how is negative equity paid back?

Ditch_Crawler

VIGILANT22 wrote: »

Ditch Crawler.......Did the lender force you to borrow to the limit you did?...No, therefore you should pay every penny back that you owe....look at ways of redusing yr liability instead of googling as to work out how you ccan get out of paying back the money you borrowed

The original poster asked a question about the procedure for paying off a mortgage shortfall, and I have tried to explore a few possibilities. Neither the OP nor I, nor anyone else on this thread, has ever mentioned looking for a 'way out' of their obligations - rather the opposite, I would have said.

Ditch.

VIGILANT22

Ditch_Crawler wrote: »

The original poster asked a question about the procedure for paying off a mortgage shortfall, and I have tried to explore a few possibilities. Neither the OP nor I, nor anyone else on this thread, has ever mentioned looking for a 'way out' of their obligations - rather the opposite, I would have said.

Ditch.

http://forums.moneysavingexpert.com/showthread.html?p=31716239&highlight=#post31716239

Posted by Ditch Crawler Post 23 I am pleased that most posters on this thread do not totally rule out the possibility of negotiating with the lenders about repayment of the shortfall.

I am currently financially sound, and meeting all my commitments quite easily, but all that will change in the middle of next year when my main contract comes to an end, and it is likely that I will be unable to carry on with the mortgage. At the moment I am in a negative equity situation, but who knows what will happen by mid-2011.

My plan is to put the house on the market in early 2011, and contact the lenders to inform them of the situation. I would like to think that they might be willing to at least dicuss some contingency arrangements to use in the event that I am unable to sell the house without incurring a shortfall.

Ditch_Crawler

VIGILANT22 wrote: »

http://forums.moneysavingexpert.com/showthread.html?p=31716239&highlight=#post31716239

Posted by Ditch Crawler Post 23 I am pleased that most posters on this thread do not totally rule out the possibility of negotiating with the lenders about repayment of the shortfall.

I am currently financially sound, and meeting all my commitments quite easily, but all that will change in the middle of next year when my main contract comes to an end, and it is likely that I will be unable to carry on with the mortgage. At the moment I am in a negative equity situation, but who knows what will happen by mid-2011.

My plan is to put the house on the market in early 2011, and contact the lenders to inform them of the situation. I would like to think that they might be willing to at least dicuss some contingency arrangements to use in the event that I am unable to sell the house without incurring a shortfall.

You make my point very neatly. Thankyou

Dan_1976

@@@:@?:@dfcasdfs

Ditch_Crawler

I have gained some useful knowledge from this thread, but I think I may need to get some lessons in how to use simple English. It appears that the language I use cannot be understood by some!

Ditch.

Dan_1976

Apologies for my last post, got in late from the pub after football and was not really thinking!!

But! Chelsea won!!

Ditch_Crawler

Dan_1976 wrote: »

Apologies for my last post, got in late from the pub after football and was not really thinking!!

But! Chelsea won!!

Thanks! A good result...for a Chelsea fan:(

Ditch