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Nicole87

House repossession

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Hi

I have been reading this forum for quite some time now, think all your advice and expertise is fantastic.

I’m just after some advice myself regarding an old repossession.

 

Before I met my husband (approx 10 years ago) he went through a really hard time and got into financial difficulties, his house was repossessed and sold on for a much lower price I suspect.

Over the past 10 years he has not had any letters or correspondence regarding this so we are unaware of any shortfalls.

This has been hanging over us for so long and to be fair put our life’s on hold.

 

Only the past couple of years has my husband began to be accepted credit.

Earlier this year his credit file began to improve dramatically (his score is even higher the mine) and I have never missed a payment in my life!

 

After renting for the past 10 years my question is now we are in a position to buy a property (joint mortgage)

Is this a good move?

 

I have read various horror stories!

The company he got his first mortgage through I think has since went into liquidation but was part of the FCA so not sure if the 6 year rule would stand if they ever were to come knocking over the next 2 years!!!

Thank you so much

Edited by Andyorch
Paras

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Hi Nicole87 and Welcome to CAG

 

I have moved your thread to the appropriate forum...please continue to post here to your thread.

 

Regards

 

Andy


We could do with some help from you.

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The exact date of the Repo is very important as this is when the clock starts ticking, the normal period of time until the shortfall becomes Statute Barred is 12 years for a Mortgage.The fact that the Mortgage Company no longer exists,you can be sure that any shortfall debt will have found it's way into the grubby hands of a Debt Purchasing Agency,so the Start date is important.Who was the Mortgage Company? Also check the Land Registry to find out how much the house was purchased for.Does your Husband not have any documentation regarding the Repo?

FS

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Thank you, I will check land registry, we have tried Rightmove etc but nothing is showing up. He bought his house only 2 years prior to his repossession when prices were really high. Therefore I’m pretty sure there will be some shortfall, he has no documentation at all. He thinks it was with GE home lenders. His last payment was in April 2008, he thinks it was sold a few months later. Thanks for your help.

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I have just checked land registry. The last sale was when he bought it in 2006 nothing since. Very strange.

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PLEASE DONT HIT QUOTE IF THE LAST POST IS THE ONE YOU ARE REPLYING TOO.

MAKES A THREAD TWICE AS LONG TO SCROLL THROUGH!

please do not post jpg images directly to a topic..USE PDF ....READ UPLOAD.

 

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Most GE Mortgage ended up in the hands of Kensington Mortgage, as there has been no communication from anybody,and your Husband has no documentation,which from experience is usually full of unexplainable charges,should any company surface demanding shortfall money, contact CAG first before making any contact.

FS

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Great thanks. Fingers crossed nothing crops over the next 2 years, as that will be the 12 year mark. Feel like it’s a risk to go for a mortgage together but also feel like we can’t keep our life on hold any longer.

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Check your credit files, both of you, the 3 major Credit Reference Agencies,

FS

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We have checked and they are both good.

No defaults or anything.

 

We have been accepted for a joint mortgage but I’m petrified it will open a can of worms, if we were to go ahead and buy a property and a DCA were to contact us at our new address, could after 10 whole years they have any authority over our new property?

 

Surely they have had 10 years to contact him,

he has bank statements going to our current rented address for over 7 years,

he has been on the electrical role for many years now

and has had a loan through his bank for over 2 years.

 

Thank you so much for taking the time out to reply,

I really appreciate all your advice.

Edited by dx100uk
spacing

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not sure where you are reading they could ever have authority over a later property...…..???

 

https://www.consumeractiongroup.co.uk/forum/showthread.php?387506-Mortgage-shortfalls-Lender-should-not-pursue-under-CML-policy


PLEASE DONT HIT QUOTE IF THE LAST POST IS THE ONE YOU ARE REPLYING TOO.

MAKES A THREAD TWICE AS LONG TO SCROLL THROUGH!

please do not post jpg images directly to a topic..USE PDF ....READ UPLOAD.

 

WE CAN'T GIVE ADVICE BY PM - IF YOU SEND ME A LINK TO YOUR THREAD - I WILL BE HAPPY TO OFFER HELP THERE

Single Premium PPI Q&A Read Here

Reclaim mis-sold PPI Read Here

Reclaim Bank Account, Loan & Credit Card Charges Read Here

The CAG Interest Tutorial Read Here

spreadsheets 

 

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I read it on a different website, that’s why I’ve come on here to learn facts and get your expertise,

 

I want to be 100 percent sure before I commit myself to a joint mortgage and be one step ahead Incase they ever were to come knocking.

 

Thanks for your advice and clarifying my rights.

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they cant just rock up at your door!!

 

I would suspect this was sold on years and years ago.

a dca is NOT A BAILIFF

and has

ZERO legal powers


PLEASE DONT HIT QUOTE IF THE LAST POST IS THE ONE YOU ARE REPLYING TOO.

MAKES A THREAD TWICE AS LONG TO SCROLL THROUGH!

please do not post jpg images directly to a topic..USE PDF ....READ UPLOAD.

 

WE CAN'T GIVE ADVICE BY PM - IF YOU SEND ME A LINK TO YOUR THREAD - I WILL BE HAPPY TO OFFER HELP THERE

Single Premium PPI Q&A Read Here

Reclaim mis-sold PPI Read Here

Reclaim Bank Account, Loan & Credit Card Charges Read Here

The CAG Interest Tutorial Read Here

spreadsheets 

 

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That’s good to know. I’m sure a worrier. Thanks for your help.

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