We want to sell, but are in negative equity.
What options do we have? Can we still sell?
Asked on Jan 10 2010,
Selling in Skelmersdale |
It is still possible but unfortuantely only if you have the money to repay the shortfall in mortgage. Some get Neg Equity confused with their house is just worth less than they paid for it! If your house is definately worth less than the mortgage you owe on it, then personally I would contact the lender and see if they have any options available first, they may allow you to port the mortgage accross to another property as some lenders are doing a Negative Equity Scheme. There has been an example of someone in Neg Equity selling and as they were not looking to buy onwards, their solicitor managed to get the shortfall restrcutured into a personal loan as the amount was not huge....this saved a default charge. If the neg equity is not huge, lets say no more than 10% more than your current property value, I hate to be the one to suggest it but you could pop your house on the market for that figure and give it a go (anyone else in your position would try if the difference was not huge!).....A shortage of new houses coming to the market is pushing prices upwards. If you need any more info and would prefer it to be more private please feel free to email me at email@example.com. good luck.
Answered on Jan 11 2010,
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