 Why are homes so expensive in the UK? |
limited supplies? not enough houses for people? I just read an article about how expensive it is in the UK, just woundering why?
Additional Details
yeah the article said middle or high-... |
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 Denying a Potential Tenant Application? |
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 Landlord refused to give me deposit! HELP!!!!? |
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Anti_Censorship | If you try to sell your house for $500K and you owe $550K on it, what happens to the $50K difference? |
Even though I bought my primary residence in CA back in 2003, the price it will sell for has fallen dramatically. I have not added any debt to the original loan amount. If I sell the house (if that's even possible) at the market price that is lower than the loan amount, what happens to the $50K difference? Does the original lender force me into a personal loan with a huge interest rate? Do I have to declare bankruptcy? Are there any other options? I already tried short sale and my lender won't consider it because I have not missed any payments. I cannot afford to continue making payments in the future however so I really need to get rid of this house. Thanks for the help.
Additional Details
I don't have $50k available to give to the lender. |
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Laissez-Faire Guy
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It depends. If you are defaulting on your mortgage, the lender may just tell you to sell and take all the money and be done with it. They might eat the loss. It's a better deal for them than going through foreclosure and having to re-sell the property. They incur significant expenses during foreclosure and resale.
You've tried and talked to your lender. That's a great first step. I would try again. Tell them you simply cannot afford the current payments. Maybe they can re-cast your loan and extend the loan out to 30 years from today, in essence, reducing your monthly payment.
Bottom line, you need to make it clear to the lender that they will wind up having to foreclose on a home that's worth less than the loan amount, unless they can help you somehow. |
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trinket503
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you still have to pay the 50k sorry but you are selling the house at a loss. |
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MIND THE GAP
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If you do a short sale, the lender will forgive the $50,000. You will get a 1099 for the $50,000 and have to pay income taxes on it.
If you stop making payments and let the lender foreclose YOU WILL NOT OWE THE LENDER ANY MONEY. You are lucky to live in a state where the lender can NOT get a deficiency judgment if they foreclose and sell the house for less than what is owed. |
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igoriok24
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USA's economy is going down right now because of war, so value of property is going down, the big hit takes new york and cali, if you're gonna sell your house for 500, you will still have to pay off 50k to the bank. What you could do is to refinance your mortgage(spread 550k for another 30, 20 years), to make your payments smaller, may be you'll be able to afford it. That the only thing i can think of. |
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src50
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Your sale cannot close until the existing mortgage is paid in full. If your lender does agree to a short sale, the forgiven amount becomes taxable income to you. |
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Mr Placid
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The $50,000 will remain an encumbrance on the property, which means that whoever buys your home will have the equivalent of a $50,000 lien on the property, which the bank can foreclose on if they so desire. So, in short, nobody is going to buy your house unless the entire $550,000 is satisfied, whether it be out of your pocket, or the bank waives it (i.e. short sale).
Why don't you just let it go into foreclosure, like everyone else in California does? The bank gets the property, you are off the hook for the mortgage (California does not allow deficiency judgements on purchase money loans), and the worst you get is a ding on your credit. |
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Expert Realtor
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Yes, they can and WILL block the sale because they won't file a satisfaction of the mortgage, and your buyer's bank will refuse to fund the loan if they are not in first lien position.
You need to get approval for a short-sale from your lender, or you need to bring the $50K to closing.
You just can't short the bank and walk away...doesn't work like that and the recording system is in place to stop it. |
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dennisgonzalezdgm
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you have to sell for 550K to break even, or sell for 500K and pay 50K |
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Q1
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Unless the lender agrees to a short sale, you will not be able to close on the property without bringing in the additional $50k at closing. The title/deed will not be transferable until all current liens are paid. |
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EGR in Texas
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I believe you are stuck with the $50,000 debt. If you buy a new car today and decide to sell it next week, it will sell for less than you paid. You will be "upside down" and have to eat the difference in the money. Sorry. |
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hooterville
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You can't sell it for $500 with the lenders OK. If they agree to a short sale if you miss payments, then guess what, you get to pay income tax on the $50k. can you rent out a room to help? |
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Angie
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You do still owe the $50,000.
But here's a question, and I'm not sure this is a good idea. But if your lender won't consider a short sale because you haven't missed any payments, then perhaps you should start missing a few payments and maybe they will reconsider that. Just a thought. |
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