Home Reposession...
#16
Account Closed
Joined: Jan 2007
Posts: 2,404
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.
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.
#17
Banned
Joined: Aug 2007
Location: New Caledonia
Posts: 1,810
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.
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.
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.
#18
Account Closed
Joined: Jan 2007
Posts: 2,404
Re: Home Reposession...
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.
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.
#19
Forum Regular
Thread Starter
Joined: Jul 2008
Posts: 198
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.
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.
#20
Forum Regular
Thread Starter
Joined: Jul 2008
Posts: 198
Re: Home Reposession...
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.
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.
#21
Banned
Joined: Aug 2007
Location: New Caledonia
Posts: 1,810
Re: Home Reposession...
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.
#23
Account Closed
Joined: Jan 2007
Posts: 2,404
Re: Home Reposession...
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.