Fighting Shortfall - Considering New Purchasegreenspun.com : LUSENET : Repossession : One Thread
I am just starting my fight against a shortfall claim of 40k. This site has been unbelievably good.
My question is that I have been offered the chance to purchase 1/3 of a flat via a housing asscoiation. I am currently renting. I want to know if this will prejudice my case? Will they assume I have enough to cover their payments? I will only be putting in a 5% deposit for about 75k share, so its not a huge amount. I don't have any savings, but my income is good at the moment. If I do purchase this place i'm thinking my outgoings will rise so as to reduce my disposable income which is a good thing. Also as the property is only part owned they will find it difficult to repossess this new place, especially as there will be less than a few thousand pounds in equity.
Thanks for any help provided
-- Rick K (firstname.lastname@example.org), March 13, 2003
I'm afraid that if you do go ahead and buy a share they would be able to go for a charging order if it goes against you in court and you cant make monthly payments if ordered by the court. If you can try & get a full & final before buying the share. Either way I wouldnt make any plans until the debt enforcement white paper is published on March 26th.
-- Sue (email@example.com), March 13, 2003.
I agree with Sue. No pint in buying property that they can get their hands on later. I would reckon that your lender will check your credit rating on an ongoing basis and this could well show up and then you're snookered. Bear in mind the other two people buying the house....you could complicate things for them.
Let us know who the lender is as it might be that we can help re advising what the chances of an early settlement might be!
I know this isn't perhaps what you want to hear but if you did go ahead and buy all you would do is worry.
-- hanging in there! (Anderston828@aol.com), March 15, 2003.
This claim is with the abbey national
-- Rick K (firstname.lastname@example.org), April 10, 2003.