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Selling my house - secured loans etc
danbet
Posts: 11 Forumite
Hi Guys
Am looking to sell my house as I am still struggling;
I owe N Rock 83,000 (which is 73,000 Mortgo & 10,000 unsecured)
then 6,000 to GE money secured.
So I owe 90,000 all in. My house was worth around 95,000 about a year ago, but as house prices are dropping I think(hope) its worth at least 90K.
So my questions are
1 can I just pay back "the rock" 73K and keep paying their unsecured loan?
2 what happens if I get less than 90k? will GE let me sell?
Thanks
Dan
Am looking to sell my house as I am still struggling;
I owe N Rock 83,000 (which is 73,000 Mortgo & 10,000 unsecured)
then 6,000 to GE money secured.
So I owe 90,000 all in. My house was worth around 95,000 about a year ago, but as house prices are dropping I think(hope) its worth at least 90K.
So my questions are
1 can I just pay back "the rock" 73K and keep paying their unsecured loan?
2 what happens if I get less than 90k? will GE let me sell?
Thanks
Dan
0
Comments
-
I have the same thing, a secured loan with NR and part mortgage.
My terms and conditions say that if the loan is not paid off when the property sells then the interest rate goes up from 6. something % to 14. something %
So might be worth checking what yours says.:rotfl:0
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