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How will a foreclosure affect my credit rating

How will a foreclosure affect my credit rating
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Answered in 1 minute by:
9/28/2010
Thomas
Thomas, Lawyer
Category: UK Property Law
Satisfied Customers: 7,631
Experience: BA (Hons), PgDip, Practising Solicitor
Verified

Hi,


Could you explain your situation a little more please?

 

Tom

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Customer reply replied 7 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.

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

 

 

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Customer reply replied 7 years ago
This is correct

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
Thomas, Lawyer
Category: UK Property Law
Satisfied Customers: 7,631
Experience: BA (Hons), PgDip, Practising Solicitor
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Customer reply replied 7 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

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

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Thomas
Thomas
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Category: UK Property Law
Satisfied Customers: 7,631
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