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ani_kapu | Is it Profit or Loss? |
I bought a home last year the value was £120K. For that I paid 25K and rest of the money was paid by the banker. But now the value of the property has gone down to 80K. I am going to sell this house for 80K. All I need to know is that if i got further, will I get anything or all the money will be going to the bankers. Or it is entierly got nothing to do with the bankers? They will be asking for 95K which they paid at the time of sale but not the 80K the new consideration that I will get if i sell the property?
Will I be a looser? Basically i am just keen to know that how much i will be returning to the bank either 95k or 80k?
Please share your knowledge and ideas.
Thanks |
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S C
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Whatever value you sell your home for, you must repay the mortgage lender (Bank) what you still owe them.
So, if you sell for 80k and you still owe them 95k, then they will take all your 80k sale fee plus you still personally owe them 15k. This does not include legal fees you will have to pay as well
You will be at a 15K LOSS to the bank and you have in effect lost your 25K deposit, as this has been eaten by negative equity due to the drop in house prices of late.
So you are in essence, 40K worse off than this time last year. |
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markyboy
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You will have to pay the banker all the money you owe them, they are not a charity if you borrowed the money you'll have to pay it all back. You will be the loser on this occasion. |
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The High Flying Freedom Frie
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You have to give the bank the full ammount they lent you minus any part of the capital you would have already repaid. The best thing to do is ask them. But presumably you owe them about 95k. So you are in negative equity by 15 k. It means you have lost 15 k. |
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Clark Kent
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If you sell for 80K and you still owe $95K, the money from the sale would all go to the bank.
If you only owed $79K, you probably would still not get the $ 1000 difference since there would be expenses of the sale which would probably be more than $ 1000. |
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Discovery
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You are obviously not good at figures, to put it simply you have lost a bundle. |
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Wolfbag
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It all depends on the contract you have with them.
In simple termsI would suggest that you borrowed 95k from the banker and that therefore is what they would expect back, that is, unless u have a deal with them linked to profit
so in simple terms - you bear the wholes of the profit or loss, in this case on initial examination I would suggest that if you sell the house for 80 k then your loss is 40k (ie you will still owe the banker 15k having already lost your initial 25k)
Thats credit crunch for ya |
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Profit |
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DoUbLeTrOuBlE
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Profit |
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