Is it safe after 10 years?greenspun.com : LUSENET : Repossession : One Thread
I wonder if anyone can offer me advice. We were repossessed in 1991, and although we didn't tell the building society where we had moved to we have not hidden. We have applied and got credit cards etc and are on the electors roll. My question is whether it would be safe to apply for a mortgage? Also should we say we have previously been repossessed? and finally if we did buy again and te building society caught up with us what could they do?
Any advice would be helpful.
-- kelly (firstname.lastname@example.org), October 04, 2001
Its difficult to say whether or not its safe for you to apply for a mortgage. The fact that you've got credit cards, are on the electoral register etc is a plus point. There is always a risk that the lender could find you, and there are people who have posted to this board who have been contacted many years later.
If you weigh up the odds and decide to apply for a new mortgage, then the application form will ask you whether or not you have ever been repossessed, it may say within the last X years. If you weren't repo'd that many years ago, you need not say anything, if there isn't a time limit, then you should admit to the repo. Its a long time since it happened and you've had plenty of time to build up a good credit history. If you don't tell the truth and the lender finds out then it won't look good.
Sorry this doesn't give you a definitive answer, but it might be worth chatting to a few lenders and see if they can give you any decisions in principle before you formally apply.
-- pendle (email@example.com), October 04, 2001.
My simple advise is DON'T. I was also repo'd in 1991 and after staying low for a number of years thought that it would be safe to get another mortgage in 1999. In the preceding 8 years I received a grand total of two letters to my mothers address at which I had never lived. After living at my newly mortgaged house for 9 months and just before the voluntary agreed six year limit cut off date in February 2000, I received the first of approx twenty letters sent so far. I have ignored them all including the numerous court threats and the two identical letters, except the date, stating that they would petition my local county court for my bankruptcy should I not pay up in three days! Get professional advice although I'm not sure who is best, but I'd wait until you are sure that the twelve years are up. Good luck and if you find good definitive advise let me know!!
-- (firstname.lastname@example.org), October 08, 2001.