NEW MORTGAGE AFTER BEING REPOSESSEDgreenspun.com : LUSENET : Repossession : One Thread
I understand that while in dispute re a shortfall no lender will consider me for a new mortgage as I'll be on the reposession list. If I negotiate a "full and final settlement" will my name be taken off the reposession list allowing me to make a fresh start mortgage wise?
Any advice appreciated.
-- hanging in there! (Anderston828@aol.com), September 10, 2002
The workings of the repossession register are a mystery to me. Certainly plenty of people have told me that they were able to get mortgages from High Street lenders after being repossessed and without having settled.
-- Lee (email@example.com), September 11, 2002.
Before anyone else mentions it - yes you would think I should be able to spell "repossession" by now!
-- hanging in there! (Anderston828@aol.com), September 10, 2002.
If you pay the agreed full and final settlement, I believe that the repossession register will still contain your name but that it will be marked you have satisfied the claim.
Really, its just like receiving as summons and not paying it within one month - it then still counts as a judgment, but the judgment is marked as satisfied. With the mortgage, you still defaulted and were repossessed, and no settlement will ever change that. You have to ask yourself if you were a lender, would you take somebody on that had defaulted and been repossessed and then later on settled up - would you given them a new mortgage? As I said in my earlier posting, try some sub-prime lenders!
-- David J. Button (firstname.lastname@example.org), September 10, 2002.
I have had a chat with a mortage specialist regarding getting a new mortgage after a repossession.
He told me that on average, only 1 in 10 repossessions are every actually logged by the lender onto the repossession register and then when you apply for a new mortgage, only 1 in 10 of the lenders will check against the register.
This vasty improves the chances of getting another mortgage. I suggest you obtain your credit file from Experian and Equifax. If there is no sign of the repossession on them then you are relatively safe. Most lenders assume that if the credit file looks ok then the customer is a safe bet.
My partner has been through a repo and we are having a major battle agianst the Halifax that is starting to turn out quite well. We haev the Ombudsman, Data Commissioner and Lord Chancellor involved and the Halifax are feeling a bit threatened now!
We have been told that the chances are that she will be able to get another mortgage quite easily despite her repossession.
Hope this helps!
-- Kaveh Damestani (email@example.com), September 13, 2002.
Yes it is possible to get a new mortgage while in dispute. I obtained a new mortgage 2 years after reposession and am still being chased for mortgage shortfall. Not sure about High st lenders though, but there are plenty of sub prime lenders who will give you one. good luck.
-- Ellis (firstname.lastname@example.org), September 17, 2002.