Repossession/Bankruptcygreenspun.com : LUSENET : Repossession : One Thread
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 (firstname.lastname@example.org), January 21, 2002
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 (email@example.com), January 22, 2002.