Can I buy back after repossession?

greenspun.com : LUSENET : Repossession : One Thread

I have recently had forced upon me a repossession as I was unable to clear arrears of 7027.00.

Since this date it has become clear that I could raise this capital to pay off my arrears and begin afresh.

My house has only been repossessed in the last 5 Days and has not been placed up for sale as yet.

My mortgage was with Paltform Home Loans with Glenisters Solicitors acting for them.

Should I be able to gain the capital to clear the arrears on my mortgage, or completely remortgage would I be able to regain possession of the property from the Mortgage company?

-- Alister Duckett (alistermduckett@hotmail.com), March 23, 2003

Answers

Alister,

There are 2 issues here:

The first is that no you cant clear the arrears and expect Platform to give you the house back, once repossession has taken place Platform will not give the house back on paying the arrears. If you had been able to clear the arrears prior to repossession then the answer would be yes.

However Platform as a sub prime lender are not all that bad and I would suggest you having nothing to loose by asking them.

The best solution is to quickly find a lender that will allow you an advance to re-purchase the property. In this event you will be able to purchase the property back for the redemption cost only and not the market value. Get a redemption statement from Platform detailing what it would cost to redeem then approach another sub prime lender for advice or a broker.

I would suggest trying either Mortgages plc or kensington, possibly even GMAC. Do not under any circumstances take a mortgage with the I-Group.

If you get no joy yourself try the packaging centre in Glasgow, now called OPUS. According to Mortgage Strategy they had packaged 500 Million in mortgages during 2002/03 adn have excellent service and products that provide for cash back to borrowers.

Good Luck.

-- Jim Devine (anon@anon.com), March 28, 2003.


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