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Selling a house in negative equity. Advice NEEDED!

2

Comments

  • Ditch_Crawler
    Ditch_Crawler Posts: 190 Forumite
    edited 17 April 2010 at 9:59PM
    Hi, I posted a slightly similar situation to yours recently, on the mortgage and endowments forum, and I have to say that the responses on here are much more 'supportive' than the ones I received over there...

    I think the advice to speak to the lenders ASAP is good - but before you speak to them, have in mind a proposal which you can put to them - ie don't just ask them to offer whatever alternatives they might have - pro-activity is what is needed here (imho)

    ditch c

    ps, I can't really deal with all the 'quotes' and blue-inked 'links', so maybe I am repeating stuff...

    pps, there is a useful fact sheet on the National DebtLine website titled 'Negative Equity'
  • Fire_Fox
    Fire_Fox Posts: 26,026 Forumite
    Part of the Furniture 10,000 Posts Name Dropper Combo Breaker
    You also need to think about how you can pay the estate agent and legal fees, normally this comes out of the profits of the sale but obviously there won't be any. Do you still have the credit card debts? You never posted your SoA on the DFW board.
    Declutterbug-in-progress.⭐️⭐️⭐️ ⭐️⭐️
  • Cat695
    Cat695 Posts: 3,647 Forumite
    ooops wrong thread
    If you find yourself in a fair fight, then you have failed to plan properly


    I've only ever been wrong once! and that was when I thought I was wrong but I was right
  • terryw
    terryw Posts: 4,396 Forumite
    Part of the Furniture 1,000 Posts Photogenic Combo Breaker
    Cat695 wrote: »
    ooops wrong thread

    Thank goodness - I was just about to reply wondering what I had missed.!
    "If you can bear to hear the truth you've spoken
    Twisted by knaves to make a trap for fools"
    Extract from "If" by Rudyard Kipling
  • Cat695
    Cat695 Posts: 3,647 Forumite
    terryw wrote: »
    Thank goodness - I was just about to reply wondering what I had missed.!

    Sorry another thread had the same title earlier
    If you find yourself in a fair fight, then you have failed to plan properly


    I've only ever been wrong once! and that was when I thought I was wrong but I was right
  • Ditch_Crawler
    Ditch_Crawler Posts: 190 Forumite
    Fire_Fox wrote: »
    You also need to think about how you can pay the estate agent and legal fees, normally this comes out of the profits of the sale but obviously there won't be any. Do you still have the credit card debts? You never posted your SoA on the DFW board.

    Is this addressed to the original poster? What's SoA and what's DFW?

    The fees involved in a forced sale are indeed an important factor in any negotiation between lender and negative equity seller - but the 'balance of power' is not the same as it used to be.....

    DC
  • poppy10_2
    poppy10_2 Posts: 6,588 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    Ditch_Crawler wrote: »
    What's SoA and what's DFW?
    SoA is a Statement of Affairs - a detailed breakdown of your outgoings and income each month. Helps identify areas to cut back on.

    DFW is the Debt Free Wannabe board on this forum, where you can get very helpful advice on managing your debts.
    poppy10
  • Ditch_Crawler
    Ditch_Crawler Posts: 190 Forumite
    poppy10 wrote: »
    SoA is a Statement of Affairs - a detailed breakdown of your outgoings and income each month. Helps identify areas to cut back on.

    DFW is the Debt Free Wannabe board on this forum, where you can get very helpful advice on managing your debts.

    O rite, thanks! For the time being at least, and there but for grace of god go I, I have not yet begun to visit those areas.

    But I think I can appreciate the pain which is felt by those who have reached the edge of the precipice.

    Ditch Crawler
  • Shell_S
    Shell_S Posts: 24 Forumite
    The mortgage we have on the property is £117,000 and the estate agents want to market it at £120,000 but say with the market we will no doubt get offers for £110,000 - £115,000.

    Were seriously considering renting it out until the market picks up because we just cant afford to pay off whatever will be left. The thing is can you rent the property out without a buy to let mortgage?

    Thanks for all your advice and yes I am still paying back my credit cards and have a debt management plan in place for these now.
  • terryw
    terryw Posts: 4,396 Forumite
    Part of the Furniture 1,000 Posts Photogenic Combo Breaker
    You must have the permission of the mortgage company which is likely to be difficult. You have to spend on gas and energy certificates. Worst of all, if you end up with a bad tenant, your current problems will just become minor irritants. Not recommended for the amateur.
    "If you can bear to hear the truth you've spoken
    Twisted by knaves to make a trap for fools"
    Extract from "If" by Rudyard Kipling
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