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FRED | My house is due for repossession, can i sell it for less than the outstanding mortguage? |
Am I better to sell it cheaper, rather than let it be repossessed and do I have to get my mortguage company to agree to the sale.
Additional Details
hi - just to add, the interest payment has taken the value above what the property is worth, the house is in very good condition |
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Tod Teddy
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in the UK the mortgage company hold the deeds so you can't sell without there say so. You will need to come to some agreement or no you cannot sell at all, you do not own it until the loan is paid, you cannot sell what you don't own |
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martin c
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Why has your house dropped in value? It seems a bit irresponsible of a mortgage company to lend more than the value of the property, it is normally checked by a surveyor to value against over properties of the same type.
As property values have not dropped and has only risen you should be showing some positive equity in your property.
Unless someone has been playing with the numbers or you have rubbished your property to devalue it.?????? |
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P. M
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If you have a mortgage, then the mortgage company or bank has registered a lien against your house. It cannot be sold until the mortgage is discharged. |
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Scotty
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You can sell it yourself, but you would still owe any shortfall to the mortgage company. You may possibly get a better price if you sell it yourself.
Good luck |
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Al Zymer
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One option is to sell your home to a third party, and rent it back. There are several websites offering this; two are listed below. |
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Bill
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The mortgage company has a lien on the property for the full amount due. They must be paid before you dispose of it elsewhere.
Think about it. The only thing securing your loan is that house. Why would they let you sell that and then have you "on the hook" for the excess, with no way to get it out of you?
P.S. The guy above me is wrong, if you haven't figured that out. |
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DIAMOND_GEEZER_56
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I dont think the mortgage lender would allow u to as they have ur deeds and wont release the deeds untill they get their money in full. |
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miztiffany
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If you can't borrow the money to catch up the payments...take out an ad in the newspaper to solicit investors for a pending home pre-foreclosure sale. There are investors out there who are looking for pre-foreclosed homes where they will come catch up your payments and give you some money to leave. They will replace you on the deed to your property. Now make sure you have them assume the mortgage so that you are no longer responsible before you deed the property to them. A title company could take care of that for you. When you do this you will be dealing with the investor directly and they will make you an offer for your house. The trick here is that the investor will get your house and most of the equity you have built up. The benefit to you is that you avoid a foreclosure on your house while getting some money to move. If you do do this...be absolutely certain you do not put them on the deed before they assume your mortgage. Its not the best possible situation, but is probably the only way you can avoid a foreclosure if you cant get a personal loan to catch up your payments.
If you want to read up on this check out this site: http://www.foreclosure.com/questions.html. I just looked it up and It has some good info on what this is. Good luck! |
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Jay S
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The term for what you're asking about is a "Short Sale". A lot depends on where you are in the foreclosure process. If you are in pre-foreclosure, you still have a chance to sell quickly and at least pay off the mortgage. A Realtor is your best choice here. If you've been notified of a Trustee's sale scheduled on your home, you'd better find the money quick to at least pay your arrears and stop the sale. The final outcome is that someone is going to buy your home if you don't. You may want to negotiate a lease-option with the buyer so you can stay in the house and make payments, but given your payment history, this may pose a problem. All in all, you're better off trying to sell it quickly. If you can sell it, the bank will be satisfied. They do not have to approve of the sale until they foreclose. |
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connemara
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You have to satisfy the bank loan whatever it is, so selling for less than the outstanding mortgage really is pointless. |
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BARROWMAN
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If you have a mortgage on the house it is not yours to sell it belongs to the mortgage company. Can you sell anyone else's property without telling them? I think not. What happens when a house is repossessed is that the mortgage lender sells the house for what it can get. If there is a difference between what you owe and what they get for the house you are left owing them the difference. Net result is - no house- still paying off the loan. |
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rhsaunders
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You can, but you will have to make up the difference out of your pocket at closing. So try to sell it for a bit more than the mortgage balance, if you can. |
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ANF
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You can sell the property for as little as you want. Remember though that you Will be responsible for paying off the mortgage as soon as you do not have a property for that mortgage. |
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Leonard M
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You can but you will still be on the hook for the balance owed |
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