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Mortgage arrears and credit rating
wharfgoer
Posts: 1 Newbie
Hi all
Due to losing my Job I was unable to pay my mortgage repayments so was forced to sell my property. I have moved in with my parents and now sold the property. I am currently in 5 months of arrears with my mortgage company but now I have sold my property I have enough equity to clear the arrears and pay off the remaining balance. Because of the missed payments my credit rating has gone from Excellent to Fair. Will the mortgage company be able to improve my credit rating after everything has been cleared? And if so how would that happen and how long would it take.
Many thanks
Due to losing my Job I was unable to pay my mortgage repayments so was forced to sell my property. I have moved in with my parents and now sold the property. I am currently in 5 months of arrears with my mortgage company but now I have sold my property I have enough equity to clear the arrears and pay off the remaining balance. Because of the missed payments my credit rating has gone from Excellent to Fair. Will the mortgage company be able to improve my credit rating after everything has been cleared? And if so how would that happen and how long would it take.
Many thanks
0
Comments
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Only you can improve your future credit rating. That will depend on how you conduct yourself.0
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