After effects to credit score from claiming house and terminating mortgage

by S Man Sat Jul 11, 2020 1:07 am

Hi All,

I'm new to the group and this is my first post. I've recently come across all the great work you guys have been doing after I came across your videos on youtube.

I have a questions if someone could possibly help provide some clarity?

What are the expected effects to someones credit score once they cancel their mortgage payments to the bank and claim back the property?

I'm aware a credit score is a fraud system set up, but what position that person be in after, would they be able to get another mortgage with another lender on another property or would they risk being black listed?

Many Thanks

by flyingfish Sat Jul 11, 2020 9:05 am

If you stop paying your mortgage it will show as a default on your credit record. As far as I'm aware the default remains on file for six years, even though some of the debt can be pursued for 12 years. Maybe someone can confirm from first or second hand knowledge - did their mortgage default drop off after six years?

This will make another mortgage difficult, you may have to use a specialist broker. It will still be the case even if the default becomes "satisfied" following sale of the property.

I'm not sure what you mean by "claim back the property", are you referring to physically taking possession, or one of these trust or "common law" things that claim to overturn normal court proceedings. Don't answer if you prefer not to show your hand.

by **daveiron** Sat Jul 11, 2020 9:54 am

Do not stop paying your mortgage and expect to keep the property,I cannot stress
this enough. Not sure what videos you are refering to. In the past I have personally
been involved in stopping eviction attempts all over the country,although this has
largely stopped because whilst we may have been successful on the day. Bailiffs
simply return another day when no support is present.

People like the Spaniard ,MoB and others have shown how the mortgage system is
based on fraud ,non disclosure and unlawful practises,but what its important to
understand is that system will be supported and covered up by the courts ,police
land registry and of course the banks themselves.

Credit card ,loan and other similar debts are a different proposition and can be achived.
However in most cases your credit score will be affected .
I Have no idea what my CS is and dont care . A credit score is just yet another way
to keep you locked in fear . Wait until October when the payment holiday is over, Its
believed that the banks and bailiffs are preparing for a major repo attempt.

If you are suggesting stop aying and just walk away from it ,that certainly will affect
your CR and the possibility of another mortgage for quite some time. I would think
your best option is to sell the property .

by **assassin** Sun Jul 12, 2020 3:27 am

HMRC are also organising to reposess property of people not paying tax and NI on their furlough payments.

by aarons1950 Fri Jul 17, 2020 11:12 pm

And dont' forget that Simon the Spaniard carried on paying his mortgage all the time he was telling people not to pay there's and was selling them seminars and documents to get the mortgage canceled, non of which worked (mate of mine lost his house following Spaniard's so called foolproof system to claim his property). If Spaniard didnt' believe his void mortgage arguements would get his own mortgage canceled, why should anyone else.

by Daystallion Sun Mar 20, 2022 1:55 pm

Interesting stuff

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After effects to credit score from claiming house and terminating mortgage

After effects to credit score from claiming house and terminating mortgage

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Re: After effects to credit score from claiming house and terminating mortgage

Re: After effects to credit score from claiming house and terminating mortgage