How long woud I be damned to hell following a repossession?

Bundy_2

Hi all, I'm new to these boards and have lots of questions

Out of curiosity, when a house is repossessed, how long will it show up as a major dirty stain on your credit rating? Forever?

Is there any way to "manually" repair it once it's happened?

Thanks for any advice you can give me.

eurows

Your suppossed to be damned for 6 years. But you have a legal obligation to reviel it if asked in any application. Although I am sure you would get a mortgage you will probably pay more forever.

normski_2

Depends on lots and lots of things. When the house was repossesed and sold was their a surplus? If there was a shortfall then the mortgage company, or more likely a debt collection company, can pursue you for the shortfall in future years. Therefore if you bought a new property and started to build up some equity you could be pursued for the 'old debt' in say five years time.

You may have to get a mortgage through a broker. They are more than likely to be a 'Second Tier Lender' rather than a 'High Street Lender' and as such the APR, late payment fees, redemption charges etc. are likely to be much higher. However, if you can meet payments as and when they fall due then this should all help to 'repair' you credit rating enabling you to re-mortgage in future years at a better rate, a least thats the theory anyway.