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pix1
Average Member
689 Posts |
 Posted - 17 February 2009 : 21:22:03
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Hello,
I read in one of the posts on here that your repossessed house has sold for £40k. Is this right? Has this amount been written off by the mortgage company? Have they been adding on interest every month on your credit file until they sold the property? Have they updated your credit file to say the debt is satisfied not that the house is sold?
I am interested because we have a house awaiting sale and £58k of negative equity and counting! |
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Jane.l
Average Member
511 Posts |
Posted - 18 February 2009 : 12:19:48
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no, the £40,000 (approx) is the extra shortfall ON TOP of what we originally thought it would be  We had a Together mortgage of (I think) £114,000, (98,000 secured) and a secured loan with Picture for £36,000, the house at the time we realised we could not afford it and tried to sell it, was worth about £115,000 and we had a cash buyer for this amount. BUT as Picture would not be getting all their money, they blocked the sale.
At the time of going bankrupt, we thought when the house sold there would be just enough money to pay the secured part of the Together mortgage to NR, and there should have been a bit of money to put towards the £36,000 secured loan but NR took so long to repossess the house and it has eventually sold for far less (about £80,000) so I think now there would be a shortfall to NR and the WHOLE amount to Picture, not even calculating the selling costs, interest etc. This is why I think the shortfall be so much higher
As we went bankrupt, this is all included in the bankruptcy.
I have got a copy of my credit file and all the accounts, even the mortgage are showing as active and in default, so not sure what should be happening there, I am not cleaning them up, it does not affect me in any way and I have shredded all my documentation regarding my debts, so I have no way of knowing my old account numbers or anything to even begin to start writing to them. I have a council house now, lifetime tenancy, so will never be looking to buy a house again, that is what most of our debt was, we have owned 2 houses in our lifetime and both ended up in neg equity so we have had to sell at a loss both times, not to mention selling costs, etc. We got loans out to cover the neg equity and stamp duty and such
hard lesson learned there, never be a home-owner, its a mugs game, IMO |
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pix1
Average Member
689 Posts |
Posted - 19 February 2009 : 19:29:32
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Thanks Jane. Did you get your credit file before or after the house sold?
I need to ascertain whether mortgage companies do or don't update the credit file.
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Jane.l
Average Member
511 Posts |
Posted - 20 February 2009 : 10:10:20
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I got my credit files AFTER the house sold, I'll just dig 'em out and have a look at what is says about the house, we left the house in April 2007, went bankrupt August 2007, house sold around October 2008, got ED from bankruptcy in March 2008
here goes:
NR Together mortgage: status delinquent, last updated 13/03/2008
Picture secured loan, status delinquent account, last updated 12/10/2008
so as you can see, yes they have continued to update the accounts as in default, not sure if they should be doing or not  |
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Jane.l - Question for you.
