How JustAnswer Works:

  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.

Ask Thomas Your Own Question

Thomas
Thomas, Lawyer
Category: UK Property Law
Satisfied Customers: 6644
Experience:  BA (Hons), PgDip, Practising Solicitor
28732269
Type Your UK Property Law Question Here...
Thomas is online now
A new question is answered every 9 seconds

How will a foreclosure affect my credit rating

Customer Question

How will a foreclosure affect my credit rating
Submitted: 4 years ago.
Category: UK Property Law
Expert:  Thomas replied 4 years ago.

Hi,


Could you explain your situation a little more please?

 

Tom

Customer: replied 4 years ago.
The property is in my wife's and daughter's name and it has two liens on it. One a motgage (Northern Rock) for 177k (first lein) and a personal loan (First Plus) for 50k. I got a sale offer for 194K but was short on the personal loan and they refused me permission to sell. The First Plus loan is in my and my wife's name and is secured on the property. My unempolyment insurance on FP runs out in October and I wont be able to pay both mortgage and loan so I think they will have to reposses. This I dont mind but worry about how it will affect my daughter's credit rating.
Expert:  Thomas replied 4 years ago.

Just to be clear.

 

You and the property are based in the UK.

 

The property is registered in the names of your wife and your daughter with a mortgage registered against it in favour of NOrthern Rock.

 

A personal loan taken out in the name of you and your wife is also secured against the property.

 

If you and your wife are not able to pay the FP repayments then you want to know if possession proceedings are taken by your creditors how this will affect your daughter's credit rating.

 

Correct?

 

Kind regards,

 

Tom

 

 

Customer: replied 4 years ago.
This is correct
Expert:  Thomas replied 4 years ago.

If you daughter is named on the mortgage then the first thing you want to avoid is the mortgage company taking action in respect of the arrears because if possession proceedings are taken and the property is sold then this will affect her credit rating and the sale will be noted on it.

 

If action is taken by FP in respect of arrears on their account then this can only be taken in respect of your wife's share in the equity of the property - not your daughters, this is protected and her credit rating will not be affect or, if it is, she can apply to have it altered to reflect the fact that the default as nothing to do with her.


Focus on paying the mortgage first and then see what you can do about the second loan.

 

If this is useful please kindly click accept so that I may be rewarded for my time. It will be gratefully received and you will be free to ask follow up questions.


Kind regards,



Tom

Thomas, Lawyer
Category: UK Property Law
Satisfied Customers: 6644
Experience: BA (Hons), PgDip, Practising Solicitor
Thomas and 3 other UK Property Law Specialists are ready to help you
Customer: replied 4 years ago.
Dear Sirs,
I wish to cancel my subscription to this service effective 8.11.10 and hope i will not be charged for the month of November.
Please acknowledge receipt of this post.

regards,
Thorold Demercado
Expert:  Thomas replied 4 years ago.

Dear Thorold.


Thank you for your email.

 

I do not deal with account enquiries. I will refer this to the moderators who shall assist.


Tom

JustAnswer in the News:

 
 
 
Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.
 
 
 

What Customers are Saying:

 
 
 
  • A quick response, a succinct and helpful answer in simple English. I believe I can now confront the counter party with confidence -- worth the 30 bucks! Rick Leeds, UK
< Last | Next >
  • A quick response, a succinct and helpful answer in simple English. I believe I can now confront the counter party with confidence -- worth the 30 bucks! Rick Leeds, UK
  • I did not know a French Law service existed and I was very impressed with the speed of reply --- very professional. Many thanks! Ms. Baker Alfafar, Spain
  • Thank you so much for your help. Your answers were really useful and came back so quickly. Great! Maggie USA
  • Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help. Mary C. Freshfield, Liverpool, UK
  • This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!! Alex Los Angeles, CA
  • Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult. GP Hesperia, CA
  • I couldn't be more satisfied! This is the site I will always come to when I need a second opinion. Justin Kernersville, NC
 
 
 

Meet The Experts:

 
 
 
  • Joshua

    Lawyer

    Satisfied Customers:

    4433
    LL.B (Hons), Higher Prof. Dip. Law & Practice
< Last | Next >
  • http://ww2.justanswer.com/uploads/JO/Josh2010/2012-4-29_19490_GettyImages80121770B.64x64.jpg Joshua's Avatar

    Joshua

    Lawyer

    Satisfied Customers:

    4433
    LL.B (Hons), Higher Prof. Dip. Law & Practice
  • http://ww2.justanswer.com/uploads/TO/touchwoodsden/JA.64x64.jpg Law Denning's Avatar

    Law Denning

    Solicitor

    Satisfied Customers:

    2289
    PGD Law. 20 years legal profession, 6 as partner in High Street practice
  • http://ww2.justanswer.com/uploads/RE/Remus2004/2012-4-22_93111_2bigstockPortraitOfConfidentFemaleL6943985.64x64.jpg Jo C.'s Avatar

    Jo C.

    Barrister

    Satisfied Customers:

    2244
    Over 5 years in practice.
  • http://ww2.justanswer.com/uploads/TG/TGraham12/2012-7-17_81212_bigstockBusinessHandshake508163.64x64.jpg Thomas's Avatar

    Thomas

    Lawyer

    Satisfied Customers:

    1198
    BA (Hons), PgDip, Practising Solicitor
  • http://ww2.justanswer.com/uploads/CH/chathamchamber/2011-4-24_191833_1.64x64.jpg INC's Avatar

    INC

    Solicitor-Advocate

    Satisfied Customers:

    809
    LL.B, Pg.Dip, LL.M, M.B.A (Pending), Solicitor-Advocate. UK Practising Certificate issued by SRA., DIFC Courts Registered (Dubai)
  • http://ww2.justanswer.com/uploads/AJ/ajlaj01/2012-5-9_14051_Profile1.64x64.jpg Alex J.'s Avatar

    Alex J.

    Law

    Satisfied Customers:

    400
    LPC, 2 Years Conveyancing
  • http://ww2.justanswer.com/uploads/BU/Buachaill/2012-5-25_211156_barrister5.64x64.jpg Buachaill's Avatar

    Buachaill

    Barrister

    Satisfied Customers:

    212
    Barrister 17 years experience
 
 
 
Chat Now With A Solicitor
Thomas
Thomas
1291 Satisfied Customers
BA (Hons), PgDip, Practising Solicitor