Home Reposession...

Old Aug 21st 2008, 4:24 pm
  #16  
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Default Re: Home Reposession...

At the end of the day, people need to make their own decisions in life, but be prepared to suffer the consequences of their actions.

Personally, I think there is a lot of scaremongering on here when it comes to this topic (debt), and people dish out "advice" without having the qualifications/experience/knowledge to do so.

If your house gets reposessed, or there is negative equity when you sell it, the banks are more than likely to pursue you for any shortfall. I think you'll be hard pushed to find ANYONE who has been accused/convicted of fraud for stretching their income. Self cert mortgages are full of people who have done this- its largely why we're in such a credit crunch. If anything, they're more than likely to sure the mortgage broker for arranging a mortgage the client couldnt afford (I know this because the sector I work in handles these types of claims!).

However, rather than take advice from people on an immigration forum (where you'll largely be subject to houlier than thou/whiter than white types) you should speak to a proper debt counsellor or someone of that sort. They'll give you some proper, qualified advice.
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Old Aug 21st 2008, 4:48 pm
  #17  
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Default Re: Home Reposession...

Originally Posted by jericho
At the end of the day, people need to make their own decisions in life, but be prepared to suffer the consequences of their actions.

Personally, I think there is a lot of scaremongering on here when it comes to this topic (debt), and people dish out "advice" without having the qualifications/experience/knowledge to do so.

If your house gets reposessed, or there is negative equity when you sell it, the banks are more than likely to pursue you for any shortfall. I think you'll be hard pushed to find ANYONE who has been accused/convicted of fraud for stretching their income. Self cert mortgages are full of people who have done this- its largely why we're in such a credit crunch. If anything, they're more than likely to sure the mortgage broker for arranging a mortgage the client couldnt afford (I know this because the sector I work in handles these types of claims!).

However, rather than take advice from people on an immigration forum (where you'll largely be subject to houlier than thou/whiter than white types) you should speak to a proper debt counsellor or someone of that sort. They'll give you some proper, qualified advice.
A somewhat sanctimonious response! I think anyone who takes what they get on here and makes a life changing decision based on it is very unwise, it is opinions only, not professional advice. What was pointed out is what could happen, not what will happen. People who have principals are not holier than thou, they just may not choose the approach suggested.

It did not seem the question was for debt counseling, just how would a repossession might affect an immigration application. An immigration consultant would be better placed to answer that.
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Old Aug 21st 2008, 5:11 pm
  #18  
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Default Re: Home Reposession...

Originally Posted by Surrey Expat
A somewhat sanctimonious response! I think anyone who takes what they get on here and makes a life changing decision based on it is very unwise, it is opinions only, not professional advice. What was pointed out is what could happen, not what will happen. People who have principals are not holier than thou, they just may not choose the approach suggested.

It did not seem the question was for debt counseling, just how would a repossession might affect an immigration application. An immigration consultant would be better placed to answer that.
And how many on here are immigration consultants? Two? Only one of those have responded...
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Old Aug 21st 2008, 6:03 pm
  #19  
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Default Re: Home Reposession...

Originally Posted by jericho
At the end of the day, people need to make their own decisions in life, but be prepared to suffer the consequences of their actions.

Personally, I think there is a lot of scaremongering on here when it comes to this topic (debt), and people dish out "advice" without having the qualifications/experience/knowledge to do so.

If your house gets reposessed, or there is negative equity when you sell it, the banks are more than likely to pursue you for any shortfall. I think you'll be hard pushed to find ANYONE who has been accused/convicted of fraud for stretching their income. Self cert mortgages are full of people who have done this- its largely why we're in such a credit crunch. If anything, they're more than likely to sure the mortgage broker for arranging a mortgage the client couldnt afford (I know this because the sector I work in handles these types of claims!).

However, rather than take advice from people on an immigration forum (where you'll largely be subject to houlier than thou/whiter than white types) you should speak to a proper debt counsellor or someone of that sort. They'll give you some proper, qualified advice.
Many thanks Jericho, he is doing just as you suggested, namely getting specific, professional advice. Fingers crossed it will help him resolve what is a major issue in his life just now!
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Old Aug 21st 2008, 6:05 pm
  #20  
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Default Re: Home Reposession...

Originally Posted by Surrey Expat
A somewhat sanctimonious response! I think anyone who takes what they get on here and makes a life changing decision based on it is very unwise, it is opinions only, not professional advice. What was pointed out is what could happen, not what will happen. People who have principals are not holier than thou, they just may not choose the approach suggested.

It did not seem the question was for debt counseling, just how would a repossession might affect an immigration application. An immigration consultant would be better placed to answer that.
Mate, he & I appreciate all information and input on this matter, you guys are far better versed and expert on immigration matters than we ever will be! So cheers to everyone who has helped and offered advice!
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Old Aug 21st 2008, 6:07 pm
  #21  
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Default Re: Home Reposession...

Originally Posted by jericho
And how many on here are immigration consultants? Two? Only one of those have responded...
You're missing the point, so I'll spell it out. You suggested contacting a debt councilor, I suggested an immigration consultant would be better placed to answer their question. Therefore they would need to contact an immigration consultant to answer their question, as a debt councilor would be unlikely to tell them how the situation would affect immigration to Canada. It would be up to them to make the contact, not rely on what is said over an open forum or wait to see if someone responds.
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Old Aug 21st 2008, 6:24 pm
  #22  
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Default Re: Home Reposession...

Originally Posted by Surrey Expat
Didn't know you suffered from Sleep apnea
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Old Aug 21st 2008, 6:30 pm
  #23  
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Default Re: Home Reposession...

Originally Posted by Surrey Expat
You're missing the point, so I'll spell it out. You suggested contacting a debt councilor, I suggested an immigration consultant would be better placed to answer their question. Therefore they would need to contact an immigration consultant to answer their question, as a debt councilor would be unlikely to tell them how the situation would affect immigration to Canada. It would be up to them to make the contact, not rely on what is said over an open forum or wait to see if someone responds.
An immigration consultant has responded- they were one of the first. Then it evolved in to "you'll get done for fraud" etc which is clearly untrue. The immigration question was answered, which was why I suggested he speak to a debt counsellor.
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Old Aug 22nd 2008, 4:30 am
  #24  
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Default Re: Home Reposession...

Originally Posted by dazzlerdaz
Didn't know you suffered from Sleep apnea
Unfortunately I do, thanks for your concern. Rest assured it is nothing to laugh at.
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