Response to thinking of buying a flat 6+ years after a repo.....

Hi - sorry to hear about your misfortune I believe I have read your comments on Cal-ex and emailed your privately with this sites address. You say that your repo was over six years ago, depending on who the lender is some of them are claiming that they will not pursue debts over six years old - post who the lender is to the site, I'm sure that anybody else who has had the same lender will be able to help you. You say that they are advising you that the shortfall is 13k you could plead poverty and offer a much smaller sum (start off very very small) as a one of settlement that way they would be off your back once and for all. On new mortgage application forms it will usually ask if you have ever had a repossession if you answer no and are found out you could get done for mortgage fraud - a bit risky. If your wife wasn't party to the first mortgage then you could always take out the new mortgage in her name only. Some other factors to consider are if you had an MIG was it mis-sold to you, where you under the impression that it would protect you if your home was repossessed. Was your home undersold, does the statement of loss tally up. I look forward to hearing from you.

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