Mrs McSavvy signed in 2006 say you weren’t properly advised and the bank didn’t inform you of the consequences.

  1. Hope for a friendly judge in a few years time so that if the big bad bank goes for judgement against you personally. You can scream and shout about the constitution.

Live long and prosper and moan about how the public sector and welfare ruined the country for entrepreneurs like you.

But How can the bank counteract Canny and his tactics?