DMP - Full and Final Settlement

costaerer · 10 August 2009 at 9:45PM

can you do the mortgage in ur parents name and pay them the amount each month. just say you dont think youll be able to get a mortgage, say you are forgetful and pay bills late or something??

Deep_In_Debt · 10 August 2009 at 9:55PM

You could write to the creditors and apply to their better nature - there is no harm in trying.

sortingmystuffout · 10 August 2009 at 10:48PM

thanks guys for all of your replies. My parents wouldn't let me take a mortgage out in their name as they already own the home I am wanting to buy half of. I just thought that as i would be buying from parents and that they are going to put the other half down as a deposit and my defaults would be four years old by then and satisfied that it might be a little different, and I would be able to get a better mortgage rate regardless of my defaults. At the end of the day if I missed any payments then they have said they are prepared to tell the mortgage people that they will pay . I'm not sure how it all works its all so confusing prehaps it might be worth my while phoning a mortgage broker for advice on this too .

sortingmystuffout · 16 August 2009 at 11:20PM

hey guys just thought i would fill you in. due to all your good advice I am looking into getting a private mortgage with parents until my defaults drop off then will get a normal mortgage . We need to look into all the leagalities and if it is actually leagal but i assume it is as they already own the property I am wanting to buy . thanks for all your advice

dannynixon · 17 August 2009 at 5:48AM

a private mortgage? How is this different froma regular mortgage?

sortingmystuffout · 17 August 2009 at 9:52PM

my parent own the home i rent from them outright . So as long as we solocitors involved i can pay my monthly payment towards buying it from them rather than renting from them . We hope .