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Mortgage default
debtfreein2008
Posts: 72 Forumite
Sorry this is a long one!
Last yr was a financial disaster for me. The economic conditions meant that I was earning approx 1.1.5k less per month and the result of this was that I struggled to make ends meet and got behind with my mortgage. Then to cap it all I got made redundant in June. I have managed to avoid reppossion action but Im 5 months behind with my repayments.
Anyway here and now things are looking MUCH brighter. Im starting a new job in 2 weeks which will see me earning more than previously and therefore I plan to live on as little as possible and get my self back on track asap. What I want to know is how long will the mortgage default stay on my account? I believe its different to a normal credit default as the debt is still with the mortgage company and there is no litigation action being taken.
I'm so fed up of being in debt and I just dont want this affect me for the next 6 years! I know I overstretched myself but hindsight is a beautiful thing!
Help much appreciated, thanks x
Last yr was a financial disaster for me. The economic conditions meant that I was earning approx 1.1.5k less per month and the result of this was that I struggled to make ends meet and got behind with my mortgage. Then to cap it all I got made redundant in June. I have managed to avoid reppossion action but Im 5 months behind with my repayments.
Anyway here and now things are looking MUCH brighter. Im starting a new job in 2 weeks which will see me earning more than previously and therefore I plan to live on as little as possible and get my self back on track asap. What I want to know is how long will the mortgage default stay on my account? I believe its different to a normal credit default as the debt is still with the mortgage company and there is no litigation action being taken.
I'm so fed up of being in debt and I just dont want this affect me for the next 6 years! I know I overstretched myself but hindsight is a beautiful thing!
Help much appreciated, thanks x
0
Comments
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Hello. I work in mortgage arrears. As far as I'm aware a default shows on your credit history for the same length of time as a missed payment, which is up to 6 years.
Have you set up an arrangement with the bank to start repaying the arrears as at 5 months it is important to do this ASAP.Money does grow on trees...it's paper!!!0
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