Tuesday, February 13, 2007

A Useful Mortgage Refinancing Loan Article
Mortgages With CCJs

By Andrew Gorton If you have a mortgage problem because of a CCJ you need to know you can resolve this problem. Mortgages with CCJs are actually quite common. If you don��t know what a CCJ is we would have to assume that��s a good thing. It��s short for County Court Judgment and even if you don��t have a mortgage problem you should read on because we could save you a lot of hassle later on. A CCJ is a judgment that is issued by the courts if you fail to pay a contractual debt. Unsecured debt can file a CCJ against your house. They apply to the court for a claim form to be issued. You will receive a copy of the CCJ once the court has processed it. It will detail the amount owing and it will also detail the payment schedule. There is an appeal process you can file, or you need to file an admission form which says you agree you owe the total amount. Never ignore paperwork from the courts. If you aren��t able to make the payment you will need to file with the courts and a hearing will be set. If you ignore the CCJ a number of things can happen, such a charge being placed against your property. If you pay the amount owed the CCJ will be removed from your property but if you fail to do this you could find it difficult to renew your mortgage and it will appear on your credit file for up to 6 years. If however you clear up the debt within 30 days it will not appear on your credit rating. A CCJ is the one way a creditor can turn an unsecured debt into a secured debt. If you pay the amount due you will be issued a Certificate of Satisfaction which let��s all creditors know that you have taken care of your debt. If you feel the CCJ filed in error you need to contact the County Court with the case number which will be on your credit file. If the error is legitimate a Certificate of Cancellation will be issued. And of course as previously mentioned if you pay the debt off in less than 30 days from the issue of the judgment it will also be removed from the Registry Trust Records. If there is a CCJ issued against your mortgage you may find the when renewal time comes you have difficulty getting a renewal. High street lenders that use the computer based credit scoring system will throw you back as a no. Other traditional lenders will not want to issue a mortgage if a CCJ has been placed on your property. That means you will need to look outside the box. Specialist financial lenders approach lending differently using real lending offers to access the situation so even with a CCJ it is possible to get a mortgage from these institutes. The biggest problem you face is time. If you know you have a CCJ against your property and you know that your mortgage is coming up for renewal do not wait until the last minute to get funding in place. You are creating added stress and pressure on yourself that you could avoid by applying early. As mentioned earlier conventional lenders are less likely to look at you. However if you have been dealing with the same bank for many years there is a possibility that you might get that personal touch. You can make an appointment with your loans officer and see what happens. You might see if they would add the CCJ to the mortgage amount thus wiping it out and giving you a clean slate. Mortgages with CCJs are very common because unsecured creditors have caught onto this method of recouping unsecured debt. Don��t let it ruin your credit. Andy Gorton is the founder of Fresh Finance, who provide UK debt consolidation and debt solutions Article Source: http://EzineArticles.com/?expert=Andrew_Gortonhttp://EzineArticles.com/?Mortgages-With-CCJs&id=438981 Mortgage Refinancing Loan Resources

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