home repossesed

greenspun.com : LUSENET : Repossession : One Thread

i had my house repossesed 3 yrs ago the b/society sold the property for a shortfall of 30k but we owed 46k at the time of repo due to increased payments and arrears charges plus costs can anyone tell me how long they can chase me for this and when will it be safe to apply for a new mortgage again ,we have had no contact since the repo from the building society.i now rent from the council but would like to buy ,when am i safe to do this ,MANY THANKS

-- chris jones (chrsj306@aol.com), November 04, 2002


hi chris,in answer toyour question of applying for new mortgage is that you are still liable for the debt and building society can chase you for 10years after this time the debt gets written of.hpoe this answers you query. asi work in a building society and this is our policy on debts outstanding. nicky

-- nicky (bradburyfamily@ntlworl.com), November 08, 2002.

Nicky..what is policy and what is Law are not the same thing. The BS can write the debt off but if there is a MJO it appears they can chase you ad infinitum. I am sure you meant well, but please don't get people's hopes up unless you are willing to say which Building Society you are talking about?

-- Too scared to say (iwasduped@yahoo.com), November 08, 2002.

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