Saturday, January 3, 2009

Foreclosures mounting

London Free Press - Jonathon Sher

With the economy limping, London process servers have been racing to keep up with a slew of foreclosures, the likes of which they haven't seen since the early 1980s.

"It's unfortunate that when times are bad, we are busy," Doug Russell of London and Western Ontario Process Servers said yesterday.

Russell has served notices of foreclosure in London since 1983, first as a deputy sheriff and later for his own firm.

Back then, the culprit was interest rates that soared toward 20 per cent. But now foreclosures seem driven by an unemployment rate that's grown to 6.9 per cent, with thousands of manufacturing job losses in the region alone.

Another process server, Bill Armstrong, estimates the number of foreclosure notices he's delivered has more than tripled in the last year.

"I've never been this busy and I've been in the business 20 years," he said.

Read the rest of the story:
Foreclosures mounting


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