repossession : 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 gredit rating has returned over the last year i can now get loans and cards. any advice would be appreciated

-- (, 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 (, 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 (, January 15, 2005.

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