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Help With Joint Mortgage and Negative Equity!
amillionlittlepieces
Posts: 96 Forumite
Hi Guys,
First post here!
At the start of 2007 me and three other friends bought a property with 100% mortgage on a pretty overpriced (unaware at the time) house.
Now, four years on we are looking to go separate ways but currently still owe quite a bit more than the value of the property. In the spirit of full disclosure the mortgage is approx 127K and the last value of the property last Sept was 115K from an estate agent, which we believe was high. On the basis that we may only get 105K for the property that leaves over 20K negative equity.
Does anyone out there know of any solutions to our problem. Not everyone on the mortgage can afford the 5K+ each to pay back the equity.
Any help would be greatly appreciated.
Richard
First post here!
At the start of 2007 me and three other friends bought a property with 100% mortgage on a pretty overpriced (unaware at the time) house.
Now, four years on we are looking to go separate ways but currently still owe quite a bit more than the value of the property. In the spirit of full disclosure the mortgage is approx 127K and the last value of the property last Sept was 115K from an estate agent, which we believe was high. On the basis that we may only get 105K for the property that leaves over 20K negative equity.
Does anyone out there know of any solutions to our problem. Not everyone on the mortgage can afford the 5K+ each to pay back the equity.
Any help would be greatly appreciated.
Richard
LBM Jan 14 - Debt £30,500.48
January 2014 - 31st May 2016 DEBT FREE!!
Target Savings £500,000.00 Retire Early!!
Cash Savings £15,492.23
S&S ISA £60,560.54
January 2014 - 31st May 2016 DEBT FREE!!
Target Savings £500,000.00 Retire Early!!
Cash Savings £15,492.23
S&S ISA £60,560.54
0
Comments
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Overpay the mortgage on a monthly basis to reduce and eradicate the negative equity. Between 4 of you it should be possible to make significant inroads.0
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