Negotiaiting Mortgage Settlement Figure?

kseevo

Hi :-)

I heard Martin talking about this on GMTV a couple of weeks back but he didn't go into it properly, and it was extremely interesting based on my situation, so I'm trying to get clarification on what he said & I can't find it anywhere. I emailed it into Radio1 this morning but it didn't get read out, surprise surprise, must have been thousands of questions.

Martin said something about negotiating the final mortgage settlement figure with your lender.

So I understood that what he was saying, is if you're in a tough situation, facing reposession, you can negotiate with the lender to agree to a lower settlement figure, so that you can sell at a price that will ensure a quick sale, and get things sorted out. Based on the fact that if they don't agree a lower figure, chances are they'll end up getting an even smaller final figure back if they do reposess.

Did anyone hear it - is this what he was saying, and is this possible, or did I misunderstand?

Also - if this is what he meant - when do you negotiate, before you sell, or after? I mean, do you phone them and agree to the settlement figure before you sell, or do you sell & then have the money paid into a different back & negotiate after you've sold - or is that illegal?!

Thanks in advance :-)

silvercar

Never heard of this happening!

I have heard of negotiated settlements years after repossessions, when lenders are chasing for shortfall on sale values, but never on current sales.

kseevo

silvercar wrote: »

Never heard of this happening!

I have heard of negotiated settlements years after repossessions, when lenders are chasing for shortfall on sale values, but never on current sales.

Hmm, ok thanks. This was Martin Lewis talking on the Telly, he was talking about options for people who're faced with the decision of selling up to prevent repo, so he wasn't talking about after repo - I don't think anyway, unless I was half asleep, as it was the morning ;-)

Cheers

kseevo

I've since found some info on this - that seems to indicate that the thing to do is to contact the lender prior to selling, with a proposition, but I can't seem to find much more than this or any specific advice.