repossessiongreenspun.com : LUSENET : Repossession : One Thread
please help i have got the oppurtunity to buy my council property,but had a proprty repossessed in the price crash of the eighties,we are still paying a monthly payment towards the shortfall.will applying for a mortgage mean i will be liable for the full amount.should i try to lieabout having an outstanding debt.my gredit rating has returned over the last year i can now get loans and cards. any advice would be appreciated
-- (firstname.lastname@example.org), January 13, 2005
It is very unlikely now that there will be any link on credit records on on the CML register (which did not exist in the 80's as I recall).
Go for it, but do a credit search on yourself before you commit, just to make sure.
-- David J. Button (email@example.com), January 13, 2005.
Just a thought..., you could use the opportunity to borrow a bit more than you need assuming you are getting a good discount..and try and negotiate a full and final settlement with the creditor you are paying out to monthly. You might find that they will settle for half of what your balance is. But don;t let on that you are buying your council house.
-- Moira (Anderston828@aol.com), January 15, 2005.