We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
We're aware that some users are experiencing technical issues which the team are working to resolve. See the Community Noticeboard for more info. Thank you for your patience.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
how is negative equity paid back?
Options
Comments
-
Or they may let it go for a while, waiting for the debtor to rebuild some assets ...
They have 12 years to pursue the monies owned, I believe.0 -
WhiteHorse wrote: »they may cut their losses and take what they can get
and the sooner the borrower starts to talk to the lender, then the sooner an agreement may be reached...0 -
VIGILANT22 wrote: »Then they wouldn't be ALLOWED to sell the house......I am becoming tiresome of yr "ideas" in various post..
If the lenders decide to allow a sale to go through, then that is their prerogative0 -
Ditch_Crawler wrote: »If the lenders decide to allow a sale to go through, then that is their prerogative
Whose post was this : "
If there are no payments forthcoming, then they are not being paid back at all - it becomes a question of cutting their losses, rather than getting their money back as originally planned0 -
When we did this, we had to pay over the difference on the day of the sale.
And don't forget you'll need a couple of thousand or so to be able to write the estate agent a cheque as well...their fees can't be taken from the house monies if there isn't enough to pay off the mortgage.
Sorry. Negative equity isn't fun.
import this0 -
Your OH needs to speak to the mortgage company before the house is put on the market. If tries to sell without making arrangements they will block the sale.
It is possible that they will turn the NE into an unsecured personal loan, but this is likely to be for the whole lot, not 50%.Accept your past without regret, handle your present with confidence and face your future without fear0 -
VIGILANT22 wrote: »Whose post was this : "
If there are no payments forthcoming, then they are not being paid back at all - it becomes a question of cutting their losses, rather than getting their money back as originally planned
I'm sorry about vigi everybody, he/she's my stalker and i've only been on here a week!0 -
Ditch_Crawler wrote: »I'm sorry about vigi everybody, he/she's my stalker and i've only been on here a week!
No need to apologise..yr stalker!!..pls I have more to do with my time..however...I have found the "suggestions/advice" rather obscure...therefore I trust regular posters to this forum will pay attention to you........0 -
Ditch_Crawler wrote: »I'm sorry about vigi everybody, he/she's my stalker and i've only been on here a week!
Poor attempt as disguising this as my post...............0 -
WHAT IS A MORTGAGE SHORTFALL?
http://www.nationaldebtline.co.uk/england_wales/factsheet.php?page=11_mortgage_shortfalls
Many people find themselves being asked to pay large sums by their mortgage lender after they have been repossessed or have handed in the keys on their house. Often people think that once they have left the house their liability ends.
However, this is not the case if the house is sold for less than the outstanding mortgage. The debt that remains is usually referred to as a mortgage shortfall. This also includes the monthly instalments and interest that has been added on to the debt until the house is sold, plus legal and estate agents’ costs.
WARNING
You can still be asked to pay back a shortfall a long time after you left the house as mortgage lenders may try to pursue a shortfall debt for up to 12 years afterwards.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 351K Banking & Borrowing
- 253.1K Reduce Debt & Boost Income
- 453.6K Spending & Discounts
- 244K Work, Benefits & Business
- 598.9K Mortgages, Homes & Bills
- 176.9K Life & Family
- 257.3K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.1K Discuss & Feedback
- 37.6K Read-Only Boards