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Can you find out any information about repossession houses?
papermoney
Posts: 583 Forumite
I mean if there are any outstanding debts not secured on the property but ones which the previous owners had?
Is it correct to assume that if a person has their home repossessed then they are declared bankrupt? or is this not the case?
Me and my husband have put in an offer on a repo, but my H is worried about any comeback.
Is it correct to assume that if a person has their home repossessed then they are declared bankrupt? or is this not the case?
Me and my husband have put in an offer on a repo, but my H is worried about any comeback.
:rotfl:
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Comments
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Not all repossessions result in bankruptcy. For some people the mortgage repayments got unmanagable, the house was repossessed and sold and that cleared the debt. For others there may be other debts hanging around but not enough to be forced into bankruptcy.
In any case you wouldn't know if someone is going to go bankrupt after they have sold their home.
If someone goes bankrupt they will lose the equity in their home to the official receiver in the first instance.
If you buy a repossession there shouldn't be any long term comeback. You may be get the odd baliff looking for the previous owners, but it won't affect your credit rating as this isn't linked by address.I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0 -
Thanks - I think there is part of my husband who has morbid curiosity about the previous owners.
I have told him it should be ok. He doesn't half fuss sometimes.:rotfl:0 -
Well, he'll find out everything he needs to know on the debt front when you move in and start opening their post :rotfl:
Before anyone starts, yes, I'm joking, you're not allowed to do it.Everything that is supposed to be in heaven is already here on earth.
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Doozergirl wrote: »Well, he'll find out everything he needs to know on the debt front when you move in and start opening their post :rotfl:
Before anyone starts, yes, I'm joking, you're not allowed to do it.
You jest, we've found out far more about the previous owners than we would like to know!
They don't seem to understand that bankruptcy means they should declare their debts and be rid of them; not keep the creditors in the dark and let them chase forever!I'm a Forum Ambassador on the housing, mortgages & student money saving boards. I volunteer to help get your forum questions answered and keep the forum running smoothly. Forum Ambassadors are not moderators and don't read every post. If you spot an illegal or inappropriate post then please report it to forumteam@moneysavingexpert.com (it's not part of my role to deal with this). Any views are mine and not the official line of MoneySavingExpert.com.0 -
Doozergirl wrote: »Well, he'll find out everything he needs to know on the debt front when you move in and start opening their post :rotfl:
Before anyone starts, yes, I'm joking, you're not allowed to do it.
Has anyone ever been done for that though? how would anyone find out?
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