does anyone know at what stage following a repossession of a bankrupt's property a mortgage company will update a credit reference file to show that the mortgage account has 1) defaulted and 2) become 'satisfied'?
Currently, I am discharged from bankruptcy but my wife awaits hers. The mortgage company are updating the Equifax credit file monthly to show that our mortgage account is 'delinquent', though not 'defaulted' and that the balance is going up by about £1400 interest per month! In Decemebr last there was a balance showing on the credit file in the amount of £258k approx. and now in March there is £262k approx. showing! The property awaits sale. There is going to be a shortfall of at least £70k approx.
Does anyone have any practical experience or know of what happens in these situations?
It would be reassuring to know that once the property sells mortgage companies do update credit files for bankrupts to show that the account is satisfied and that they are not going to be pursued for shortfall.
sorry can't help I'm afraid and I don't believe there will be a blanket policy which all lenders would follow in this situation so any attempt to answer your question would be speculative at best.
yes, I am in the same situation, I got ED from bankruptcy and the house has now sold but the credit files still show NR and Picture updating and defaulting the account and it is classed as delinquent.
I am just leaving it, it will not affect me in any way even if they continue to do this for infinity
expert advice please!
Posted - 06 March 2009 : 11:29:15
