Repossession/Bankruptcy

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I had my house repossessed in April 1997, TSB was the lender,I moved out in July 1997, as per the Judges instructions. In April 1998 I heard through the grape vine that the Bank was looking for me, this was because of the following events: - House valued at 70,000.00 in Jan 1997 Mortgage 65,000.00 The house was sold for 42,000 in Oct 1997. Hence the banks insurance company, part of the TSB group, was trying to re-coup the difference. After hearing about this I decided to do the next best thing and made myself bankrupt. This took place in September 1998. All my outstanding debts, including 23,000.00 (from the shortfall)was thrown into the pot, with my overall debt being approx 35,000.00 I have recently been discharged from my bankruptcy, resulting in me being now clear of all debt. How do I go about getting a mortgage with my name being on the Bankruptcy register and also the Repossession register, or conversly can I now clear my name from both lists.

-- JasonSmith (linglingchee@hotmail.com), January 21, 2002

Answers

You will have to try a non status mortgage - none of the mainstream mortgage/high street banks will touch you until at least somewhere around 2004/5 when the credit bureau reports show you clear of problems. As to the repossession register, I dont know hoe long you show on that.

One place to try is GMAC/RFC at Bracknell, Berks as they specialise in "abnormal" mortgages where mainstream caannot help but you will pay a bit extra interest. RFC only used to accept customers through brokers, they may well still do.

Have a word with a financial broker in your area to see what the options are.

-- David J. Button (davidjohnbutton@supanet.com), January 22, 2002.


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