settlement

greenspun.com : LUSENET : Repossession : One Thread

Can anyone help!

My home was repossed some 5-6 years ago after a messy seperation from my ex-husband. The building society have been chasing me since this time for a shortfall of about 16k. I did try to sort out this mess before the reposession but the building society were of little help stating that I had to pay the mortgage even tho I was renting elsewhere and my husband continued to live in the house with another woman! He refused to pay the mortgage, hence the repo.

I am currently wanting to buy another home as I have been renting for years and want to move on with my life, but keep coming up against a brick wall because nobody will lend me a mortgage due to the debt not being satisfied. The Halifax refuse to provide details of the debt and have passed the debt onto several other agencies along the way.

How do I get over this?? I have no savings and will have to borrow for a deposit to buy a house when I eventually sort this out. Do I make an offer to settle the debt with what little I can get together even tho I do not admit to the debt, and if so how do I get round this? Like I said I have no savings but dont want to arrange re-payments over years and years.

Sorry this is a long one!

-- amanda (amandjc@hotmail.com), January 29, 2004

Answers

Amanda,

Personally I do not think it would be wise to even consider buying another property until you have resolved the previous situation. I think your best bet is to try and reach a low settlement with the lender so that you can then rectify your credit rating. Be careful, if you do manage to buy another property the lender chasing you can place a charging order on the new property and repossess that too. Not only that I don't believe it's the right time to buy, I feel there has been so much over borrowing that there is a big crash coming. I would also advise you to read as many earlier postings as possible on this site, it may help you when and if you decide to negotiate a settlement. If your property was undersold this may help you in any negotiations. If the lender is difficult I would also suggest you contact your local MP (see Mike Hancock's EDM on the Home Repo site). Good Luck.

Mark.

-- M Amos (idgroms@hotmail.com), February 03, 2004.


Thanks for your reply Mark

I have lots of information from this website and do believe that the halifax undersold my property, especially as there were houses on the same street for sale at 15k more than what mine was sold for. I have copies of these too!

They have constantly refused to supply me evidence of what the 16k is made up from also...sounds suspicious doesnt it?

amanda

-- amanda (amandjc@hotmail.com), February 04, 2004.


Amanda,

Yes, it does sound suspect. I think the lender should be put to strict proof of the alleged debt, which is perfectly reasonable.

Mark.

-- M Amos (idgroms@hotmail.com), February 06, 2004.


Moderation questions? read the FAQ