Capstone repossession

[uneverdid]

Hi just wondered if anyone knew the answers to the above questions Thankyou

[Crapstone]

Mortgage debts last for 12 years AFAIK and not the usual 6 as with unsecured loans. I don't think it will be anytime soon that you will get another mortgage as it's sure to stay on. But that would be the same if you went bankrupt. For now I would just look at getting things straight and wait and see what the future holds. At least by putting the money aside, out of their grasp hopefully, it will give you something to work with.

[uneverdid]

Thanks Crapstone I have no intention of ever wanting another mortgage so not worried about that thankfully just want to try and get a better looking credit file

[citizenB]

Hi thanks for replies I will put the £100 away each month. I have numerous charges every month I get charges if £100 for arrears over the course of the account there are charges amounting to nearly £5000 so I will challenge them when the final accounts come through. My partner has no financial connection we have nothing together to link us. One other question how will the repossession be reflected in my credit file I thought I had read somewhere that CML had stopped recording repossession s on cras my mortgage default date means this debt will fall off next Feb if it's passed on to a dca they cannot make a new entry with a new default date can they?

Thanks everyone

 

Correct, if the default was first entered over 6 years ago and it falls off next February then that is it. Even if the outstanding balance gets sold on - the default date cannot be changed - so you will need to keep your eye on that.

[uneverdid]

Thanks citizenB that's reassuring will there be a separate entry for the repossession though Thankyou

[citizenB]

Thanks citizenB that's reassuring will there be a separate entry for the repossession though Thankyou

 

 

I truly know nothing about repossessions so unable to answer that question.

[Bandit127]

You have already defaulted on your obligations to repay the monies to the mortgage lender.

 

You owe, at this point, all monies outstanding on the mortgage. (Ignoring charges for now).

 

When the repossessed property is sold the only change to the situation is that the amount owing is reduced by the proceeds of the repossession.

 

Repossession does not change the default date. Neither does it get reported on your file as a separate default. It will simply be reported as a payment on your mortgage account (which is effectively what it is).

[uneverdid]

Thanks for your reply Bandit so although I will still be paying the shortfall off it will no longer be on my file from early next year. I hope it might be even sooner as I have worked out that I had missed 7 payments before capstone placed it as a defaulted account.

[Bandit127]

The account will drop off your file 6 years after the default. That the default was registered a few months late is of little importance and would be very difficult to correct, if not impossible.

 

Please keep us posted on developments on the house sale.

[uneverdid]

Hi Bandit127 thanks as it stands at the min the house sale will leave me with a shortfall of £20, 000 plus solicitor and estate agents fees

[Bandit127]

The fees in my case added up to £6.5k, just so you have a guide figure.

 

There is nothing you can do now but just let it run its course. Lucky for you the effect on your credit rating will be gone next year.

 

It could take a long time before the house is sold though - it took months and months for me.

[uneverdid]

hi have noticed today that an offer of £75.000 Has been received the agents have given 7 days for further offers. What will happen now I have received no correspondence whatsoever since the repossession took place even though capstone have my current address.

possible shortfall now of £ 32.000 + solicitor and estate agents fees :(

[uneverdid]

hi have noticed today that an offer of £75.000 Has been received the agents have given 7 days for further offers. What will happen now I have received no correspondence whatsoever since the repossession took place even though capstone have my current address.

possible shortfall now of £ 32.000 + solicitor and estate agents fees :(

[uneverdid]

any advice guys

[citizenB]

I will flag for attention, uneverdid.. I dont think there were many people around over the Easter weekend

[uneverdid]

thanks citizenB I appreciate your help

[Bandit127]

I remember being shocked at how little my flat sold for at the time. (I think they undersold it, but that is a different story and another thread. And on hold while other stuff is going on for me).

 

This offer is still just part of the process. Capstone have an obligation both to themselves and to you to get the best price that is reasonable and selling it on the open market is quite likely to do that.

 

Sorry, but you need to sit tight until the sale is complete. At that point the proceeds from the sale will be applied to your outstanding balance plus the costs involved. Then you should get a completion statement detailing it.

 

Once they have sent that out they are likely to request payment of the shortfall (all though not all do). The mortgage debt will become unsecured as soon as the property is sold. Although it is an eye watering (and sleep depriving) amount of money they have similar rights at that point as they would have for a defaulted credit card or bank loan.

 

If you think you have been treated unfairly you can start to deal with it once the completion statement is in.

[uneverdid]

hi thanks for your reply in a way I feel a sense of relief that's it's sold at least. I also have no problem with paying back the shortfall I actually owe albeit forever and ever I just don't want to be made bankrupt or be made to pay such a high amount each month that my

quality of everyday living is seriously affected as I truly don't feel I deserve that.

[caro]

Are you confident that they have done all they can to get the best price? Has it been well advertised, and how does the price compare with how much similar properties have been selling for locally?

 

Was there any PPI or charges?

[uneverdid]

Hi Caro, there are in excess of £4000 FEES at the minute including late payment, arrears, court and solicitors fees. The property next door is on the market for £20, 000 more and is no where near the same standard as mine and mine also had an extension. They have not sent me even one letter since the repossession in December. I am going to wait for it to be finalised then Sar them. I even found the photos in the original application were not even my property and also a £1500 fee was paid to the broker. They have sent letters in the past to a solicitor saying that the owner is deceased and I then got a solicitors letter asking for the will !!!!! I cannot begin to say how upset and cross I am with this bunch of leeches.

 

Thanks for replying.

[caro]

Although the price a house is for sale isn't necessarily the same as it will sell at, it could be worth keeping evidence of this for the future, as well as the mistakes you've mentioned.

[uneverdid]

hi after some more advice just checked my experian file and this mortgage debt is showing as satisfied now even though there is still a shortfall of £35.000 so any idea on what happens now please

[uneverdid]

any ideas please

[Bandit127]

I have the same thing on my credit report and a call to the mortgage company shows my account has a balance of zero.

 

A SAR shows the last transaction on the account as "balance sent to collection". In my case "collection" is the in house debt collectors for the mortgage company.

 

I set up an arrangement with them way back then (2009) and have been maintaining it. I have dropped the work I was doing on it while being distracted by other stuff. All that happens is they send me a letter every 6 months saying my agreement has expired and can I fill out some details and I send back politely saying our agreement has not expired and anyway my circumstances are unchanged so I can't afford to change my payment level.

[uneverdid]

thankyou for replying so do I just sit and wait now to hear from whoever is assigned to collect the shortfall. Did they contact you quickly or was it a while thanks very much I am concerned they will try and make me pay an unrealistic amount back eachmonth. I am going to claim back charges etc